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Economic Press Monitor

December 24 - 30, 2017

Previous Issues:  Days: < 16 23 30 20 27 > 

 

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economic & politics

    EUGEORGIA.INFO: “EXPORT CREDITING AGENCY TO BE CREATED IN THE FIRST HALF OF 2018”

    December 28, 2017 - Georgian Partnership Fund creates Export Crediting Agency (insurance company) in the form of joint-stock company and invests $20 million for that end. In creation of the Agency, the Fund cooperated with Italian export crediting agency SACE.


    FORBES GEORGIA: “BIDZINA IVANISHVILI BECAME RICHER BY $350M IN A YEAR”

    December 28, 2017 - Property of billionaire ex-premier of Georgia Bidzina Ivanishvili has increased from December 27, 2016 to December 27, 2017 by $350 million, the magazine reports with reference to Bloomberg. Currently, Ivanishvili’s property amounts to $5.8 billion.


    FORBES GEORGIA: “WHAT HAMPERS DEVELOPMENT OF FREE ZONES IN GEORGIA”

    December 27, 2017 - Creation of free industrial zones in Georgia was idea of the previous authorities, the magazine says.

    Georgia adopted law “On Free Industrial Zones” in 2007.


    TABULA: “GIORGADZE: I WILL PERSONALLY DIRECT THE PROJECT OF FRANKFURT BOOK FAIR”

    December 27, 2017 - Minister of Culture and Sport Mikhail Giorgadze declared that he decided to direct personally the project of Frankfurt book fair. “I mean not only political responsibility and management, but also operational management of each direction”, he specified.


    REZONANSI: “UNCERTAINTY BETWEEN THE CITY HALL AND THE GROUP WORKING ON GENERAL PLAN OF TBILISI”

    December 26, 2017 - Tbilisi City Hall fined City Institute Georgia with 140,000 lari and provided 10-day term to this group, working on the master plan of land use in Tbilisi, for correction of shortcomings in the draft plan.

    According to spread information, fining is connected with the 6th stage of the contract fulfillment.


    REZONANSI: “WHETHER “NEW ERGNETI MARKET” WILL BE OPENED BY OCCUPATIONAL LINE”

    December 25, 2017 - By initiative of Prime Minister Giorgi Kvirikashvili, trade at occupational line of Abkhazia and Tskhinvali region has to be encouraged, while Geneva format of negotiations has to be expanded with aim of political resolution of conflict.

    Corresponding amendments have to be made to law “On Occupation”, which will be submitted to the Parliament soon.


    EUGEORGIA.INFO: “IN 2017, GEORGIA DROPPED BY 4 STEPS IN RATING OF GLOBAL INNOVATIONS INDEX”

    December 25, 2017 - In the Global Innovations Index, published by Cornell University, INSEAD, and the World Intellectual Property Organization, Georgia is on the 68th position among 127 countries.

    Among components of the Index, in which Georgia very much lags behind the advanced countries, it is necessary to point first of all at Business Sophistication, where the country is on the 101st place, Eugeorgia.Info says.


macroeconomics & budget

    TABULA: ““FIRST CHANNEL” TO ACQUIRE 15 MORE NEW CARS FOR 513,999 LARI”

    December 27, 2017 - First Channel (state-owned Public Broadcaster) will have more new cars – 15 German-made Ford Fiesta, manufactured in 2017, Tabula reports with reference to Public Broadcaster. Cars will cost 513,999 lari.


    FORBES GEORGIA: “ECONOMIC GROWTH IN GEORGIA AND NEIGHBORING COUNTRIES”

    December 25, 2017 - In the 3rd quarter, economic growth in Georgia made up 4.4%.

    Referring to International School of Economy at Tbilisi State University (ISET), the magazine reports that the highest growth rate in the region is recorded in Turkey – 11.05%.


energy, oil & gas

    REZONANSI: “RAISE OF ELECTRICITY TARIFF ROUGHLY VIOLATED THE LAW”

    December 29, 2017 - Lawyer David Ebralidze indicates that energy tariff can reflect only executed expenses, but not the planned ones. Whereas current raise of consumer tariff is caused by the planned investments, he specifies.


    REZONANSI: “POPULATION GOT SHOCK BY CURRENT”

    December 28, 2017 - National Energy and Water Supply Regulating Commission decided to raise electricity tariff by 1.56 tetri (per 1 kWh) in Tbilisi and by 1.28 tetri – in regions.

    As the Commission chair Irina Milorava explains, they calculated the tariff on assumption of the exchange rate of as 2.5 GEL/USD, and this component had no impact on the tariff.


    REZONANSI: “BITCOIN PRODUCTION IN GEORGIA PREPARES ORDEAL FOR ENERGY SECTOR”

    December 26, 2017 - According to energy balance estimation, electricity consumption in Georgia in 2018 will make up 12.7 billion kWh, in 2019 – 13.38 billion kWh, in 2020 – 14.19 billion kWh. The estimation forecasts that consumption of direct consumers, or large companies, will increase most of all.


companies

    NETGAZETI.GE: “DRC – ONLINE CONSIDERATION OF ARBITRATION LAWSUIT FOR THE FIRST TIME IN GEORGIA”

    December 29, 2017 - The center of consideration of lawsuits (DRC) has developed online system of arbitration. DRC will execute administration of online arbitration according to rules, which will enter in force on February 1, 2018.


    TABULA: “BECAUSE OF FIRE IN “ROOMS” HOTEL, AREA OF 180 SQUARE M BURNED DOWN”

    December 25, 2017 - Referring to representative of the Interior Ministry’s Service on Emergency Situations Management, Tabula reports that fire in Tbilisi hotel Rooms has appeared on the garret floor, where communications and airshafts are mounted.

    As the article notes, the fire is localized for the moment.


transport & communications

    FORBES GEORGIA: “IMPORT OF ELECTRIC CARS GREW 20 TIMES”

    December 27, 2017 - In 9 months of this year, 46,608 cars were imported that is by 20% less than in the same period of 2016, the magazine reports with reference to the Finance Ministry.

    At the same time, import of cars with hybrid engine has increased by 260%, making up 11,562 units (25% of total car import).


ecology & health

    LIBERALI: ““SOCAR” AND POLLUTED AIR”

    December 29, 2017 - Main oil depot of Azerbaijani SOCAR in Tbilisi is located on Kiziki Street, in only several meters from the settlement, the magazine points. The company got permission for construction of the oil depot in 2009.


finances & banking

    REZONANSI: “5,000 LARI IS THE SCANTY SUM FOR DEPOSIT INSURANCE”

    December 29, 2017 - The system of deposit insurance, which enters in force on January 1, 2018, will apply to deposits of up to 5,000 lari.

    As professor at European University Gocha Tutberidze states, “5,000 lari is the scanty sum”.


    BANKEBI DA FINANSEBI: “INSURANCE SECTOR, AFTER DEVELOPMENT, TO BECOME ONE OF SOLID PLAYERS ON THE CAPITAL MARKET”

    December 29, 2017 - In his interview with the newspaper, head of State Service for Insurance Supervision Konstantin Sulamanidze indicates that insurance sector in Armenia makes up 0.65% of GDP, in Azerbaijan – 0.81%, Russia – 1.3%, Turkey – 1.6%, while in Georgia – 1.15%. “After introduction of obligatory insurance and expected economic growth, we expect that it [i.e. insurance share in Georgian GDP] will be 1.7% in 4-year prospect”, he declares.


    BANKEBI DA FINANSEBI: ““TBC BANK” TO START CONSTRUCTION OF HEAD OFFICE OF THE MODERN CONCEPT IN APRIL 2018”

    December 29, 2017 - TBC Bank has presented project of new head office and Tbilisi business center. Implementation of the project will begin in April 2018 and will come to the end in 2021.


    TABULA: ““LIBERTY”, PERHAPS, WILL ACQUIRE “CARTU” BANK”

    December 28, 2017 - Director of Liberty Bank declared that merger of Liberty Bank with Cartu bank “exists at the level of idea”.

    If the deal will happen, this will be the second asset of family of billionaire ex-premier Bidzina Ivanishvili after broadcasting company GDS, which is passed to investment fund under management of Irakli Rukhadze.


    FORBES GEORGIA: ““FITCH” ESTIMATES BANKING SYSTEMS OF GEORGIA AND CIS COUNTRIES”

    December 27, 2017 - Fitch applied “stable” outlook to Georgia, Armenia, Ukraine, Uzbekistan and Russia, the magazine reports. As the article said, the agency does not expect next year considerable changes in banking systems of these countries.


    EUGEORGIA.INFO: “THROUGH EBRD’S CREDIT LINE WITHIN EU4BUSINESS, “SAKARTVELOS BANKI” ISSUED DURING 1 YEAR 55 CREDITS WORTH 85.7M LARI”

    December 26, 2017 - As of November 30, within EU4Business program, supported by EBRD, Sakartvelos Banki (Bank of Georgia) issued during 1 year 55 credits, totaling to 85.77 million lari.

    Out of total, only 3 credits are issued to enterprises with turnover below 1.5 million lari, the article specifies.


agriculture & food

    TABULA: “THERE IS ECONOMIC DROP OF 2.8% IN AGRICULTURE”

    December 25, 2017 - In the 3rd quarter, volume of Georgia’s agriculture made up 726 million lari that is by 2.8% less in comparison with the corresponding period of last year, Tabula reports.

    As the article notes, negative growth in agriculture was also in the 1st quarter (-1.5%) and in the 2nd quarter (-2.4%).


construction

    FORBES GEORGIA: “BRANDED HOTELS, WHICH WILL BE OPENED IN GEORGIA IN 2018”

    December 26, 2017 - Next year, opening of over 20 branded hotels is planned in Georgia, the magazine reports.

    As the article indicates, the country will get in total over 25,000 new beds in 2018-2019.


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