Real GDP Increased By 9.6% YoY - Geostat

During the capacity-building sessions, the NFA experts focused on meat labelling, food safety standards in public catering, and Georgian legislation on food safety. During the interactive presentations and discussions, the private sector representatives had the opportunity to learn more about ensuring safe and healthy food item production for their consumers.Under the EU and Sweden-funded ENPARD IV, FAO has been sharing knowledge on food safety with food business operators for the past two years. The organisation's extension team has already trained over 1,000 staff members of 40 private companies working with animal-origin products, fruit juices, ready-to-eat products, and vegetable value chains on good hygiene and sanitation practices, prerequisites, and HACCP. Moreover, the FAO in Georgia continues to conduct assessment visits to food processing facilities to provide assistance to quality control managers regarding food safety measures.Within the framework of ENPARD IV, in partnership with NFA, FAO will continue to offer more training and consultancy opportunities to the country’s private sector in the coming year in close cooperation with the Czech Development Agency, supporting the National Food Agency services delivery in compliance with EU standards.“Providing such guidance to the Georgian private sector ensures that Georgian consumers have improved access to animal-origin and other food products that are healthy and safe to consume. Enhanced efforts for the implementation of advanced food safety measures in HoReCa facilities can only bring positive impacts on the competitiveness of the private sector and on the country’s tourism sector, as this is key to improve the local regional circular economy, trust and loyalty of domestic as well as international travellers,” says Denis Reiss, Programme Officer for Sustainable Food Systems at the Delegation of the European Union to Georgia.“Implementing and complying with the highest standards of food safety and quality requires knowing what they are and how to implement them. FAO’s training opportunities offer such knowledge to Georgian businesses engaged in delivering safe and healthy food products to their consumers and guests, in the case of the HoReCa sector. FAO, under the ENPARD IV funded by the EU and Sweden, will keep delivering such training opportunities to ensure that the food business operators in the country are better equipped to meet today’s food safety requirements and hence ensure the delivery of products that are of highest standards,” says Guido Agostinucci, the FAO Programme Manager.About the European UnionFor more than 30 years, the European Union has built a close partnership with Georgia, supporting its development through knowledge and experience sharing, expertise, innovation and financial support. The relationship between the EU and Georgia is based on shared values of peace, freedom, democracy, human rights and inclusive economic growth. More about the EU’s support in Georgia https://eu4georgia.eu/the-european-union-in-georgia/About ENPARDThe European Union supports rural development in Georgia through its ENPARD Programme. Aiming to reduce rural poverty, ENPARD has been implemented since 2013. The Programme started by supporting the development of national agriculture potential. Subsequently, it also concentrated on creating economic opportunities for rural populations in Georgia. Since 2021, the Programme has also been working on improving food safety in the country, with additional support from Sweden and with FAO and the Czech Development Agency as the main implementers of this food safety component under ENPARD IV.

1726726940

According to the bank's 8-month report (01.09.2024), 59% of lending (equivalent to 565 million GEL) comes from foreign currency loans. In the same period of the previous year (L.Y. 1.09.2023), 63% came from foreign currency lending.According to the NBG’s regulation, which is adjusted to the dollarization framework, the bank is required to have capital with a higher dollarization ratio (unhedged currency credit risk buffer).Up to 40%, the risk weight is equal to 40%. For every additional 1%, the capital requirement is calculated by 3% more. Accordingly, "Cartu" holds more capital than, for example, "Liberty".So is the reserve requirement for deposits. The upper limit (20%) applies to funds raised in foreign currency, >70% dollarized.The portfolio of "Cartu’s" deposits is 1.182 billion GEL as of September 1 and up to 81% (80.7%) - 952 million GEL is in foreign currency (L/Y - 83.5%)

1726663096

In a statement, the bank emphasized that financial institutions in Georgia strictly adhere to these requirements.“As per the instructions of the National Bank of Georgia, financial sector representatives operating in the country comply with international sanctions. Furthermore, the President’s Order No. 208/04, issued on August 4, 2023, established specific guidelines for enforcing sanctions regimes on entities under the supervision of the National Bank.According to the order, the sanctions regime applies to Georgian citizens only when a court in Georgia has issued a legally binding guilty verdict in connection with the sanctions. This general principle of enforceable sanctions is clearly outlined in the order.The National Bank of Georgia systematically oversees the application of international sanctions and ensures that financial sector participants comply with national regulations and legislation.We reiterate that the Georgian financial sector operates in full compliance with the sanctions regime. Georgia has never been, and will not become, a place for sanction evasion,” the National Bank concluded.

1726662868

With 60 participating producers, the Unique Georgian Taste agromarket featured dairy and meat products, alcoholic beverages, as well as artisanal confectionery, honey, almond products, jams, and other culinary delicacies. Most participating producers also attended a food safety and labelling training held by the FAO National Food Safety Expert - Salome Gigashvili. During the capacity-building session, the producers of niche and terroir products learned about ensuring food safety in production, as well as the importance of labelling, thus allowing consumers to know exactly what they are purchasing.Notably, FAO, under the ENPARD IV of the EU and Sweden, is supporting the agromarket participants in identifying the nutritional composition of their products so that they can create labels for them. By the end of 2024, FAO anticipates that the producers at Unique Georgian Taste will have their products fully labelled to improve their market competitiveness.The participating producers have benefited from EU and Sweden-funded FAO projects in Georgia. They have received matching grants to improve their agricultural ventures or utilised relevant training opportunities.“EU actively supports Georgian farmers and producers in advancing their production with modern equipment, methodologies, and good practices. Implementing today’s food safety standards is key in building the required loyalty and trust for local and international consumers. I am therefore glad to see that so many producers of niche and terroir products are keen to comprehensively integrate these standards in their practices and hence help people discover the country’s rich agricultural heritage,” said Denis Reiss, Programme Officer for Sustainable Food Systems at the Delegation of the European Union to Georgia.“With the Unique Georgian Taste agromarket, FAO has supported 70 participating producers by allowing them to access the market in this format. The event’s success is clearly demonstrated by the impressive results that the participating producers have achieved. They have reported at least a 15 per cent increase in their sales, as well as a 35 per cent increase in collective income. Through training opportunities and the commercial platform that the Unique Georgian Taste has become, we are continually ascertaining that high-quality, nutritious, unique, and importantly safe products are very much in demand on the Georgian market,” says Guido Agostinucci, FAO Programme Manager.About the European UnionFor more than 30 years, the European Union has built a close partnership with Georgia, supporting its development through knowledge and experience sharing, expertise, innovation and financial support. The relationship between the EU and Georgia is based on shared values of peace, freedom, democracy, human rights and inclusive economic growth. About the projectThe European Union supports rural development in Georgia through its ENPARD Programme. Aiming to reduce rural poverty, ENPARD has been implemented since 2013. The Programme started by supporting the development of national agriculture potential. Subsequently, it also concentrated on creating economic opportunities for rural populations in Georgia. Since 2021, the Programme has also been working on improving food safety in the country, with additional support from Sweden, and with FAO and the Czech Development Agency as the main implementers of this food safety component under ENPARD IV.

1726645701

Every year, Basisbank reinforces its reputation as a trusted partner for small and medium-sized businesses by providing tailored financial solutions and an exceptional banking experience. In 2024, Basisbank’s dynamic growth persisted, and in the area of business lending, it continues to maintain a strong position among the country’s top three banks.Wanda Rich, Editor of Global Banking & Finance Review, commented on the achievement: "Basisbank is one of the leading financial institutions driving the growth of small and medium-sized enterprises in the country's financial sector. Its ongoing, successful support for businesses demonstrates a deep understanding of the unique challenges faced by SMEs. In 2024, Basisbank made further significant strides with financial solutions tailored specifically to small and medium-sized businesses. This award is a testament to the bank's innovative approach, client-focused strategy, and consistent efforts in the SME sector.""We are especially proud that Basisbank has been named the best bank for supporting small and medium-sized businesses by the international publication Global Banking & Finance Review for the second consecutive year. With 30 years of continuous growth, our main priority is to offer businesses a comprehensive range of financial services, tailored to their specific needs and interests. By adopting an individualized approach with each client, we aim to foster long-term, successful partnerships between the bank and businesses. This international recognition reaffirms the consistent efforts of Basisbank’s team of professionals in delivering practical, results-oriented solutions for businesses," said Archil Chachkhiani, Head of Small and Medium Business Division at Basisbank.The Global Banking & Finance Review awards, presented annually by this internationally renowned publication, recognize outstanding companies in key areas of the banking and finance industry based on their best performance, strategic achievements, and innovations. Known for its impartial editorial policy, Global Finance is highly respected and trusted within financial circles.

1726644585

According to the document, in August 2024, the volume of money transfers from abroad constituted 290.6 million USD (784.4 million GEL), which is 0.3% (0.9 million USD) more than the amount in August 2023.As of the report, 96.2% percent of the total money transfers from abroad came from 24 largest partner countries, with the volume of transfers from these countries each exceeding 1 million USD in August 2024. In August 2023 the share of these 24 countries constituted 96.1% percent of the total volume of money transfers.In August 2024, 33.1 million USD (or 89.4 million GEL) was transferred from Georgia, which is 12.1% more as compared to 29.5 million USD in August 2023. 

1726494221

Shamugia cited Prime Minister Irakli Kobakhidze’s decision to raise the price set for collecting  the Saperavi variety from growers as evidence the Government was committed to supporting viticulture and winemaking.We began this process in 2013. We are helping both vine growers and winemakers to advance the sector. We are very actively involved in the grape harvesting process every year. We subsidise various grape varieties where we see the necessity. We also help wine producers re-equip their factories, open new ones, and set up [storage] cellars”, the Minister told Imedi TV.He noted over 3,000 small, medium, and large enterprises in the country produced wine, with 500 of them also exporting to countries around the world.Exports are also increasing, which is also important. Last year, we had record figures for exports to the tune of $260 million, and this year, in the first eight months, wine exports are $200 million already. Overall, for the first time, we expect to generate USD 0.5 billion in revenue this year from wine and spirits export”, the Minister pointed out.He also highlighted the importance of advertising campaigns aimed at promoting Georgian wine on international markets, with over GEL 100 million spent, and added the Ministry’s involvement would increase in the coming years.Shamugia’s comments came in the wake of the National Wine Agency saying Kakheti was experiencing a “record grape harvest”, with 78,000 tonnes processed as of Thursday last week.The Prime Minister also announced on Saturday that a state company would accept Saperavi variety for ₾1.5 per kilogram at up to 10 locations, while the Government would also cover the difference for those who had sold the type for less than GEL1.5 so far.Otar Shamugia, the Georgian Minister of Agriculture and Environmental Protection, on Saturday said the income of winegrowers involved in the ongoing harvest in the eastern region of Kakheti was expected to reach GEKL350 million  this year.Shamugia cited Prime Minister Irakli Kobakhidze’s decision to raise the price set for collecting  the Saperavi variety from growers as evidence the Government was committed to supporting viticulture and winemaking.We began this process in 2013. We are helping both vine growers and winemakers to advance the sector. We are very actively involved in the grape harvesting process every year. We subsidise various grape varieties where we see the necessity. We also help wine producers re-equip their factories, open new ones, and set up [storage] cellars”, the Minister told Imedi TV.He noted over 3,000 small, medium, and large enterprises in the country produced wine, with 500 of them also exporting to countries around the world.Exports are also increasing, which is also important. Last year, we had record figures for exports to the tune of $260 million, and this year, in the first eight months, wine exports are $200 million already. Overall, for the first time, we expect to generate $0.5 billion in revenue this year from wine and spirits export”, the Minister pointed out.He also highlighted the importance of advertising campaigns aimed at promoting Georgian wine on international markets, with over GEL 100 million spent, and added the Ministry’s involvement would increase in the coming years.Shamugia’s comments came in the wake of the National Wine Agency saying Kakheti was experiencing a “record grape harvest”, with 78,000 tonnes processed as of Thursday last week.The Prime Minister also announced on Saturday that a state company would accept Saperavi variety for ₾1.5 per kilogram at up to 10 locations, while the Government would also cover the difference for those who had sold the type for less than GEL1.5 so far. 

1726493958

As of the document, in August 2024, the number of transactions of newly-built flats in Batumi has increased by 10% year over year, while a 7% YoY decrease rate has been observed in the case of old flats.As of August 2024, the number of transactions of residential flats in Batumi has increased by 9% to 1,169 units. The market size has increased by 16% standing at USD 62 millions.

1726493724