“STANDARD&POOR’S” UPGRADED GEORGIA’S SOVEREIGN RATING

Standard&Poor’s declared about revision of Georgia’s sovereign credit rating, which the agency has upgraded by one step, up to “BB” with “stable” outlook.

While commenting on the rating upgrade, Georgia’s Minister of Economy and Sustainable Development Natia Turnava declared on October 12 that it happened for the first time since 2011. More...

“TBC RESEARCH”: DELAY OF ECONOMIC GROWTH RATE WILL BE MORE EVIDENT IN Q4

“In August, GDP growth stood at 5.8% primarily thanks to the low base effect”, TBC Research indicates. However, overall delay of economic growth rate is obvious, which will be more evident in year-on-year expression in the 4^th quarter, the

In general of is available that in annual terms even more obvious will become in the 4th quarter of this year, researchers declare. More...

“TBC RESEARCH”: IN CASE OF MAINTENANCE OF LARI EFFECTIVE EXCHANGE RATE AT THE CURRENT LEVEL, INFLATION WILL GROW UP TO 8% BY END OF THE YEAR

TBC Research points that inflation in Georgia “jumped sharply” in September up to 6.4%, being “broad based across a number of products, both imported and domestic, indicating that besides direct cost-push pressures stemming from the undervalued exchange rate, higher inflation expectations are also building up”.

The company considers that in assumption of preservation of current level of commodity prices and real effective exchange rate of lari, inflation this year will reach 8% (previous forecast made up around 7%). More...

GEORGIAN BUSINESS ASSOCIATION: AMENDMENTS TO LABOR LEGISLATION MUST BE MADE ON THE BASIS OF ANALYSIS AND STEP BY STEP

“The principled stand of Georgian Business Association is that amendments to labor legislation must be made on the basis of corresponding analysis and step by step”, the organization said in the released statement.

That “will allow us to have effective regulatory policy, to avoid laying of unjustified burden on business and the state and at the same time, to remain within the process, provided by the Agreement on Association [with the EU]”, the Association specified. More...

PRIME MINISTERS OF GEORGIA AND ARMENIA DISCUSSED TRADE AND ECONOMIC RELATIONS OF TWO COUNTRIES

Today, Georgia’s Prime Minister Giorgi Gakharia departed with to Armenia with official visit. As press service of Georgian government reported, he discussed with his Armenian counterpart Nikol Pashinyan bilateral trade and economic relations and importance of cooperation in sphere of transport and energy carriers. More...

AGRARIAN COMMITTEE SUPPORTED DRAFT STATE BUDGET-2020

Georgian Parliament reported that Committee on Agrarian Issues supported today draft of the state budget-2020.

To remind, the document was submitted for the Committee’s consideration on October 8, but the Committee refused to vote and returned it to the Finance Ministry with remarks. More...

DEPUTY ECONOMY MINISTER: WE EXPECT THAT ABOUT 500 MW WILL BE ADDED IN NEXT 3 YEARS TO ENERGY SYSTEM

Georgia’s Deputy Minister of Economy and Sustainable Development David Tvalabeishvili indicated that memorandums, signed for now on investments in Georgia’s energy sector, total to $1 billion.

“According to our assumption, about 500 MW of additional power will be added to our system within next 3 years and about 40 hydroelectric stations and other power facilities will be built”, he said. More...

TBILISI MAYOR: SINCE NOVEMBER, OWNERS OF TAXI OF CATEGORY A WILL BE ABLE AGAIN TO USE DRY-CLEANER VOUCHER

Since November 1, owners of taxi of category A (cars of white color) will be able to receive vouchers for interior dry cleaning again, Tbilisi Mayor Kakha Kaladze declared at the capital government meeting today. “Vouchers will be distributed free of charge, so expenses will affect neither taxi drivers, nor the budget”, he assured. More...

TBILISI CITY HALL TO PROCURE 40 NEW SUBWAY CARS

At the first stage, 40 new cars will be purchased for Tbilisi subway that corresponds to 10 full trains, Tbilisi Mayor Kakha Kaladze declared at the capital government meeting today. As he said, cost of these cars will make up about $60 million. More...

TBILISI MAYOR: DURING PREPARATION OF CONSTRUCTION PROJECT, ENVISAGING OF TERRITORY FOR WASTE CONTAINERS WILL BE OBLIGATORY

Upon preparation of construction project, there will be obligatory to envisage territory for waste containers, Tbilisi Mayor Kakha Kaladze declared at the capital government meeting today. Corresponding amendments have to be made to the rule of issuing of construction permissions. More...

Tabula: ““TV PIRVELI”: NATIA TURNAVA LEAVES POST OF ECONOMY MINISTER”

Referring to TV Pirveli broadcasting company, Tabula reports that Natia Turnava leaves post of Georgian Minister of Economy and Sustainable Development. The article notes that the Ministry does not confirm this information, however. More...

Netgazeti.Ge: “OCTOBER 15 IS A DEADLINE – WHAT “ANAKLIA CONSORTIUM” WILL PRESENT TO THE GOVERNMENT”

On October 15, a deadline expires for presentation by Anaklia Development Consortium of documents, confirming replenishment of equity capital, and primary documents on credits to Georgian Ministry of Regional Development and Infrastructure, Netgazeti.Ge reports.

As the article notes, equity capital has to amount to about $120 million, while regarding credits of $400 million the Consortium holds negotiations with 4 financial institutions. More...

Bankebi da Finansebi: “DISAPPEARED ECONOMIC ATTACHES – WHY THE GOVERNMENT’S INITIATIVE FAILED”

The newspaper reminds that initiative concerning commercial attaches at Georgia’s diplomatic representations abroad was announced as far back as 2016, during stay of Dimitri Kumsishvili in the office of Economy Minister.

Then in 2018, when the Minister was Giorgi Kobulia, it was decided that initially, number of attaches would make up 6 (being appointed in the US, Germany, Turkey, the UK, the UAE and China), the article specifies. More...

Forbes Georgia: “SHOULD WE EAT CULTURE?”

Media project Waste Detector published new data, comparing Georgian local governments’ expenses on social programs and ones on leisure, culture and religious events, the magazine reports.

In particular, administration of Ambrolauri (Racha – Lechkhumi – Kvemo Svaneti region) spend this year 265,000 lari for social programs, which is 5 times less, than 1.34 million lari, envisaged for leisure, culture and religion. More...

MONTHLY TOURISM UPDATE (AUGUST 2019)

- In August 2019, compared to August 2018, hotel prices in Georgia decreased by 2.4%. The prices of 3-, 4- and 5-star hotels decreased by 5.3%, while the prices of guesthouses increased by 3.1%;

- In August 2019, compared to August 2018, the number of international travelers’ trips in Georgia increased by 5.8%, among them the number of Russian traveler trips decreased by 6.4%;

- According to Airbnb, in August 2019, the average price of apartments per night in the capitals of Black Sea countries are the following: Kiev – $172, Moscow – $103, Bucharest – $65, Sofia – $43, Tbilisi – $41, Ankara – $30;

- In Georgia, in August 2019, the average cost of a room in a 3-star hotel was 151 GEL per night, while the average cost of a room in a 4-star hotel in Georgia was 230 GEL per night, in a 5-star hotel – 488 GEL per night and a room in a guesthouse was 75 GEL per night;

- In the first half of 2019, the majority of visits by international travelers were made in Tbilisi, in total – 1.7 million visits. More...