Daily News

IN THIS ISSUE:

Standard&Poor’s declared about revision of Georgia’s sovereign credit rating, which the agency has upgraded by one step, up to “BB” with “stable” outlook.

While commenting on the rating upgrade, Georgia’s Minister of Economy and Sustainable Development Natia Turnava declared on October 12 that it happened for the first time since 2011.

“In August, GDP growth stood at 5.8% primarily thanks to the low base effect”, TBC Research indicates. However, overall delay of economic growth rate is obvious, which will be more evident in year-on-year expression in the 4^th quarter, the

In general of is available that in annual terms even more obvious will become in the 4th quarter of this year, researchers declare.

TBC Research points that inflation in Georgia “jumped sharply” in September up to 6.4%, being “broad based across a number of products, both imported and domestic, indicating that besides direct cost-push pressures stemming from the undervalued exchange rate, higher inflation expectations are also building up”.

The company considers that in assumption of preservation of current level of commodity prices and real effective exchange rate of lari, inflation this year will reach 8% (previous forecast made up around 7%).

“The principled stand of Georgian Business Association is that amendments to labor legislation must be made on the basis of corresponding analysis and step by step”, the organization said in the released statement.

That “will allow us to have effective regulatory policy, to avoid laying of unjustified burden on business and the state and at the same time, to remain within the process, provided by the Agreement on Association [with the EU]”, the Association specified.

Today, Georgia’s Prime Minister Giorgi Gakharia departed with to Armenia with official visit. As press service of Georgian government reported, he discussed with his Armenian counterpart Nikol Pashinyan bilateral trade and economic relations and importance of cooperation in sphere of transport and energy carriers.

Georgian Parliament reported that Committee on Agrarian Issues supported today draft of the state budget-2020.

To remind, the document was submitted for the Committee’s consideration on October 8, but the Committee refused to vote and returned it to the Finance Ministry with remarks.

Georgia’s Deputy Minister of Economy and Sustainable Development David Tvalabeishvili indicated that memorandums, signed for now on investments in Georgia’s energy sector, total to $1 billion.

“According to our assumption, about 500 MW of additional power will be added to our system within next 3 years and about 40 hydroelectric stations and other power facilities will be built”, he said.

Since November 1, owners of taxi of category A (cars of white color) will be able to receive vouchers for interior dry cleaning again, Tbilisi Mayor Kakha Kaladze declared at the capital government meeting today. “Vouchers will be distributed free of charge, so expenses will affect neither taxi drivers, nor the budget”, he assured.

At the first stage, 40 new cars will be purchased for Tbilisi subway that corresponds to 10 full trains, Tbilisi Mayor Kakha Kaladze declared at the capital government meeting today. As he said, cost of these cars will make up about $60 million.

Upon preparation of construction project, there will be obligatory to envisage territory for waste containers, Tbilisi Mayor Kakha Kaladze declared at the capital government meeting today. Corresponding amendments have to be made to the rule of issuing of construction permissions.