NBG FORECAST: REAL GDP GROWTH IN 2019 WILL BE AROUND 5%
According to current forecast of National Bank of Georgia (NBG), real GDP growth in Georgia will be in 2019 around 5%.
Driving force of economic growth remains net export, but against the background of planned fiscal incentives and moderate growth of credit activity, share of consumption and investments will be notable too, says monetary policy report, published by NBG today.
NBG FORECAST: ANNUAL INFLATION WILL APPROACH THE TARGET IN THE FIRST HALF OF 2019
According to current forecast of National Bank of Georgia (NBG), annual inflation in Georgia will approach a target indicator (3%) in the first half of 2019 and will remain at this level during the medium-term period.
Like in 2018, pressure toward price growth will be provided mainly by one-time factors – raise pf tobacco excise and price growth on bakery products, says monetary policy report, published by NBG today.
NBG BOUGHT $15M
National Bank of Georgia (NBG) declared about purchase of $15 million at currency auction today. The average weighted rate made up 2.6497 GEL/USD.
GEORGIA PLANS PERFECTION OF INSOLVENCY PROCESS
During the spring session (opened on February 5), Georgian Parliament plans consideration of draft bill “On Rehabilitation and Collective Satisfaction of Creditors”.
Explanatory note, enclosed to the draft, indicates that preparation of the document is caused by imperfection of the current law “On Solicitation of Insolvency Case”.
ACTIVITY OF IRRIGATING COMPANIES TO BE REGULATED BY NEW BILL
During the spring session (opened on February 5), Georgian Parliament plans consideration of draft bill “On Water Consuming Organizations”.
Explanatory note, enclosed to the draft, indicates that the law will regulate activity of water-consuming entities, engaged in irrigation, their relations with private individuals, legal entities and state agencies.
ENERGY LABELLING TO BE INTRODUCED
During the spring session (opened on February 5), Georgian Parliament plans consideration of draft bill “On Energy Labelling”.
Explanatory note, enclosed to the draft, indicates that the law will make obligatory an indication of information on energy consumption and other standard parameters of power-consuming equipment, upon its placement on the market of Georgia and/or its put in operation in Georgia.
PRIME MINISTER: TEACHERS’ SALARIES WILL BECOME ADEQUATE
Georgia’s Prime Minister Mamuka Bakhtadze declared that priority of education reform will be “post of a teacher and his/her public status”. “Salaries of teachers will become adequate”, he assured.
“ANAKLIA DEVELOPMENT CONSORTIUM”: DEG AND FMO DECIDED TO INVEST IN ANAKLIA PORT
German development bank (DEG) and the Netherlands Development Finance Company (FMO) decided to invest in the project of Anaklia deep-water port construction, Anaklia Development Consortium reported. The parties signed respective initial document on February 5.
MULTIMODAL TRANSSHIPMENT TERMINAL TO BE OPENED IN BATUMI PORT
Georgian Ministry of Economy and Sustainable Development declared that multimodal transshipment terminal will be opened in Batumi seaport, on the territory of LLC Batumi International Container Terminal (BICT). The opening ceremony will be held on February 7.
OIL AND GAS AGENCY: BORING WORKS STARTED ON RUSTAVI WELL
Georgian Oil and Gas Agency reported that company Block Energy has started boring of horizontal culvert on the well 16a on Western Rustavi oil field.
As a result of works, the drainage area will be expanded and oil extraction will be possible to increase up to 100,000-160,000 barrels a year on average, the Agency pointed.
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