IN Q4, RATIO OF HOUSEHOLD DEBT TO GDP DECREASED BY 1.4 PP Q-O-Q, BUT INCREASED BY 0.1 PP Y-O-Y

National Bank of Georgia reported that in the 4^th quarter of 2019, ratio of Georgian households’ debt to GDP of the country made up 33.7%.

In the 4^th quarter of 2018, the ratio made up 33.8%, i.e. year-on-year growth makes up 0.1 percentage points (pp). More...

SINCE 2012, GEORGIA’S HEALTHCARE EXPENSES PER CAPITA INCREASED BY 66%

Georgian Ministry of IDPs from Occupied Territories, Labor, Healthcare and Social Protection declared that the state had spent on healthcare $71 per capita in 2012, while in 2019 – $118. Respectively, healthcare expenses per capita have increased by 66% (since coming of Georgian Dream to power). More...

IN 2019, NUMBER OF OPERATIONS IN RTGS SYSTEM INCREASED BY 18.7%, WHILE THEIR VOLUME – BY 41.1%

National Bank of Georgia (NBG) reported that 29.2 million operations with total volume of 263 billion lari were conducted in 2019 in the system of Real Time Gross Settlement (RTGS). If compared with 2018, number of operations has increased by 18.7%, while their volume – by 41.1%. More...

NBG: COVID-19 CAUSED DECREASE OF COMMERCIAL BANKS’ DESIRE TO ISSUE RISKY CREDITS

National Bank of Georgia (NBG) estimates that COVID-19 caused “decreased risk appetite” of financial institutions concerning crediting (i.e. decreased desire to issue the risk credits), potential growth of idle credits and raised importance of use of remote channels.

In respect of non-financial risks, major challenge in conditions of the pandemic are increased expectations concerning corporate social responsibility of financial institutions, increased dependence on information technologies and increased risks of cyber security, NBG specifies. More...

IN GEORGIA, OPEN SPACE SEMINARS AND TRAININGS, AS WELL AS VARIOUS ADVENTURE ACTIVITIES ARE ALLOWED

Georgian government decided to allow in the country holding of seminars and trainings in open space. Besides, various adventure tourism activities are allowed too (for example, rafting, kayaking, canoeing, etc.). More...

HEALTHCARE MINISTRY: BY MEANS OF “STOP COVID” APPLICATION, 10 INFECTED PERSONS WERE DETECTED

Georgian Ministry of IDPs from Occupied Territories, Labor, Healthcare and Social Protection reported that STOP COVID application, which became available to Georgian citizens on April 16, assisted to detection of 10 infected persons, according to the latest data. The last case was confirmed on June 7. More...

ALLOWANCE BECAUSE OF COVID-19 IMPACT WAS RECEIVED AT THIS STAGE BY 90,775 UNEMPLOYED AND 80,081 SELF-EMPLOYED

Georgian Ministry of IDPs from Occupied Territories, Labor, Healthcare and Social Protection reported that 90,775 citizens, who lost jobs because of restrictions, imposed by the country’s government in attempt to prevent COVID-19 spread have received allowance as of June 17. Total volume of the allowances made up 18.16 million lari. More...

“PRODUCE IN GEORGIA” AGENCY: “EVEREST GROUP” POSITIVELY ESTIMATED GEORGIA’S CAPACITY IN OUTSOURCING OF SERVICES

American management consulting company Everest Group positively estimated capacity of Georgia in outsourcing of business services, the State Agency Produce in Georgia declared.

As the Agency noted, global business services’ provider companies, which use resources of Everest Group for expansion of business activities in new countries, will have an opportunity for the first time to get acquainted with Georgia’s capacity. More...

IN 2019, PROFIT OF “PROCREDIT BANK” INCREASED BY 13.8%

ProCredit Bank reported profit of 28.9 million lari for 2019. According to audited report the bank, the volume has increased by 13.8% year-on-year. More...

IN 2019, RETAIL LOAN PORTFOLIO OF “VTB BANK GEORGIA” DECREASED BY 6.8%

Audited annual report of VTB Bank Georgia indicates that retail loan portfolio amounted in 2019 to 499.8 million lari. If compared with 2018, the volume has decreased by 6.8%. More...

Tabula: “AMONG VICTIMS OF JUNE 20-21, ONLY 8 CITIZENS AND 67 LAW ENFORCEMENT OFFICERS HAVE THE STATUS”

In a year after protest action of June 20, Georgian Prosecutor’s Office recognized as victims only 8 citizens, while applying the status to 67 law enforcement officers, Tabula reports.

As the article indicates, among over 260 people, injured at the action, more than 160 are civilians (including 38 journalists) and 80 law enforcement officers. More...

Bankebi da Finansebi: “RULE OF GAMING TAXATION IS AMENDED”

Georgian Parliament considers in accelerated mode amendments to rule of gaming taxation, the newspaper reports.

In particular, holders of permissions on arrangement of incentive draws will be released from obligation of presentation of declaration and they will pay fee, making up 10% of a prize fund, prior to start of a draw. More...

Forbes Georgia: “ECONOMIC DAMAGE, INFLICTED BY COVID-19 CRISIS AND SUPPORT OF THE EU BANK”

Author of the article (Maciej Czura, regional representative of European Investment Bank (EIB) for the South Caucasus) considers that Georgia “represents a sample of prudent and successful management of COVID-19”.

However, because of COVID-19, tourism and related activities were frozen practically at once, while accounting for over 30% of Georgia’s GDP and for 45% – of export, the author specifies. More...

Forbes Georgia: “NEW PROSPECTS OF IMPLEMENTATION OF INDUSTRIAL PROJECTS IN FIZ OF “HUALING””

Soso Nibladze, executive director of free industrial zone (FIZ) of Chinese Hualing, declares about readiness to offer infrastructure “with unprecedented privileges” to businessmen or entire manufacturing sector. FIZ, located on territory of former Kutaisi automobile plant, occupies area of 36 ha. More...

MONTHLY TOURISM UPDATE (APRIL 2020)

- Number of international travelers decreased by 612,273 (-94.5%), compared to the same period previous year, while number of visitors decreased by 515,440 (-93.8%) and the number of tourists decreased by 321,643 (-92.3%)

- Based on GNTA database, in an average registered accommodation facility in Georgia, there are 15 rooms and 37 beds. There are on average 23 rooms and 55 beds in Adjara (highest) and 6 rooms and 15 beds in Samegrelo – Zemo Svaneti (lowest). More...