“TBC CAPITAL” FORECASTS GEORGIAN ECONOMIC GROWTH OF 6.4% IN 2024

“Recent data release clearly points to another year of strong growth in Georgia”, TBC Capital indicated in its weekly review. The latest estimate was above 6%, while the new baseline forecast makes up 6.4%, the company said. More...

GEORGIA RATIFIED AGREEMENT WITH EU ON EXCHANGE AND PROTECTION OF CLASSIFIED INFORMATION

Georgian Parliament ratified today the agreement on exchange and protection of classified information with the EU Agency for Law Enforcement Cooperation, Europol (by 81 votes pro).

The Agreement signed in 2017 envisaged exchange of data, but did not apply to classified information, while now, any crime-related information could be exchanged between the parties, declared Parliamentary Secretary of the Georgian government Vakhtang Bachiashvili during consideration of the document. More...

NBG ADVANCED IN SBFN ASSESSMENT SYSTEM

National Bank of Georgia (NBG) declared that it has advanced in the 6-level assessment system of the Sustainable Banking and Financing Network (SBFN). Namely, NBG has moved from the “development” stage to the “consolidation” stage. More...

GEORGIAN PERSONAL DATA PROTECTION SERVICE: IN Q1, 90% OF CITIZENS’ APPEALS RELATED TO DATA PROCESSING BY PRIVATE ENTITIES

In the 1^st quarter, Georgian Service for Personal Data Protection received 666 applications/notifications. Of these, 601 (90%) were related to data processing by private entities, the Service said. More...

IN 2023, 3 COMPANIES ATTRACTED 63% OF GEORGIA’S LAND VEHICLE INSURANCE PREMIUM

In 2023, premium attracted by Georgian insurance companies from insurance of land vehicles (except railway) amounted to 205 million lari, increasing year-on-year by 24%, Georgian State Service for Insurance Supervision reported.

In total volume, combined share of 3 companies made up 63%, or 128.4 million lari. More...

IN 2023, 3 COMPANIES ATTRACTED 75% OF GEORGIA’S PROPERTY INSURANCE PREMIUM

In 2023, premium attracted by Georgian insurance companies from property insurance amounted to 126 million lari, increasing year-on-year by 6%, Georgian State Service for Insurance Supervision reported.

In total volume, combined share of 3 companies made up 75%, or 94.4 million lari. More...

IN 2023, 3 COMPANIES ATTRACTED 73% OF GEORGIA’S LIABILITY INSURANCE PREMIUM

In 2023, premium attracted by Georgian insurance companies from liability insurance amounted to 28 million lari, decreasing year-on-year by 6.7%, Georgian State Service for Insurance Supervision reported.

In total volume, combined share of 3 companies made up 73%, or 20.4 million lari. More...

IN 2023, CONTRIBUTIONS TO GEORGIA’S NON-STATE PENSION SCHEMES DECREASED BY 15% Y-O-Y

In 2023, contributions to non-state pension schemes of the country amounted to 5.1 million lari, Georgian State Service for Insurance Supervision reported. If compared to 2022, the volume has reduced by 15%. More...

Rezonansi: “IF POLITICAL PROTESTS LAST LONGER THAN ONE WEEK, NEGATIVE IMPACT ON THE ECONOMY WILL BE NOTICEABLE”

In 2023, initiation in Georgian Parliament of the bill “On Transparency of Foreign Influence” did not create problems for the economy, only lari depreciated a bit, which stabilized in the following days, the newspaper says.

Last year’s protests did not cause economic problems, as the Parliament withdrew the bill against the backdrop of the protests, while this time the authorities are not even considering withdrawing, so the protests are likely to continue, the article points. More...

Bankebi da Finansebi: “TRANSFER OF ASSETS FROM OFFSHORE TO GEORGIAN COMPANY WILL NO LONGER BE TAXED”

Legal initiative of Georgian MPs from the ruling party exempts from taxation handover of an asset from offshore to a Georgian legal entity, as well as assets brought by these companies into Georgia. Appropriate

amendments are planned to be made to the Tax Code. More...

Bankebi da Finansebi: ““IVANISHVILI IS GRANTED THE RIGHT TO BROUGHT BACK HIS PROPERTY HIDDEN OFFSHORE WITHOUT TAXATION – HE IS AWAITING SANCTIONS””

Georgia’s ruling Georgian Dream submitted the bill, which “grants the right to Bidzina Ivanishvili [billionaire founder of the ruling party] to transfer to Georgia his property, shares, stakes, hidden in offshores, without payment of taxes and bypassing anti money laundering norms”, opposition MP (Eurooptimists) and former president of National Bank of Georgia Roman Gotsiridze posted on social platform.

Gotsiridze indicates that the bill applies only to Ivanishvili, since requires that single individual must own 100% of offshore assets. More...

Forbes Georgia: ““TBC” AND EBRD FUNDED DEVELOPMENT OF INFRASTRUCTURE AND CONSTRUCTION OF NEW SPACES BY “LOPOTA SPA RESORT””

TBC Bank and EBRD have financed new projects of Lopota Spa Resort with 9.4 million EUR.

Lopota Spa Resort will open new facilities in June. More...

GEORGIAN ECONOMIC CLIMATE (Q1, 2024)

“Georgian Economic Climate” is a product of PMC Research Center (PMC RC). In this bulletin, which is based on the ifo Institute’s methodology, we discuss Georgia’s economic climate, informed by the assessments of various Georgian economists. More...