PRIME MINISTER: COORDINATION OF AGENDA FOR 2017-2020 IN RELATION WITH NEW REFORMS WITHIN ASSOCIATION AGREEMENT IS UNDERWAY

“State institutions are in process of coordination of new agenda for 2017-2020 in relation with new reforms within context of the Association Agreement”, Prime Minister Giorgi Kvirikashvili declared. He pointed that “new agenda is quite comprehensive and very ambitious”. More...

AGRICULTURE MINISTRY: THE US AND BULGARIA TO ASSIST GEORGIAN AGENCIES FOR RISK MANAGEMENT AND ASSESSMENT

Georgian Agriculture Ministry declared that the US Department of Agriculture and Bulgarian Food Safety Agency will render technical and expert assistance to Georgia’s agencies for risk management and risk assessment in order to rise their institutional capacity.

The Minister Levan Davitashvili, the US ambassador Ian Kelly and Bulgarian ambassador Desislava Ivanova have signed the respective memorandum of cooperation. More...

NBG SOLD $40M

National Bank of Georgia (NBG) reported about selling of $40 million at the currency auction today. Average exchange rate made up 2.3264 GEL/USD. More...

ISFED: GROWTH OF BATUMI MUNICIPALITY’S BUDGET IN PRE-ELECTION PERIOD VIOLATES ELECTION CODE

International Society for Fair Elections and Democracy (ISFED) reported that Batumi City Hall has applied to the City Council with request to make amendments to the city budget and increase it by 2.23 million lari in order to conduct infrastructure works, necessity of which was caused by natural disaster.

ISFED considers that in pre-election period, the mentioned imitative violates restrictions, established by Election Code, and targets use of administrative resource. More...

AJARA GOVERNMENT: COMPLETION OF FEASIBILITY STUDY WITHIN REHABILITATION OF WATER SUPPLY AND SEWERAGE SYSTEMS IS PLANNED IN THE FIRST HALF OF 2017

Government of Ajara reported that completion of feasibility study within water supply and sewerage systems’ rehabilitation project is planned in the first half of 2017. Cost of the study makes up 500,000 EUR, the government said. More...

“HEIDELBERGCEMENT” LAUNCHED PROJECT OF $100M

HeidelbergCement declared about start of investment project worth $100 million in Kaspi factory, which aims full upgrade and installation of clinker dry manufacturing line.

Project on upgrade and development of enterprises of HeidelbergCement Caucasus (Georgian subsidiary of German HeidelbergCement) will be implemented in 2016-2018, the company said. More...

“GPIH” LEADS IN TERMS OF ATTRACTED PREMIUM

State Service for Insurance Supervision reported that as of June 30, GPIH attracted premium of 50.67 million lari (year-on-year growth – 33.2%). The company’s share on local market makes up now 22%, which corresponds to the 1^st position. More...

MEDICAL INSURANCE STILL MAJOR AREA FOR “IMEDI-L” WITH 93.2% OF PORTFOLIO

State Service for Insurance Supervision reported that medical (health) insurance accounted for 93.2% of total premium, attracted by Imedi-L as of June 30 (the similar share was fixed in the 1^st quarter also). In this kind of insurance, the company has attracted 40.17 million lari, increasing the volume by 4.7% year-on-year. More...

PROPERTY INSURANCE HAS THE LARGEST SHARE IN PORTFOLIO OF “ALDAGI”

State Service for Insurance Supervision reported that property insurance accounted for 33.9% of total premium, attracted by Aldagi as of June 30. In this kind of insurance, the company attracted 14.32 million lari, increasing the volume by 0.3% year-on-year. More...

Rezonansi: “YIELD ON DEPOSITS DECLINES, LARIZATION PLAN DOES NOT WORK”

Commercial banks are decreasing yield on deposits, the newspaper says. As the article points, ProCredit Bank reduced the rate from 9% to 7%, Liberty bank – from 14% to 11%, while Sakartvelos Banki plans to reduce yield on deposits from October. More...

Tabula: “GEORGIA’S EXPORT WENT DOWN TO THE LEVEL OF 2011”

According to Sakstat, Georgia’s export for 8 months of the year has amounted to $1.3 billion, which is the lowest mark for the last 5 years, the magazine states. Reduction of export is fixed for cars (by 17%), drugs (by 23%), mineral waters (by 8%). More...

The Financial: “TAX CUTS – THE INEVITABLE STEP TO DEVELOP A COUNTRY OR A POLITICAL TRICK TO ENTICE VOTERS?”

The main purpose of Georgian political parties is not to increase government revenue per se, but to stimulate economic growth, the newspaper states. Therefore, author of the article points, it is important to study relationship between tax burden and economic growth – in effect, estimate a modified version of the Laffer curve using Georgian data. More...

BUSINESS SECTOR – 2016, I-II QUARTERS

During the first half of 2016 compared to the corresponding period of 2015:

- Production value in the business sector increased by 10.8% as well as increased turnover (13.0%);

- There was an increase in the number of people employed in the business sector (5.8%, 32 400 people) and the average monthly remuneration (5.9%, 53.3 GEL).

In the first two quarters of 2016, compared to the corresponding period of 2015, production value in the business sector increased significantly (10.8%). More...