Economics

Electricity production decreased by 4.6% in November

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Tbilisi (GBC) - According to the Energy Market Operator (ESCO), total energy production in November was 1,131.1 GW/h, which was 4.6% less compared to the same period of the previous year.

Of which, the output of thermal power plants amounted to 496.2 GW/h (+14.7% Y.Y). The output of hydroelectric power stations was 627.6 GW/h, and wind power stations 7.3 GW/h.

In September, the import of electricity amounted to 559 GW/h, and this data has increased by 104.7% compared to the corresponding period of the previous year. And export amounted to 503.8 GW/h, which was 143% more than the same period of the previous year.

სიახლეები ამავე კატეგორიიდან

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Domestic exports down by 21% y-o-y

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External Merchandise Trade Down By 6,5% in 1Q - Geostat

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PPI Up By 1.2% M-O-M

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Ex-President Margvelashvili: If GD passes Transparency Law, people get...

“The developments are natural. What our parents and history put in us stands behind this process. We are a freedom-loving nation. A nation that sees itself not in slavery but in freedom, and this freedom is in Europe. We cannot accept Russian slavery.I don’t think the Georgian Dream will withdraw the Transparency of Foreign Influence bill. But if the bill is passed, the GD will get a response that is Russian force overthrow from power,” he said.

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Georgian Finance Minister, ADB, EBRD presidents discuss regional econo...

In a social media message, Khutsishvili said he had held “very good discussions” with the representatives of the international institutions, with the discussions also going into future prospects.Last month, Asakawa and Khutsishvili discussed preparations for Georgia’s hosting of the upcoming 57th annual meeting of the ADB. The Bank official said in a social media post he had thanked the Georgian Minister for “excellent” preparations and planning that were being put in place for the event.The Bank President also said his meeting with Khutsishvili discussed approval of a new, five-year country partnership strategy. Asakawa said the Bank would support Georgia’s transition to a “green and inclusive regional gateway” between Asia and Europe, and the rest of the world.The ADB on Wednesday said it had approved a €46.3 million policy-based loan to help improve access to quality and affordable healthcare in Georgia.

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Domestic exports down by 21% y-o-y

In January-March 2024 the share of the top ten trading partners by domestic exports in the total domestic exports of Georgia amounted to 71.8 percent. The top partners were Russia (USD 132.1 million), Türkiye (USD 82.3 million) and China (USD 56.5 million).In January-March 2024 wine of fresh grapes reclaimed the first place in the list of top export items, equaling USD 83.2 million, or 13.7 percent of total exports. The exports of ferroalloys totaled USD 72.5 million and their share in the total exports amounted to 12.0 percent. The exports of precious metal ores and concentrates occupied the third place, standing at USD 39.5 million and constituting 6.5 percent of the total exports.

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External Merchandise Trade Down By 6,5% in 1Q - Geostat

The exports equaled USD 1 326.0 million (9.3 percent lower), while the imports stood at USD 3 373.3 million (5.3 percent lower). The negative trade balance was USD 2 047.4 million in January-March 2024 and its share in external trade turnover constituted 43.6 percent.In January-March 2024 the share of the top ten trading partners by exports in the total exports of Georgia amounted to 79.3 percent. The top partners were Kyrgyzstan (USD 235.9 million), Russia (USD 160.8 million) and Kazakhstan (USD 147.0 million).In January-March 2024 the share of the top ten trading partners by imports in the total imports of Georgia amounted to 69.3 percent. The top partners were Türkiye (USD 624.6 million), Russia (USD 458.4 million) and United States (USD 298.9 million).In January-March 2024 the share of the top ten trading partners in the total external trade turnover of Georgia amounted to 68.1 percent. The top trading partners were Türkiye (USD 721.7 million), Russia (USD 619.2 million) and China (USD 330.6 million).In January-March 2024 motor cars claimed the first place in the list of top export items, equaling USD 443.8 million with 33.5 percent of total exports. The exports of wine of fresh grapes totaled USD 83.6 million and their share in the total exports amounted to 6.3 percent. The exports of ferroalloys occupied the third place standing at USD 72.5 million and constituting 5.5 percent of the total exports.The top import commodities in January-March 2024 were motor cars, whose imports equaled USD 486.6 million (14.4 percent of the total imports). The petroleum and petroleum oils followed in the list with USD 289.6 million (8.6 percent of imports). The Petroleum gases and other gaseous hydrocarbons were third in the top import commodity list with USD 184.1 million (5.5 percent of imports).

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Tbilisi International Airport was included in the Top 10 airports with...

Also, at the Skytrax World Airport Awards 2024, the international airports of Tbilisi and Batumi were named among the 10 best airports in Eastern Europe.Tbilisi International Airport was included in this category for the eleventh time in a row, and Batumi - for the third time. According to the results of a passenger survey, the international airports of Budapest, Tallinn, Riga, Tbilisi and Sofia are among the top five in Eastern Europe.The world's best airports award ceremony took place in Frankfurt within the Passenger Terminal Expo 2024.Skytrax is an influential British consulting company that has been researching and assessing the service quality at the airports and airlines around the world since 1999. The World Airport Awards are based on the passengers’ evaluation from over 100 different nationalities and 570 airports around the world. Within the frames of the survey, the passengers evaluate the airport service.

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PPI Up By 1.2% M-O-M

The prices for products from mining and quarrying increased by 7.2 percent compared to February 2024, resulting in a 0.39 percentage point contribution to the overall monthly PPI change.In the same period the prices for manufactured products increased by 1.0 percent, contributing 0.83 percentage points to the monthly index change. Within the group a noteworthy price increase was registered for beverages (0.6 percent) and for basic metals (5.5 percent). Besides, the prices decreased for electricity, gas, steam and air conditioning by 0.1 percent, contributing -0.01 percentage points to the monthly index change.The annual PPI rate was mainly affected by price changes for the following products:• Products from mining and quarrying: the prices were 9.2 percent higher, contributing 0.55 percentage points to the overall annual index change. Within the group the prices were higher for the subgroup of metal ores (8.5 percent);• Manufactured products: the prices increased by 2.7 percent, contributing 2.19 percentage points to the overall annual index increase. There was a notable increase in the prices for the following subgroups: food products (5.0 percent) and beverages (6.9 percent);• Electricity, gas, steam and air conditioning: the annual price increase amounted to 11.1 percent, which contributed 1.16 percentage points to the annual index change;• Water supply, sewerage, waste management and remediation services: the annual price increase amounted to 5.7 percent, which contributed 0.12 percentage points to the annual index growth.

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The parliament approved the legislative changes on offshore in the thi...

The initiative of a group of MPs was introduced to the plenary by the Chair of the Budget and Finance Committee, Paata Kvizhinadze. Pursuant to the Draft, the indebtedness of the natural persons accrued before January 1, 2021, and the respective surcharges shall be written off.As Kvizhinadze elucidated, by writing off the accumulated indebtedness, the Draft provides supporting the natural persons, allowing them to, free of tax liabilities, resume their activity.The Draft also stipulates that the incomes earned by the foreign enterprises registered in a tax haven and the partner natural person within the delegation of the property right on all assets (including the shares or stocks) of the foreign enterprises registered in a tax haven within the hereof transaction as of January 1, 2028, shall be exempted from the income/profit taxes; similar applies to the import of the goods, and the Georgian enterprise, regarding the assets earned within the hereof transaction shall be exempted from the property taxes as of January 1, 2030.According to Kvizhinadze, the Draft aims to encourage the transition of the assets from foreign enterprises to Georgia through the establishment of temporary tax reliefs.The Draft is initiated by MPs Paata Kvizhinadze, Anton Obolashvili, Irakli Kirtskhalia, Bezhan Tsakadze, Zaal Mikeladze, Irakli Zarkua and Gogi Meshveliani.

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Papashvili also received a Vasp permit after the bank

According to the NBG, WhiteBIT already owns a VASP license in various EU countries, including Spain and Lithuania. After the start of hostilities in Ukraine, WhiteBIT left the Russian market.WhaitBIT card is in circulation, it is possible to withdraw money through an ATM with W/B Card. The trader will transfer the merchandise on the crypto exchange to the card and cash it in 3 currencies, Lari, USD and Euro.As you know, the digital wallet registration fee is 5,000 GEL. Also, as announced, bringing crypto asset trading platforms under the supervision of the NBG serves to legalize this segment and protect users. VASP requires appropriate software mechanisms for continuous monitoring of customer base and transactions.

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Parliament adopts bill On Transparency of Foreign Influence with first...

The legislative piece calls for registration of non-commercial legal entities and media outlets in the country as “pursuing the interests of a foreign power” if they derive more than 20 percent of their funding from abroad, and was supported by 83 MPs in the 150-member lawmaking body.It requires groups “considered to be an organisation pursuing the interests of a foreign power” to be registered in public registry with the status and publicise their received funding.The law empowers the Ministry of Justice to “conduct research and monitor the issue at any time in order to identify organisations pursuing the interests of a foreign power”.The Parliament will have further two hearings of the draft law before it can be approved and enter into force.

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I will leave the hall on my own will, - after Gotsiridze’s leave, Usup...

- Roman Gitsiridze, before being kicked out of the session by Okhanashvili, only managed to ask this one question.And the Euro-optimist, together with the rest of the "optimists", found himself outside the door of the meeting hall.Gotsiridze had to rhetorically ask the remaining questions and condemn the unworthy actions of the leader of the session, along with other expelled people (Dekanoidze, Khabeishvili, Vashadze, Manjgaladze...).Gotsiridze would have managed to ask all the questions if he had not given a long introduction. According to him, the law of "agents" in the civilian world is in effect in three countries, USA/Israel/New Zealand, for security and not for transparency.So the Georgian (Russian) draft law is wrong both in terms of time and context.Roman Gotsiridze pointed out to Okhanashvili the potential risks that will follow the possible legalization of the project.How can survive the disabled, displaced or other social groups dependent on international aid, including more than 200 independent regional media?This question remained unanswered.However, Gotsiridze managed to list the countries where the law applies: Russia, Nicaragua, Venezuela, Uzbekistan, Kyrgyzstan, Tajikistan.

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Consideration of the draft law "On transparency of foreign influence" has begun. The legal issues committee of the Parliament is considering the initiative against the background of protests.The rally is taking place at the back entrance of the Parliament of Georgia. Representatives of civil organizations and media are gathered at the site, who have unfurled banners with the inscription "No to the Russian law!" Those present at the rally are protesting the draft law "On the transparency of foreign influence", which is being considered by the legal committee.

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The rally is taking place at the back entrance of the Parliament

The police are mobilized on the spot.In addition, it should be noted that in addition to the rally scheduled for the morning, the rally against the bill will be held in front of the Parliament in the evening at 19:00."The fight for the European future of Georgia continues. Don't stay at home, go out. "Russian law" applies to all citizens of Georgia! "Russian law" is a big wall between Georgia and Europe! Yes Europe! Not to the Russian law!" - is written in the information spread by the organizers on the social network.The Parliament starts considering the draft law "On the transparency of foreign influence". The draft submitted by the faction "Georgian Dream" is being discussed today by the Legal Affairs Committee in the first reading.