With regard to the annual core inflation, the prices increased by 1.6 percent, while the annual core inflation without tobacco also amounted to 1.6 percent.The monthly inflation rate was mainly influenced by price changes for the following groups:Food and non-alcoholic beverages: the prices for the group increased by 2.2 percent, contributing 0.74 percentage points to the overall monthly inflation rate. The prices increased for the following subgroups: vegetables (17.9 percent), sugar, jam, honey, chocolate and confectionery (3.4 percent), oils and fats (3.3 percent), fish (2.6 percent), mineral waters, soft drinks, fruit and vegetable juices (1.9 percent), milk, cheese and eggs (1.0 percent), bread and cereals (0.7 percent). At the same time, prices decreased for the following subgroups: fruit and grapes (-3.6 percent), coffee, tea and cocoa (-1.2 percent), meat (-0.4 percent);Health: the prices increased by 0.9 percent, contributing 0.09 percentage points to the overall index. The prices were higher for the following subgroups: medical products, appliances and equipment (1.4 percent), out-patient services (0.3 percent);Transport: the prices for the group decreased by 1.5 percent, contributing -0.17 percentage points to the overall index. Within the group the prices decreased for transport services (-2.5 percent) and operation of personal transport equipment (-1.5 percent).The monthly inflation rate was mainly influenced by price changes for the following groups:Food and non-alcoholic beverages: the prices for the group increased by 2.2 percent, contributing 0.74 percentage points to the overall monthly inflation rate. The prices increased for the following subgroups: vegetables (17.9 percent), sugar, jam, honey, chocolate and confectionery (3.4 percent), oils and fats (3.3 percent), fish (2.6 percent), mineral waters, soft drinks, fruit and vegetable juices (1.9 percent), milk, cheese and eggs (1.0 percent), bread and cereals (0.7 percent).At the same time, prices decreased for the following subgroups: fruit and grapes (-3.6 percent), coffee, tea and cocoa (-1.2 percent), meat (-0.4 percent); Health: the prices increased by 0.9 percent, contributing 0.09 percentage points to the overall index.The prices were higher for the following subgroups: medical products, appliances and equipment (1.4 percent), out-patient services (0.3 percent);Transport: the prices for the group decreased by 1.5 percent, contributing -0.17 percentage points to the overall index. Within the group the prices decreased for transport services (-2.5 percent) and operation of personal transport equipment (-1.5 percent).Alcoholic beverages and tobacco: the prices increased by 5.1 percent, with the relevant contribution of 0.34 percentage points to the overall annual inflation rate. The prices increased for both alcoholic beverages (7.5 percent) and tobacco (2.1 percent);Communication: the prices decreased by 12.9 percent, contributing -0.48 percentage points to the overall index; Housing, water, electricity, gas and other fuels: the prices for the group decreased by 3.7 percent, contributing -0.32 percentage points to the overall index.The prices were lower for the subgroups of electricity, gas and other fuels (-5.2 percent) and actual rentals for housing (-2.7 percent). At the same time, the prices increased for maintenance and repair of the dwelling (5.8 percent).

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“On September 20, 2021, we issued a special situation statement announcing that our subsidiary, ENKA Renewables LLC, had terminated the contract for the Namakhvani Cascade HEPP Project in Georgia. The international arbitration process regarding the termination has now been completed. The decision confirms that our subsidiary rightfully terminated the contract, and the Georgian government has been ordered to pay approximately 383.2 million USD in compensation to our subsidiary, along with interest,” Turkish media reported.ENKA has confirmed that once the compensation is received, the details will be shared with investors in a special situational statement.

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As of the document, unemployment rate stood at 13.8% in 3Q24 The unemployment rate reduced by 1.8ppts y/y to 13.8% in 3Q24, though it saw a slight increase from 13.7% in 2Q24.During this period, the number of hired employed individuals increased by 3.3% y/y, accounting for 69.2% of total employment, while self-employed persons rose by 2.4% y/y.Notably, labor force participation rate increased by 1.0ppts y/y to 54.7% in 3Q24. We forecast unemployment rate at 13.8% in 2024, down from 16.4% in 2023. 

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Total demand was 2.3x higher and the weighted average yield was fixed at 8.401%, up by 0.016ppts from previous auction held in Oct-24.The nearest treasury security auction is scheduled for November 26, 2024, where GEL 100.0mn nominal value 5-year Benchmark Bonds will be sold. 

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The sides highlighted the Middle Corridor, a logistics route connecting Central Asia and China to Europe via the South Caucasus through Georgia, and its growing dynamic of freight traffic”, and agreed to direct joint effort towards attracting additional cargo to the route by further developing existing transport and logistics infrastructure.The Ministers underscored the importance of the Green Energy Corridor project for energy independence of both Georgia and Europe and the Black Sea submarine cable project, an international initiative to connect the South Caucasus power grid to that of Europe. They emphasised the role of the Corridor in “further deepening the regional cooperation and delivering the green energy resources of the South Caucasus to the European Union market”.The meeting additionally focused on Georgia’s Anaklia deep sea port project, the  Baku-Tbilisi-Kars railway line and the possibility of scheduling more flights between the two countries.Davitashvili and Jabbarov pointed out the bilateral trade turnover between the two countries had exceeded $1 billion between January and October, making Azerbaijan Georgia’s sixth largest trade partner and third largest export partner.The officials also touched on the “growing volume” of Azerbaijani investments in Georgia’s economy,  noting  2023 figures represented a year-on-year increase of 3,018 percent. The Ministry added Azerbaijani investors were showing interest in transport, logistics, construction, financial services, industry, real estate, communications and other sectors in Georgia.

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The prices for mining and quarrying increased by 4.6 percent compared to September 2024, resulting in a 0.3 percentage point contribution to the overall monthly PPI change. In the same period, the prices for manufactured products decreased by 0.8 percent, contributing -0.62 percentage points to the monthly index change. Within the group, a noteworthy price decrease was registered for food products (-3.5 percent). Besides, the prices increased for electricity, gas, steam and air conditioning by 2.1 percent, contributing 0.22 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 29.7 percent higher, contributing 1.7 percentage points to the overall annual index change. Within the group, the prices were higher for the subgroup of metal ores (35.9 percent); Manufactured products: the prices increased by 5.3 percent, contributing 4.32 percentage points to the overall annual index increase. There was a notable increase in the prices for the following subgroups: food products (6.6 percent) and basic metals (11.8 percent); Electricity, gas, steam and air conditioning: the annual price increase amounted to 4.4 percent, which contributed 0.54 percentage points to the annual index change; Water supply, sewerage, waste management and remediation services: the annual price increase amounted to 10.9 percent, which contributed 0.26 percentage points to the annual index growth.

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In the mentioned period, the prices for manufactured products increased by 0.6 percent. Compared to October 2023, the DPPI increased by 3.7 percent. The prices went up for mining and quarrying by 9.8 percent, for manufactured products by 2.4 percent, for electricity, gas, steam and air conditioning by 6.3 percent and the prices for water supply, sewerage, waste management and remediation services increased by 9.2 percent.

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As of the document, compared to October 2023 the XPI increased by 11.2 percent. The prices for mining and quarrying increased by 36.2 percent, for manufactured products by 8.5 percent and for water supply, sewerage, waste management and remediation services by 17.2 percent. In the same period, the prices for products from electricity, gas, steam and air conditioning decreased by 15.3 percent.

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In the III quarter of 2024, compared to the corresponding period of the previous year, the number of hired employees increased by 31.2 thousand persons (3.3%) and reached 974.4 thousand, while the number of self-employed - by 9.9 thousand (2.4%) and equaled to 432.7 thousand. In the same period, the number of unemployed decreased by 26.4 thousand (10.5%) and equaled 225.7 thousand.In the III quarter of 2024, the labour force participation rate (share of the labour force in the total population aged 15 and older) increased by 1.0 percentage points compared to the corresponding period of the previous year and became 54.7%, while the employment rate increased 1.8 percentage points and amounted to 47.1 percent. In urban settlements, the labour force participation rate increased by 2.0 percentage points compared to the corresponding period of the previous year, while in rural settlements it decreased by 0.3 percentage points. The employment rate increased by 3.2 percentage points in urban settlements, in rural settlements it remained unchanged and equaled 48.7 and 44.8%, respectively.In the III quarter of 2024, compared to the corresponding period of the previous year, the share of hired employed in the total number of employed increased by 0.2 percentage points and equaled 69.2%.In the III quarter of 2024, compared to the corresponding period of the previous year, the unemployment rate decreased in urban settlements by 2.6 percentage points while in rural settlements - by 0.5 percentage points.Traditionally, the unemployment rate is higher for men than for women. In the III quarter of 2024, compared to the corresponding period of the previous year, this rate decreased by 1.3 percentage points for women and by 2.0 percentage points for men, equaling 11.5 and 15.6 percent, respectively.The labour force participation rate is higher for men than for women. In the III quarter of 2024, the indicator for women was 44.9 percent and for men – 66.1 percent. The labour force participation rate for women increased by 1.9 percentage points, while for men it increased by 0.2 percentage points, compared to the corresponding period of the previous year.In the III quarter of 2024, the employment rate for women increased by 2.2, while for men - by 1.5 percentage points, compared to the corresponding period of the previous year.

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In January-October 2024 the share of the top ten trading partners by exports in the total exports of Georgia amounted to 81.9 percent. The top partners were Kyrgyzstan (USD 1 047.8 million), Kazakhstan (USD 714.3 million) and Azerbaijan (USD 611.0 million).In January-October 2024 motor cars claimed the first place in the list of top export items, equaling USD 2 000.4 million with 36.6 percent of total exports. The exports of ferro-alloys totaled USD 310.5 million and their share in the total exports amounted to 5.7 percent. The exports of wine of spirituous beverages occupied the third place standing at USD 242.0 million and constituting 4.4 percent of the total exports.The top import commodities in January-October 2024 were motor cars, whose imports equaled USD 2 718.0 million (20.0 percent of the total imports). The petroleum and petroleum oils followed in the list with USD 1 090.5 million (8.0 percent of imports). The Medicaments put up in measured doses were third in the top import commodity list with USD 513.1 million (3.8 percent of imports).

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