Acting National Bank Governor highlights Georgia’s “significant progress” in developing “effective” deposit insurance system

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. 

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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. 

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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.

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According to the document, in August 2024 the number of transactions in new projects in Tbilisi increased by 0.4%. While the figure for old flats features a 17% decrease compared to August 2023.As of August 2024 in Tbilisi the weighted average price of old flats has increased by 10% in the suburbs and by 9% in the city centre, while in the wide centre 2% decline was witnessed.As of August 2024 the weighted average price of newly-built flats in Tbilisi has increased by 8% in the suburbs. The figure has increased by 7% in the city centre and by 4% in the wide centre.

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Bank of Georgia Group (BGEO LN) shares closed at GBP 40.85/share (+0.74% w/w and +2.00% m/m). More than 175k shares traded in the range of GBP 40.05 - 42.00/share. Average daily traded volume was 48k in the last 4 weeks. The volume of BGEO shares traded was at 0.38% of its capitalization.Bank of Georgia Group (BGEO LN) shares closed at GBP 40.85/share (+0.74% w/w and +2.00% m/m). More than 175k shares traded in the range of GBP 40.05 - 42.00/share. Average daily traded volume was 48k in the last 4 weeks. The volume of BGEO shares traded was at 0.38% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 10.10/share (+4.45% w/w and +6.09% m/m). More than 490k shares traded in the range of GBP 9.61 - 10.20/share. Average daily traded volume was 118k in the last 4 weeks. The volume of CGEO shares traded was at 1.15% of its capitalization.

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According to the economic activity the highest monthly earnings were observed in the following fields: Information and communication – 3 963 GEL (increased by 4.3 percent compared to the corresponding period of the previous year) Financial and insurance activities – 3 642.3 GEL (increased by 14.5 percent) Construction – 2 946.1 GEL (increased by 13.7 percent) Professional, scientific and technical activities – 2 872.8 Gel (increased by 13.8 percent) In the II quarter of 2024, the average earnings equaled to 1 590.2 GEL for women, while 2 413.5 GEL for men. The annual growth of earnings amounted to 153.1 Gel (10.7%) for women and 251.8 GEL (11.7%) for men. In all sectors of the economy, the average monthly earnings of men were higher than women’s.In the II quarter of 2024, the average monthly earnings of hired employees in the business sector increased by 190.7 GEL (10.0%) and equaled 2 105 GEL. According to the economic activity the highest monthly earnings were observed in Information and communication (4 069.3 GEL, increased by 4.1 percent compared to the corresponding period of the previous year) and Professional, scientific and technical activities (3 289.2GEL, increased by 13.6 percent).Tbilisi and Mtskheta-Mtianeti regions are leading regions by amount of the average earnings. The chart below presents the distribution of the average monthly nominal earnings of employees by regions in the II quarter of 2024.

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EU Delegation and USAID officials visited a range of initiatives devoted to education, social and civic issues, and economic growth and job creation. A key highlight included meeting with civil society representatives and local civic leaders. It underscored the critical role of grassroots involvement in delivering assistance, particularly to the most vulnerable Georgians, and at a moment when some have been victims of increasing acts of harassment in an increasingly difficult operational environment. This engagement not only showcased the tangible outcomes of EU and USAID investments but also provided a valuable opportunity to connect directly with programme participants, hear their stories, and better understand the lasting impact of development programmes.The visit also highlighted the strategic importance of Georgia's regions, for EU and USAID development efforts. By focusing on projects that promote social inclusion, education, innovation, environmental sustainability, the initiative demonstrates how Georgia's partners are helping to build stronger, more resilient communities in Georgia's regions."The EU remains deeply committed to supporting the people of Georgia, where our partnerships with local communities in all the regions of Georgia are making a real difference," said Nicholas Cendrowicz, Head of Cooperation at the EU Delegation to Georgia. "This joint visit to Kakheti offers a first-hand view of the outcomes of our work, ensuring that the projects we support are both sustainable and impactful for Georgian citizens in these regions. We are proud to stand with our partners at USAID as we contribute together to the growth and prosperity of the people of Georgia."I was pleased to join our EU colleagues in visiting local partners across Kakheti – business owners, youth, civic leaders, and citizens – seeing firsthand how USAID and EU programmes are helping them make a positive impact in their communities," said USAID/Georgia Mission Director John A. Pennell. "USAID, on behalf of the American people, has partnered with Georgia and its people since 1992, supporting this country to become more secure, democratic, and prosperous as it moves closer to Europe. USAID is dedicated to continuing to work hand-in-hand with Georgians to build a stable democracy where all citizens have a voice in how their society is governed, and a stronger economy that delivers prosperity and opportunity to workers, families, and communities. This visit follows a first round of visits in Shida Kartli and Imereti regions in July. Both visits demonstrated the significant impact of collaborative efforts by the EU and USAID. This joint visit serves as a powerful reminder of the shared values and goals that underpin the EU's and USAID's efforts in Georgia. It is a compelling demonstration of how coordinated, long-term support can drive meaningful change in the lives of Georgia's citizens, ensuring inclusive and sustainable development across the country.

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With more than 50 producers, the Unique Georgian Taste agromarket will feature dairy and meat products, alcoholic beverages, as well as artisanal confectionery, honey, jams, and other culinary delicacies. Each participant and item at the event conveys stories about Georgia’s culture and emphasises the advantages of food safety in agricultural production.The event participants 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.The Unique Georgian Taste agromarket has supported nearly 70 participants with improved access to market. More than 80 jobs have been created by 20 producers as a result of the increased interest in their products generated by the commercial platform. The agromarket’s 34 producers reported a sales expansion of at least 15% and, overall, a 35% increase in collective income was observed at the end of 2023. Importantly, the Unique Georgian Taste participants have gained 1,000 regular customers and generated more than 330,000 GEL of income during the years 2022-2023.EU and Sweden-funded “Unique Georgian Taste” has become a successful model for collaboration between FAO and the private sector in Georgia. Notably, the event has been instrumental in promoting locally produced niche and terroir products, as well as endemic crop varieties such as cereals. It has helped Georgian farmers establish new commercial relationships with customers and businesses. The Unique Georgian Taste has hence served as a platform for improved access to the market and new income opportunities.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.

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