NBG FORECAST: REAL GDP GROWTH THIS YEAR TO MAKE UP 4.5%
National Bank of Georgia (NBG) expects that Georgia’s real GDP growth in the current year will make up 4.5%. At that, NBG specified that this forecast is basic (middle), while growth rate according to optimistic scenario will make up 5.5%, or 2.5% according to pessimistic scenario.
NBG FORECAST: INFLATION THIS YEAR TO BE AT THE LEVEL OF 4.5%
National Bank of Georgia (NBG) expects that inflation in Georgia will remain in the first half of this year above the target (3%). This is caused by inflation, imported because of recent depreciation of lari exchange rate, and increased share of intermediate expenses, NBG explains.
IN 2019, GEORGIA’S IMPORT OF OIL-PRODUCTS, WHEAT AND CIGARETTES DECREASED
Sakstat released estimation, according to which first position in Georgia’s import in 2019 was occupied by oil and oil-products again, which amounted to $756.97 million (year-on-year reduction – 12.4%). This group accounted for 8.4% of total import of the country.
IN 2019, COPPER AND CARS ACCOUNTED FOR OVER 35% IN GEORGIA’S TOTAL EXPORT
Sakstat released estimation, according to which Georgia’s export of cars amounted in 2019 to $686.75 million (year-on-year growth – 68.2%). This group accounted for 18.2% of total export of the country (the 1st position).
IN 2019, GEORGIA’S 10 LARGEST TRADE PARTNERS ACCOUNTED FOR 66.9% OF TOTAL TRADE TURNOVER OF THE COUNTRY
Sakstat released estimation, according to which Georgia’s 10 largest trade partners accounted in total trade turnover of the country in 2019 ($12.83 billion) for 66.9% (against of 66.2% in 2018).
The top three includes Turkey (share in Georgia’s total turnover – 14.1%, or $1.81 billion), Russia (11.5%, or $1.47 billion) and China (8.5%, or $1.09 billion).
ECONOMY MINISTER: USAID WILL ASSIST GEORGIA IN DEVELOPMENT OF PRIORITY SECTORS
Georgian Economy and Sustainable Development Ministry’s Agency Produce in Georgia reported that memorandum was signed today between it and National Agency of State Property, on the one hand, and USAID’s program for economic security, on the other hand.
The memorandum envisages cooperation between the signee parties in facilitation to employment and growth of investment potential, as well as to growth of sales and incomes of micro, small and medium-sized enterprises through development of new and differentiated products, the Economy Ministry specified.
JICA TO ASSIST TO DEVELOPMENT OF TECHNICAL ASSISTANCE PROGRAM FOR AGRICULTURAL COOPERATIVES
Georgian Ministry of Environmental Protection and Agriculture reported that technical assistance program for agricultural cooperatives will be developed with assistance of the Japan International Cooperation Agency (JICA).
According to the Ministry, group of the Japanese experts will study needs of Georgian agricultural cooperatives and will prepare recommendations for their development.
EBRD FIRST VICE-PRESIDENT: BY RESULTS OF INVESTMENTS, MADE IN GEORGIA, 2019 WAS THE BEST YEAR FOR US
Jurgen Rigterink, first vice president and head of client services group at EBRD, declared that “By results of investments, which were made in Georgia, 2019 was the best year for us”.
Rigterink said this after meeting with Georgia’s Prime Minister Giorgi Gakharia, which was held within the World Economic Forum in Davos.
IN Q4 OF 2019, NET PROFIT OF COMMERCIAL BANKS DECREASED BY 2.9% Y-O-Y
National Bank of Georgia reported that net profit of commercial banks, operating in the country, amounted in the 4th quarter of 2019 to 303.46 million lari. The volume has increased by 4.9% quarter-on-quarter, decreased by 2.9% year-on-year.
NBG: ADOPTION OF LEGISLATIVE PACKAGE ON NETTING AND DERIVATIVES BEGINS A NEW STAGE OF DEVELOPMENT OF GEORGIAN CAPITAL MARKET
National Bank of Georgia (NBG) declared that adoption of legislative package on netting and derivatives by the country’s Parliament “begins a new stage of development of the Georgian capital market”.
Financial markets of the country are already ready to use tools of this type, NBG pointed.