Daily News December 1, 2020	Days:  27 30 01 02 04

economics

GEORGIA’S REAL GDP REDUCTION IN 10 MONTHS MADE UP 5.1%

Sakstat released estimation, according to which GDP of the country reduced in October by 3.9% in comparison with the same period of 2019. Average rate of GDP reduction for first 10 months of this year makes up 5.1%.




THE GOVERNMENT EXPECTS GDP REDUCTION OF 5% IN 2020 AND GROWTH OF 4.3% IN 2021

Last forecast of Georgian government envisages reduction of the country’s GDP in 2020 by 5%, while growth of 4.3% in 2021. Note, enclosed to final draft of the state budget-2021, indicates that tax revenues of the budget are calculated based on this forecast.




BY THE END OF 2021, DEBT OF THE GOVERNMENT TO MAKE UP 60.1% OF GDP

Note, enclosed to final draft of Georgia’s state budget-2021, indicates that debt of the government (does not include debt of National Bank of Georgia and includes debts of budgetary organizations) will make 60.1% of GDP by the end of 2021.

To remind, Georgia’s organic law “On Economic Freedom” limits the government’s debt by 60% of GDP.




THE GOVERNMENT: INTERNATIONAL FINANCIAL INSTITUTIONS CONFIRMED READINESS TO CONTINUE SUPPORT TO GEORGIA IN FUTURE

Maia Tskitishvili, Georgia’s Deputy Prime Minister and Minister of Regional Development and Infrastructure, held today an online meeting with representatives of international financial institutions and donor countries.

As administration of Georgian government reported, main subjects of the meeting were epidemiological situation in Georgia, restrictions toughened after November 28, package of support to citizens and business and preparatory works for a vaccination stage.

business

“FITCH” AFFIRMED RATINGS OF 3 GEORGIAN MEDIUM-SIZED BANKS

Fitch Ratings declared about affirmation of issuer default ratings to 3 Georgian banks: Basisbank and Terabank – at the level of “B+”, while Halyk Bank Georgia – at the level of “BB”. Outlook for Basisbank and Terabank remains “negative”, while for Halyk Bank Georgia is revised from “negative” to “stable”.




“GPIH” LEADS IN TERMS OF PREMIUM, ATTRACTED IN 9 MONTHS IN HEALTH INSURANCE

Georgian State Service for Insurance Supervision reported that in total premium, attracted by Georgian insurers in medical (health) insurance during 9 months of the year (211.3 million lari), 5 companies account for 80%, or 168.8 million lari.

The top five did not change in comparison with the same period of 2019, just GPIH won the first position from Imedi-L.




“TBC INSURANCE” LEADS IN TERMS OF PREMIUM, ATTRACTED IN 9 MONTHS IN LAND TRANSPORT INSURANCE

Georgian State Service for Insurance Supervision reported that in total premium, attracted by Georgian insurers in insurance of land transport (except railway) during 9 months of the year (86.9 million lari), 5 companies account for 70%, or 61.3 million lari.

TBC Insurance attracted in the reporting period premium of 19.5 million lari, which volume has decreasing by 10% year-on-year.




IN 2019, PROFIT OF “GARDABANI HEAT POWER STATION” REDUCED BY 38.1%

LLC Gardabani Heat Power Station reported profit of 27.99 million lari for 2019. According to audited report of this power station, located nearby to Tbilisi, the volume has decreased by 38.1% year-on-year.