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Daily News


November 20, 2020

IN THIS ISSUE:

1. ECONOMY MINISTER: SECOND RESEARCH OF BUSINESS PROBLEMS CAUSED BY COVID-19 SHOWS MORE OPTIMISTIC PICTURE
2. IN Q3, UNEMPLOYMENT RATE IN GEORGIA INCREASED BY 0.7 PP Y-O-Y
3. IN LEGATUM PROSPERITY INDEX, GEORGIA OCCUPIES THE 53RD PLACE
4. FINANCE MINISTER AND NBG PRESIDENT DISCUSSED WITH IMF NEW EXECUTIVE DIRECTOR FUND’S ONGOING PROGRAM IN GEORGIA
5. FINANCE MINISTER: IN 2019, EXCESSIVELY PAID TAXES OF 614M LARI WERE REFUNDED TO TAXPAYERS, WHILE THIS INDICATOR IN 2020 WILL BE UP TO 1B
6. ECONOMY MINISTER: “NAMAKHVANHES” IS VERY IMPORTANT PROJECT IN RESPECT OF CONSOLIDATION OF ENERGY SECURITY
7. IN Q3, PRODUCTION OF MILK INCREASED BY 2% Y-O-Y, OF MEAT – REDUCED BY 6.4%
8. IN Q3, EXPORT OF CATTLE REDUCED BY 18.9% Y-O-Y, OF SHEEP AND GOATS – BY 13.2%

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1. ECONOMY MINISTER: SECOND RESEARCH OF BUSINESS PROBLEMS CAUSED BY COVID-19 SHOWS MORE OPTIMISTIC PICTURE
Economics

Georgia’s Minister of Economy and Sustainable Development Natia Turnava said that first research of business, conducted by Investors Council and PwC at initial stage of COVID-19 pandemic, “showed quite difficult results and pessimistic expectations” in the country. However, “recent research shows more optimistic picture”, the Minister pointed.

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2. IN Q3, UNEMPLOYMENT RATE IN GEORGIA INCREASED BY 0.7 PP Y-O-Y
Economics

Sakstat reported that unemployment rate in Georgia in the 3rd quarter made up 11.9%. If compared with the same period of 2019, the rate has increased by 0.7 percentage points (pp).

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3. IN LEGATUM PROSPERITY INDEX, GEORGIA OCCUPIES THE 53RD PLACE
Economics

In its Legatum Prosperity Index of 2020, Legatum Institute placed Georgia on the 53rd position among 167 countries. Georgia gained 61.8% out of possible 100%.

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4. FINANCE MINISTER AND NBG PRESIDENT DISCUSSED WITH IMF NEW EXECUTIVE DIRECTOR FUND’S ONGOING PROGRAM IN GEORGIA
Economics

On November 19, Georgia’s Finance Minister Ivane Machavariani and president of National Bank of Georgia (NBG) Koba Gvenetadze held an online meeting with new executive director of the IMF Paul Hilbers.

As Georgian Finance Ministry reported, the parties considered issues, agreed with the IMF mission within the 7th review of the IMF’s Expanded Fund Facility in Georgia.

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5. FINANCE MINISTER: IN 2019, EXCESSIVELY PAID TAXES OF 614M LARI WERE REFUNDED TO TAXPAYERS, WHILE THIS INDICATOR IN 2020 WILL BE UP TO 1B
Economics

Georgia’s Finance Minister Ivane Machavariani said that “excessively paid taxes of 614 million lari were refunded in 2019 to taxpayers”.

“In 2020, according to today’s data, despite the crisis caused by the pandemic, despite reduction of budget revenues, we refunded 811 million lari”, the Minister pointed.

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6. ECONOMY MINISTER: “NAMAKHVANHES” IS VERY IMPORTANT PROJECT IN RESPECT OF CONSOLIDATION OF ENERGY SECURITY
Business

NamakhvanHES is “very important project in respect of consolidation of energy security”, Georgia’s Minister of Economy and Sustainable Development Natia Turnava declared. “The project is very well calculated also in terms of safety”, she assured.

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7. IN Q3, PRODUCTION OF MILK INCREASED BY 2% Y-O-Y, OF MEAT – REDUCED BY 6.4%
Economics

Sakstat released estimation, according to which Georgia’s milk production in the 3rd quarter made up 168.4 million l. The volume has decreased by 14.7% quarter-on-quarter, but increased by 2% year-on-year.

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8. IN Q3, EXPORT OF CATTLE REDUCED BY 18.9% Y-O-Y, OF SHEEP AND GOATS – BY 13.2%
Economics

Sakstat released estimation, according to which Georgia’s export of cattle in the 3rd quarter made up 27,100 heads. The volume has decreased by 18.9% year-on-year.

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Exchange Rates (NBG)
  11/30/20 + / -
  USD   3.3253   0.0089
  EUR   3.9840   0.0295
  RUR   4.3704   0.0012
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