IN JULY, ANNUAL INFLATION RATE MADE UP 11.9%

Sakstat reported that in July, annual inflation in Georgia made up 11.9%. Monthly inflation (i.e. compared with the previous month, June) made up 1.3%. More...

NBG RAISED ITS INFLATION FORECAST FOR 2021 BY 2 PP

National Bank of Georgia (NBG) released updated forecast of inflation, which expects that if other things remain equal, the rate in 2021 will be above 9% on average. To remind, in June, NBG forecasted inflation of 7%. More...

MONETARY POLICY RATE RAISED TO 10%

National Bank of Georgia (NBG) reported that its Monetary Policy Committee decided today to raise the refinancing rate by 0.5 percentage points. Accordingly, the monetary policy rate makes up now 10%. More...

AS OF JUNE 30, VOLUME OF CONSUMER LOANS INCREASED BY 6.7% Q-O-Q AND BY 20.3% Y-O-Y

National Bank of Georgia (NBG) reported that volume of consumer loans, issued by Georgian banks, totaled as of June 30 to 5.2 billion lari. The volume has increased by 6.7% quarter-on-quarter and by 20.3% year-on-year. More...

IN Q2, VOLUME OF MORTGAGE LOANS, ISSUED IN LARI, INCREASED BY 40.5% Y-O-Y, WHILE OF ONES, ISSUED IN FOREIGN CURRENCY – BY 12.7%

National Bank of Georgia (NBG) reported that mortgage loans, issued by Georgian banks in national currency, amounted as of June 30 to 9.6 billion lari. The volume has increased by 6.7% quarter-on-quarter and by 40.5% year-on-year. More...

USAID LAUNCHED NEW PROGRAM TO REDUCE UNEMPLOYMENT IN GEORGIA

USAID declared about launch of a new “Industry-Led Skills Development Program” in Georgia. As USAID mission in Georgia reported, budget of the 5-year program makes up $24 million. More...

FEASIBILITY STUDY STARTED OF PCS INTRODUCTION IN GEORGIAN PORTS

Georgian Ministry of Economy and Sustainable Development reported about inauguration of a project on feasibility study of implementation a Port Community System (PCS, an electronic platform for information exchange between public and private structures) in Georgian ports at the online meeting today.

The meeting was organized by Georgian Maritime Transport Agency and was held with support of EBRD and the Investor Council, the Ministry noted. More...

LAUNCH OF DIGITAL AND MOBILE HALL OF JUSTICE IS PLANNED

Georgia’s Justice Minister Rati Bregadze reported about planned launch of digital Hall of Justice, which will allow consumers receive any service of the Hall through a mobile application, without leaving their homes. He announced this today, while presenting a 10-year development plan of the Ministry. More...

Bankebi da Finansebi: “KOBA GVENETADZE: THERE IS NO NEED FOR CURRENCY INTERVENTIONS AT THIS STAGE, WE WILL CONTINUE WHEN THE NEED ARISES”

“We sold $916 million last year, and we have sold about $260 million this year”, declared Koba Gvenetadze, president of National Bank of Georgia (NBG). “We will continue interventions when the need arises”, he said, although added that “there is no need at the moment”. More...

Rezonansi: “LARI WILL STRENGTHEN A LITTLE MORE, CURRENCY FLUCTUATIONS ARE NOT EXPECTED UNTIL LATE AUTUMN”

Doctor of economics Nika Shengelia forecasts that in the next 20 days, lari exchange rate will fluctuate within the range of 3.05-3.14 GEL/USD. In any case, there will be no depreciation, he believes and points that National Bank of Georgia (NBG) has mobilized reserves of $4 billion. More...

Forbes Georgia: “CONSTRUCTION SECTOR AND THE PANDEMIC”

In 2020, against the background of the pandemic, Georgian construction sector shrunk by 4.7%, while entire Georgia’s economy – by 6.2%.

The article notes that in 2014-2017, construction was the fastest growing sector in Georgian economy, increasing by 15.5% annually on average, i.e. 4 times higher than Georgian economy in general. More...

UNEMPLOYMENT IN GEORGIA (2017-2020)

This bulletin focuses on changes in unemployment trends in Georgia in the period of 2017-2020 and provides an analysis of the effects of the COVID-19 crisis on unemployment in the country.

In 2021, unemployment remains an unresolved obstacle for the Georgian economy and society’s most pressing problem. More...