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Daily News


September 18, 2023

IN THIS ISSUE:

1. IN Q2, GEORGIA’S REAL GDP GROWTH MADE UP 7.5%
2. DYNAMIC PORTFOLIOS ACCOUNT FOR 76.3% OF GEORGIAN ACCUMULATIVE PENSION SCHEME’S ASSETS
3. IN 6 MONTHS, CONTRIBUTIONS TO GEORGIAN NON-STATE PENSION SCHEMES INCREASED BY 16.7% Y-O-Y
4. IN 6 MONTHS, AGRICULTURAL INSURANCE PREMIUM IN GEORGIA INCREASED BY 14.7% Y-O-Y
5. IN 6 MONTHS, FREIGHT TRANSPORTATION OF “GEORGIAN RAILWAY” DECREASED IN VOLUME BY 2.4% Y-O-Y
6. “GALT&TAGGART” FORECASTS MODERATE GROWTH OF REVENUE OF “GEORGIAN RAILWAY” IN 2023
7. “SAKAERONAVIGATSIA” JOINED NEWPENS NETWORK
8. GEORGIAN COMPETITION AGENCY ESTABLISHED VIOLATION OF CONSUMER RIGHTS BY “MODUS”

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1. IN Q2, GEORGIA’S REAL GDP GROWTH MADE UP 7.5%
Economics

In the 2nd quarter, Georgia’s GDP in current prices amounted to 19.28 billion lari, increasing year-on-year by 9.6%, Sakstat reported (preliminary data).

Annual real GDP growth made up 7.5%, change of deflator – 2%.

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2. DYNAMIC PORTFOLIOS ACCOUNT FOR 76.3% OF GEORGIAN ACCUMULATIVE PENSION SCHEME’S ASSETS
Economics

Georgian Pension Agency reported that as of August 31, net value of accumulative pension scheme’s assets totaled to 3.85 billion lari. The scheme had 1.44 million participants.

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3. IN 6 MONTHS, CONTRIBUTIONS TO GEORGIAN NON-STATE PENSION SCHEMES INCREASED BY 16.7% Y-O-Y
Business

For 6 months, pension contributions to the country’s non-state pension schemes totaled to 3.2 million lari, Georgian State Service for Insurance Supervision reported. If compared to the same period of 2022, the volume has increased by 16.7%.

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4. IN 6 MONTHS, AGRICULTURAL INSURANCE PREMIUM IN GEORGIA INCREASED BY 14.7% Y-O-Y
Business

Premium, attracted in the country in agricultural insurance for 6 months, totaled to 18 million lari (gross), Georgian State Service for Insurance Supervision reported. If compared to the same period of 2022, the volume has increased by 14.7%.

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5. IN 6 MONTHS, FREIGHT TRANSPORTATION OF “GEORGIAN RAILWAY” DECREASED IN VOLUME BY 2.4% Y-O-Y
Business

Freights, transported by Georgian Railway in 6 months of this year, amounted to 6.7 million t, decreasing by 2.4% year-on-year. However, compared to the same period of 2021, the volume has increased by 10.6%, Galt&Taggart pointed in its review.

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6. “GALT&TAGGART” FORECASTS MODERATE GROWTH OF REVENUE OF “GEORGIAN RAILWAY” IN 2023
Business

Galt&Taggart expects that growth of revenue of Georgian Railway in 2023 will be moderate, making up 4.7% year-on-year, and the volume of revenues will amount to $242.3 million.

In its review, Galt&Taggart notes that in 6 months of this year, revenues of Georgian Railway increased year-on-year by 15.5% to $117.7 million mainly due to revenues from freight transportation and logistics services, as well as passenger traffic.

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7. “SAKAERONAVIGATSIA” JOINED NEWPENS NETWORK
Economics

LLC Sakaeronavigatsia (Georgian Air Navigation) joined the NewPENS, the new pan-European network service of EUROCONTROL.

Joining the NewPENS allows Georgia to exchange information directly with European countries, said the LLC.

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8. GEORGIAN COMPETITION AGENCY ESTABLISHED VIOLATION OF CONSUMER RIGHTS BY “MODUS”
Business

Georgian National Competition Agency established violation of consumer rights by Modus (trade in construction and repair materials).

In particular, fact of violation of the main obligations to provide the consumer with information and replacement/repair/return of defective goods was confirmed, the Agency said.

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