Daily News
January 14, 2021
IN THIS ISSUE:
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| 1. |
IN 2020, GEORGIA’S FOREIGN TRADE DECLINED BY 14.8%
Economics
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Sakstat released express data for 2020, according to which Georgia’s foreign trade turnover (excluding unorganized trade) amounted in the reporting year to $11.35 billion. If compared with 2018, the volume has reduced by 14.8%.
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| 2. |
NBG JOURNAL: WITH THE BEGINNING OF COVID-19, CRISIS SHOCK WAS INSTANTLY REFLECTED AND CAUSED ESSENTIAL INCREASE OF FINANCIAL CONDITIONS’ INDICES
Economics
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Economics and Banking, journal of National Bank of Georgia (NBG), published an article, which estimates impact of current financial conditions on projected distribution of GDP growth. The article indicates that within 1-year forecast horizon, all three considered indices of financial conditions: risk price, leverage and external conditions were able to identify GDP growth risks.
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| 3. |
“CUSHMAN&WAKEFIELD GEORGIA”: PANDEMIC HAS CAUSED PARTICULAR DAMAGE TO HOTEL SECTOR
Economics
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COVID-19 pandemic has caused particular damage to hotel sector, Cushman&Wakefield Georgia says, noting that cancellation of bookings was started in February 2020, while in mid-March, all hotels in Tbilisi were closed. Despite this, owners of both branded and non-branded hotels expected load of 70-90% for the season, but their expectations were not met, and the sector appeared in grave situation, the company points.
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| 4. |
“CUSHMAN&WAKEFIELD GEORGIA”: IN RESIDENTIAL REAL ESTATE SECTOR OF TBILISI, DECREASE OF DEMAND IS INEVITABLE
Economics
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Cushman&Wakefield Georgia estimates that in residential real estate sector of Tbilisi, a downward trend in demand is inevitable in 2021, at least in the 1st quarter. The sector was saved from a deep crisis by the state program of subsidizing of mortgage loans, but this program has ended in 2020, while Georgia’s state budget for 2021 does not envisage such expenses, the company says.
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| 5. |
“CUSHMAN&WAKEFIELD GEORGIA”: MALLS’ OWNERS WILL HAVE TO TAKE NEEDS OF TENANTS INTO ACCOUNT AND MAKE CERTAIN CONCESSIONS
Economics
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Cushman&Wakefield Georgia assumes that exemption of Tbilisi shopping centers from taxes in 2021 will take a permanent character in some cases. The company expects also replacement of fixed taxes with one, linked to turnover.
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| 6. |
“CUSHMAN&WAKEFIELD GEORGIA”: GROWTH OF VACANCY RATE AND DECREASE OF RENT COST ARE EXPECTED IN TBILISI OFFICE SPACES
Economics
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Cushman&Wakefield Georgia indicates that many Georgian companies are considering reduction of occupied office space or plan to continue operation in a shared workspace. Tbilisi is expected to see an increase of the vacancy rate in office space and at the same time, an increased demand for shared workspace, the company forecasts and notes that decrease of demand for office space will lead to drop in rent cost.
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| 7. |
“FITCH” AFFIRMED RATING OF “TBC LEASING”
Business
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Fitch Ratings declared about affirmation of long-term issuer default rating of TBC Leasing at “BB-”. The outlook is “negative”, however.
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