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Economics
ADB financed road to connect Alazani lowlands villages in Georgia’s ea...

Launched this week, the construction of the two-lane, asphalt-concrete road is financed by the Asian Development Bank to the tune of ₾87.8 million ($32.46mln) and will also see six bridges built along the route.It will pass six villages in the lowlands and connect the international road spanning between Tbilisi, Bakurtsikhe, Lagodekhi and the Azerbaijani border in the south-east of the country with the existing local networks.It is also part of the Kakheti highway, construction of which is due to be completed by 2024 and also include sections like the 35 km Tbilisi-Sagarejo road.The highway will reduce travel time between Tbilisi and the central part of the Kakheti region to one hour and 20 minutes.

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Number of registered enterprises up by 70.3% in October

As for the volume of turnover of VAT-payer enterprises, it amounted to GEL 11.2 billion in October. This data is 14.8% more than the same period of the previous year (October 2021-9.7 billion).

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Georgia’s Economy Grew By 8.3% In October

According to Geostat, in October 2022 the estimated real growth compared to the same period of the previous year was observed in the following activities: Construction, Transportation and storage, Financial and insurance activities, Mining and quarrying, Hotels and restaurants, Arts, entertainment and recreation.A decline was registered in Manufacturing and Real estate activities

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The UN Country Team demands plain packaging regulation of tobacco prod...

GBC offers its readers the integral text of the joint statement by the group of UN agencies:“December 31, 2022 is the deadline set by the Law of Georgia "On Tobacco Control" for the regulation of plain packaging of tobacco products to come into force. Plain packaging was expected to enter into force in 2018, but was postponed until the end of this year. Currently, a legislative initiative on another postponement of this deadline has been submitted to the Parliament of Georgia. We call on the Parliament of Georgia to reject this legislative initiative and ensure that the plain packaging regulations will enter into force within the timeframe specified in the current law. To reduce the enormous health, social and economic damage caused by active and passive tobacco use in Georgia, the Parliament of Georgia adopted a strong tobacco control legislation in 2017, which was later recognized by international organizations and experts as a visionary law that serves as an example for many countries in the region. Just two years after the successful implementation of this law, studies show a significant decrease in tobacco use and second-hand tobacco smoke pollution in Georgia, which resulted in the reduction of the burden of tobacco-attributable diseases.To build on this success, further comprehensive tobacco control measures need to be implemented in line with the WHO Framework Convention on Tobacco Control. Regulation on plain packaging for tobacco products is one of the most powerful regulations that make tobacco products less attractive and reduce the ability of tobacco products to mislead consumers about the harms of smoking. The United Nations in Georgia would like to commend the firm position of the decision-makers of the Parliament of Georgia of various convocations and the Government of Georgia on the smooth implementation of tobacco control regulations. We hope that the Parliament of Georgia will take immediate steps to avoid another postponement and to ensure the plain packaging regulation enters into force in the beginning of 2023 and will thus help to protect the health of the current and future generations of Georgia”, - the statement reads.

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Tbilisi Metro will no longer purchase Russian wagons

"The decision to terminate the contract was made last week by Tbilisi City Hall jointly with the European Bank for Reconstruction and Development (EBRD). Consultations are underway with several companies. EBRD is involved in the process", Kaladze noted.The Russian "Metrovagonmsheni" won the tender announced by the EBRD for the supply of 44 wagons for the Tbilisi Metro in 2021. In March of this year, it was reported that the European bank stopped paying approximately 50 million EUR to the Russian company.

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In October, the number of persons receiving salary has decreased

The analysis show, that the number of people who received a monthly salary of up to 600 GEL was 22.5%, which was a decrease of 5.7 percentage points compared to the corresponding period of 2021, and 10.2 percentage points compared to the corresponding period of 2020. According to PMCG data, the number of persons whose salary is more than 2400 GEL is increasing in the legal employment market and their share amounts to 18.3% of the market, which is more by 3.7 percentage points compared to the corresponding period of 2021, and by 5.4 percentage points compared to the corresponding period of 2020. It is an increased indicator.In addition, in October, the number of people who received a monthly salary of more than 9,600 GEL increased by 28.1% compared to the corresponding period of 2021, and by 52.6% compared to the corresponding period of 2020. The number of people who earned more than 9,600 GEL was 1.6% of the labor market.In October, the number of published vacancies also decreased. In particular, if 6,965 vacancies were posted on jobs.ge in October, this number exceeded 8,000 in September. From May to October, the average monthly growth rate of vacancies published on jobs.ge was 0.3%.

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Gia Arabidze - electricity consumption is ahead of its generation

Speaking to GBC, energy expert Gia Arabidze notes that local generation has really increased, and with the current situation, this is good, although we will not have a positive balance at the end of the year.According to Arabidze, the growth rate of electricity consumption in Georgia is much higher than the its capacities.As of energy expert, the only way to develop the energy of the country is to implement Namakhvani HPP, Khudoni, Neskra, as well as 500 MW wind and 1200 MW solar projects. "Otherwise, we will have to import more and more energy from year to year," says Arabidze.In 2022, the export of electricity from Georgia continued from May to September. The export partners of this period look like this: 1. Turkey -$79.4 million (94.3%).2. Armenia - $4.2 million. (5%).3. Azerbaijan - $0.6 million (0.7%).

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Minimum hourly wages to be set for doctors and nurses

The changes envisage a doctor’s minimum hourly wage of GEL 7 per hour (GEL 1,260 per month), while a nurse’s minimum hourly pay of GEL 4.4 per hour (GEL 792 per month).The Ministry explained that the salary increase would affect up to 9,000 doctors and over 8,000 nurses.From 2023 onward, all healthcare facilities involved in the state program will be required to follow the same salary calculation rule.

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The largest export partner for January-October is China

The negative trade balance was USD 6 136.4 million in January-October 2022 and its share in external trade turnover constituted 40.3 percent.In January-October 2022 the share of the top ten trading partners by exports in the total exports of Georgia amounted to 78.9 percent. The top partners were China (USD 607.5 million), Azerbaijan (USD 541.7 million) and Russia (USD 530.3 million).In January-October 2022 the share of the top ten trading partners by exports in the total exports of Georgia amounted to 78.9 percent. The top partners were China (USD 607.5 million), Azerbaijan (USD 541.7 million) and Russia (USD 530.3 million)

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Unemployment Rate Down To 15.6% In Georgia

As of the report, In the III quarter of 2022, compared to the corresponding period of the previous year, the number of hired employees increased by 52 thousand persons (6.0%) and reached 913.8 thousand, while the number of self-employed increased by 25.8 thousand (6.2%) and equaled to 444.3 thousand. In the same period, the number of unemployed decreased by 60.1 thousand (19.3%) and equaled to 250.7 thousand.In the III quarter of 2022, compared to the previous quarter, the number of hired employees increased by 45.9 thousand persons (5.3%), the number of self-employed increased by 43.1 thousand (10.7%), and the number of unemployed decreased by 30.8 thousand (11.0%).

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