Economics

Georgia takes over Energy Community presidency in ceremony in Vienna

The event was attended by the Director of the organisation, Artur Lorkowski, representatives from the body’s secretariat and diplomatic missions of member states.Genadi Arveladze, Georgia’s Deputy Economy Minister, addressed the event to emphasise the importance of the leadership role.“This is not only a responsibility but also an opportunity to encourage regional cooperation, strengthen energy security, and advance the process of transition to green energy”, he said.In his address, Arveladze highlighted focal points for Georgia’s term, including energy efficiency, alignment of legislative frameworks with EU energy regulations, and enhancement of overall energy security. He underscored the role of energy in ensuring economic stability and fostering investments and regional partnerships.“Our commitment to modernising the energy sector, aligning it with European standards, and promoting regional cooperation remains unwavering. In 2024, we made a significant advancement towards our goal for the country’s electricity market by launching day-ahead and intraday markets. This step lays the groundwork for a smooth transition to a competitive electricity market”, he said.The Deputy Minister further elaborated on ongoing projects, specifically the Black Sea submarine cable, an international project that aims to create a new transmission route to deliver green energy from the South Caucasus to Europe. He said progress was being made with the involvement of participating countries.In his turn, Lorkowski praised Georgia’s recent energy reforms and its “leading position” among member states in implementing energy initiatives.Georgia joined the Energy Community in 2017.

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PPI Up By 1% In January M-O-M

The prices for mining and quarrying decreased by 3.8 percent compared to December 2024, resulting in a -0.24 percentage point contribution to the overall monthly PPI change. In the same period, the prices for manufactured products increased by 0.9 percent, contributing 0.69 percentage points to the monthly index change. Within the group, a noteworthy price increase was registered for food products (0.7 percent) and chemicals and chemical products (5.2 percent). Besides, the prices increased for electricity, gas, steam and air conditioning by 5.3 percent, contributing 0.55 percentage points to the monthly index change.The annual PPI rate was mainly affected by price changes for the following products: Mining and quarrying: the prices were 24.1 percent higher, contributing 1.36 percentage points to the overall annual index change. Within the group, the prices were higher for the subgroup of metal ores (28.0 percent); Manufactured products: the prices increased by 6.1 percent, contributing 4.89 percentage points to the overall annual index increase. There was a notable increase in the prices for the following subgroups: beverages (8.8 percent) and basic metals (14.9 percent); Electricity, gas, steam and air conditioning: the annual price increase amounted to 8.0 percent, which contributed 0.87 percentage points to the annual index change; Water supply, sewerage, waste management and remediation services: the annual price increase amounted to 2.5 percent, which contributed 0.06 percentage points to the annual index growth.

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Prices for electricity, gas, steam and air conditioning increased by 5...

In the mentioned period, the prices for electricity, gas, steam and air conditioning increased by 5.6 percent.Compared to January 2024, the DPPI increased by 3.8 percent. The prices went up for mining and quarrying by 11.1 percent, for manufactured products by 2.8 percent, for electricity, gas, steam and air conditioning by 8.8 percent and the prices for water supply, sewerage, waste management and remediation services remained unchanged.

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The Unemployment Rate In Georgia Increased In 4Q24 Y-O-Y

In 4Q2024, compared to the corresponding period of the previous year, the number of hired employees increased by 20.1 thousand persons (2.1%) and reached 978.5 thousand, while the number of self-employed – by 19.7 thousand (4.8%) and equaled to 433.5 thousand. In the same period, the number of unemployed decreased by 14.7 thousand (5.9%) and equaled 233.9 thousand.In 4Q2024, the labour force participation rate (share of the labour force in the total population aged 15 and older) increased by 0.6 percentage points compared to the corresponding period of the previous year and became 54.9 percent, while the employment rate increased 1.1 percentage points and amounted to 47.1 percent. In urban settlements, the labour force participation rate increased by 0.2 percentage points compared to the corresponding period of the previous year, while in rural settlements – 1.2 percentage points. The employment rate increased by 1.0 percentage points in urban settlements, in rural settlements – 1.4 percentage points and equaled 48.5 and 45.2 percent, respectively.In 4Q2024, compared to the corresponding period of the previous year, the share of hired employed in the total number of employed decreased by 0.5 percentage points and equaled 69.3 percent.In 4Q2024, compared to the corresponding period of the previous year, the unemployment rate decreased in urban settlements by 1.4 percentage points while in rural settlements – by 0.6 percentage points.Traditionally, the unemployment rate is higher for men than for women. In the IV quarter of 2024, compared to the corresponding period of the previous year, this rate decreased by 2.4 percentage points for women and by 0.1 percentage points for men, equaling 11.1 and 16.7 percent, respectively.The labour force participation rate is higher for men than for women. In the IV quarter of 2024, the indicator for women was 45.1 percent and for men – 66.3 percent. The labour force participation rate for women increased by 0.7 percentage points, while for men it increased by 0.4 percentage points, compared to the corresponding period of the previous year.In the IV quarter of 2024, the employment rate for women increased by 1.7, while for men – by 0.4 percentage points, compared to the corresponding period of the previous year.

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Domestic Exports Increased To USD 186.3 MLN In January

In January 2025 the share of the top ten trading partners by domestic exports in the total domestic exports of Georgia amounted to 68.5 percent. The top partners were Russia (USD 31.7 million), Türkiye (USD 20.3 million) and China (USD 16.3 million).In January 2025 copper ores and concentrates reclaimed the first place in the list of top export items, equaling USD 13.8 million, or 7.4 percent of total exports. The exports of natural or artificial mineral and aerated waters, not containing sugar totaled USD 13.4 million and their share in the total exports amounted to 7.2 percent. The exports of wine of fresh grapes, occupied the third place, standing at USD 12.8 million and constituting 6.9 percent of the total exports.

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Top Import Commodities In January Were Paintings, Drawings And Pastels...

The negative trade balance was USD 1 200.4 million in January 2025 and its share in external trade turnover constituted 59.8 percent.In January 2025 the share of the top ten trading partners by exports in the total exports of Georgia amounted to 76.7 percent. The top partners were Kyrgyzstan (USD 74.9 million), Azerbaijan (USD 46.2 million) and Kazakhstan (USD 45.2 million).In January 2025 the share of the top ten trading partners by imports in the total imports of Georgia amounted to 79.5 percent. The top partners were USA (USD 357.3 million), United Kingdom (USD 266.9 million) and Türkiye (USD 172.9 million).In January 2025 the share of the top ten trading partners in the total external trade turnover of Georgia amounted to 75.4 percent. The top trading partners were USA (USD 361.7 million), United Kingdom (USD 267.2 million) and Russia (USD 203.3 million).In January 2025 motor cars claimed the first place in the list of top export items, equaling USD 130.0 million with 32.2 percent of total exports. The exports of spirituous beverages totaled USD 14.3 million and their share in the total exports amounted to 3.5 percent. The exports of copper ores and concentrates occupied the third place standing at USD 13.8 million and constituting 3.4 percent of the total exports.The top import commodities in January 2025 were Paintings, drawings and pastels (executed entirely by hand), whose imports equaled USD 481.1 million (30.0 percent of the total imports). The motor cars followed in the list with USD 151.0 million (9.4 percent of imports). The Petroleum gases and other gaseous hydrocarbons were third in the top import commodity list with USD 106.9 million (6.7 percent of imports).

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Passenger traffic on the Tbilisi-Baku railway may resume on May 1

Azerbaijani media reported this, citing the Georgian Ministry of Economy.The issue was discussed in Tbilisi on Tuesday during a meeting between Economy Minister Levan Davitashvili and Azerbaijan’s Minister of Digital Development and Transport Rashad Nabiyev.Azerbaijan suspended passenger rail traffic with Georgia amid the nationwide quarantine imposed due to the coronavirus pandemic and has not resumed it yet. Quarantine in Azerbaijan is still in effect at all land border in the country.

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Number Of Bovine Animals Down By 3.1%

The number of pigs equaled 129.4 thousand heads which are 8.6% less than at the same period of the previous year. The number of poultry reached 7.9 million heads which are 3.4 percent more compared to the same period of the previous year.According to the preliminary data, in the 4th quarter of 2024 milk production decreased by 2.2 % compared to the same period of the previous year and it has consisted of 102.5 million litres. The annual milk production of 2024 decreased by 2.3 % compared to the results of 2023 and it amounted to 570.7 million litres. In the 4th quarter of 2024 meat production was 7.1 % more than in the same period of 2023 and it has consisted of 26.5 thousand tons.In 2024, the annual production of meat was 6.3 % more than in 2023 and it amounted to 83.7 thousand tons. In the 4th quarter of 2024 egg production amounted to 169.1 million pieces which are 4.3 % more than in the same period of the previous year. The annual egg production of 2024 increased by 0.04% compared to 2023 and it has amounted to 653.4 million pieces.

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Average price of newly-built flats in Batumi increased by 8%

In January 2025, the number of transactions of newly-built flats in Batumi has increased by 3% year over year, while a 5.7% YoY increase rate has been observed in the case of old flats.As of January 2025, the number of transactions of residential flats in Batumi has increased by 3.2% to 1,049 units. The market size has increased by 17.4% standing at USD 57 millions.In 2024, in Batumi the number of transactions of residential flats amounted to 15,034 units, reflecting 2% YoY decrease. Market size also increased by 6% standing at USD 778 millions.

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In January, in Tbilisi the number of transactions of residential flats...

As of January 2025 in Tbilisi the weighted average price of old flats has increased by 12.5% in the wide centre compared to January 2024, in the suburbs and city centre 10.4% and 7.2% increase was witnessed.In January 2025, in Tbilisi the number of transactions of residential flats amounted to 2,892 units, reflecting 7.5% YoY decrease. Market size increased by 2.9% standing at USD 208 millions.As of January 2025 the weighted average price of newly-built flats in Tbilisi has increased by 24.8% in the wide centre compared to January 2024, 8.8% growth was observed in the suburbs, while in the city centre 5.8% increase was witnessed. The most significant price change was observed in the wide centre, which was driven by the fact that in January 2024, transactions from two large projects spanning 3-4 years were registered all at once. This caused a decrease in the weighted average price at that time. Without these projects, prices in the wide centre increased by 7.1%.As of December 2024 the weighted average price of newly-built flats in Tbilisi has increased by 13% in the Wide centre, 10% growth was observed in the suburbs, while in the city centre 1% increase was witnessed.In 2024, the weighted average price of old flats in Tbilisi increased by 13% YoY in the suburbs and the wide centre, 15% increase was observed in the wide and city centre.In 2024, in Tbilisi the number of transactions of residential flats amounted to 41,284 units, reflecting a 2% YoY growth. The market size increased by 12% standing at USD 2.8 billion.

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Central Banking, Capital Finance International publications highlight...

1740143221 • Finance

Popular

British-Georgian Academy Staff Protest Potential Change of the School...

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Staff Costs Increased to the banking sector

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Cartu's profit decreased

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Crystal Obtains Microbank License from the National Bank of Georgia

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45.4% of Retail Deposits Are Placed In Bank Of Georgia

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Politics

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Eggs were thrown at Salome Zurabishvili at the airport after Gakharia

A video of the incident is circulating on social media.The video shows a citizen approaching Salome Zurabishvili, calling her a traitor, and then throwing eggs at the 5th President.One person is heard saying to Salome Zurabishvili, “Do you bring the money in cash or is it transferred to your account?”The footage shows several eggs hitting the 5th President.For reference, early yesterday morning, Giorgi Gakharia was also met with eggs thrown at him upon his return from Munich at Tbilisi International Airport. The For Georgia party claims that this was a pre-organized “special group” arranged by Georgian Dream at the location.US Congressman Joe Wilson writes on X: “the brutal Ivanishvili regime has attacked Legitimate Georgian President Salome Zourabichvil & former Georgian PM Giorgi Gakharia. Enough! Georgia is descending into a nightmarish dictatorship aligned fully with US adversaries. We need immediate sanctions & free and fair elections”.

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Okuashvili blames the shutdown of the "Main Channel" on its "informal...

“At a time of crisis in Georgia, while I am engaged in legal proceedings in London and Stockholm against Ivanishvili and his government, Nika Gvaramia (Co-Chairman of political party “Ahali”) through a deliberate campaign, is forcing me to issue public responses.The suspension of Mtavari Arkhi’s broadcasting was carried out under Gvaramia’s orders and through an unlawful decision by the channel’s current General Director, falsely claiming that I ordered the shutdown, to discredit me.Prior to the shutdown and statement, Mtavari Arkhi proposed paying an initial amount of 1 million on the condition that my appointed director, Giorgi Kurdadze, would declare to the National Bank of Georgia and the General Prosecutor’s Office that he no longer believed illegal activities occurred at the channel. Additionally, Kurdadze was being pressured to sign unlawful documents they had prepared. They threatened a new smear campaign against me if he refused.As the founder, my demand is clear: the ongoing illegal financial operations, fraud, and money laundering at Mtavari Arkhi must cease immediately. The General Director Giorgi Gabunia, must be replaced. Rather than Giorgi Gabunia, a professional, credible individual—trustworthy to the public—should be appointed. Nika Gvaramia’s proposal to appoint his wife, Sopho Liluashvili, is not acceptable for me.Mtavari Arkhi must continue broadcasting lawfully and without obstruction. The unlawful shutdown, ordered by Nika Gvaramia, who acts as the channel’s informal manager, and carried out in violation of the law and the channel’s statute, will be addressed by my legal team of British and American attorneys”, - the statement reads.

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UK does not recognize the legitimacy of the so-called presidential ele...

The United Kingdom reaffirmed its full support for the territorial integrity and sovereignty of Georgia.“The United Kingdom does not recognize the legitimacy of the so-called presidential elections held in the Abkhazian region of Georgia on February 15, 2025.We reaffirm our full support for the territorial integrity and sovereignty of Georgia within its internationally recognized borders,” reads the statement.The so-called presidential elections were held in occupied Abkhazia on February 15. Five “candidates” were running for the “presidency”: Badra Gunba, Adgur Ardzinba, Oleg Bartsits, Robert Arshba, and Adgur Khurkhumali.A second round of the so-called early presidential elections will also be held in occupied Abkhazia, in which Badra Gunba and Adgur Ardzinba will face each other.

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Salome Zurabishvili will participate in the Munich Security Conference

According to Zurabishvili’s press office, she will hold high-level bilateral meetings with European leaders and the U.S. delegation.Additionally, meetings are planned in Munich with representatives of the European Union and other international organizations.Salome Zurabishvili will take part in panel discussions at the Munich Conference, including "Georgia in the Spotlight" and "Russia's Hybrid Tactics," where she will discuss the current situation and challenges in the country.According to the press office, Zurabishvili will also meet with representatives of the Georgian diaspora in Munich.

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ISSA survey: Up to 60% of respondents support protests, 76.3% support...

According to the survey: The majority of respondents (up to 62%) indicate that the country is moving in the wrong direction. 82.1% of respondents consider the current situation in the country to be a political crisis, while up to 78% hold the Georgian Dream party primarily responsible for the political crisis. The population identifies the following as the most acute problems facing the country: a) high prices and b) unemployment. In addition, the following are among the acute problems: emigration of Georgians, the spread/use of drugs, poverty, unfairly conducted parliamentary elections, crime and insecurity, etc. 67.1% consider the statement made by Irakli Kobakhidze on November 28, 2024, about suspending European integration until 2028 unacceptable. The majority (up to 55%) believes that the Georgian Dream’s foreign policy serves the interests of Russia/countries close to Russia (China, Iran, etc.). In addition, 30.1% believe that the Georgian Dream pursues a balanced foreign policy and does not specifically pursue the interests of any country. Only 7% are convinced that the Georgian Dream is on the path of integration with the West (Europe, USA) and Western structures (EU, NATO). The majority of respondents (up to 67%) negatively assess the severance of strategic relations with the USA. Georgia’s accession to the European Union is supported by a large majority – 86.3%, and NATO – by 74.2%. Despite this, more than half of the respondents (up to 53%) are in favor of Georgia not joining any political/military international structure and maintaining neutrality. The majority of the population (54.2%) finds the statements of the Georgian Dream about the anti-Georgian influence of the “Deaf State” and the “Global War * Party” unconvincing; a quarter (25.3%) finds it difficult to express a position on the credibility of these statements. Up to 60% of respondents support the ongoing protests in Georgia; 45% of respondents are active supporters of the protests. The October 26, 2024 elections were held unfairly, according to approximately 43% of respondents, and according to an additional 16% – equally fair and unfair (“50/50”). More than half of the respondents (51.3%) declare that they voted for an opposition political force in the elections, while approximately a third (32%) confirm that they voted for the “Georgian Dream”. Up to 17% do not reveal their choice. Up to 48% consider the presence of the “Georgian Dream” in power illegal/illegitimate, and 39.2% consider it legal/legitimate. The majority agrees with the main demands of the ongoing protests; in particular, 62% support the appointment of new parliamentary elections, and 76.3% – the release of prisoners. In the event of new parliamentary elections being called, the vast majority (within 80%) have a high willingness to participate. Among those who do not rule out participating in new elections, support for the Georgian Dream (by allocation) is 31.5%. The majority of respondents (up to 55%) do not share the view that if the Georgian Dream does not remain in power, the risk of Georgia getting involved in a war with Russia will increase. 35.5% of respondents see such a risk more or less; however, only 15.3% are sure of this. When assessing the activities/events of various actors in recent months, the most positive attitude is towards the activities of Salome Zurabishvili (49%). The share of those who positively assess the activities of non-governmental organizations in recent months (up to 36%) exceeds the share of those who evaluate them negatively (up to 30%). Those who negatively assess the activities of opposition political parties after the October 26 elections (up to 38%) outnumber those who positively assess them (33.2%); while more than half (53.2%) negatively assess the activities of the Georgian Dream after the October 26 elections. A negative assessment was received by the election of Mikheil Kavelashvili as President of Georgia (57.2%). Up to 52% of respondents consider the sanctions imposed by the US against Bidzina Ivanishvili to be fair, and almost the same number – against senior officials of the Ministry of Internal Affairs. Respondents mainly receive information about the socio-political events in the country from Georgian television channels and social media. Among television channels, Imedi (up to 42%), Main Channel (up to 38%) and TV Pirveli (33.4%) are in the lead by a small margin. Among social media, Facebook is the undisputed leader. The quantitative study was conducted by the Institute for Social Research and Analysis (ISSA). Fieldwork was conducted between January 18-30, 2025, and 2,000 respondents were interviewed face-to-face. The adult (18+) population of Georgia was surveyed. The margin of error is +- 2.2%, with a 95% confidence level. The Institute for Social Research and Analysis (ISSA) is a research organization that has been operating since 2000. The organization conducts both quantitative and qualitative research.