“S&P” AND “FITCH” AFFIRMED GEORGIA’S SOVEREIGN RATING AT THE LEVEL OF “BB”
These days, S&P Global Ratings has confirmed sovereign credit rating of Georgia at the level of “BB” with “stable” outlook.
At that, S&P raised the forecast for Georgia’s GDP growth in 2022 from 5% to 8%.
IN JULY, GEORGIA’S ANNUAL REAL GDP GROWTH MADE UP 9.7%
Sakstat released estimation, according to which the country’s real GDP growth in July of this year in comparison with the last year’s same month made 9.7%. In 7 months of this year, the average rate makes up 10.3%.
IN Q2, UNEMPLOYMENT IN GEORGIA DECREASED BY 4 PP Y-O-Y
Sakstat reported that in the 2nd quarter, unemployment rate in Georgia made up 18.1%. In comparison with the same period of 2021, the rate has decreased by 4 percentage points (pp).
GEORGIAN FINANCE MINISTRY: THIS YEAR, VAT REFUND TO COMPANIES WILL EXCEED 2B LARI
Georgian Finance Ministry reported that this year, excessively paid VAT of over 2 billion lari will be refunded to companies. At the moment, 1.42 billion lari are already refunded, the Ministry specified.
SINCE START OF THE YEAR, NBG SOLD $80.18M AND BOUGHT $80M
National Bank of Georgia (NBG) reported that out of $40 million, which it brought to the currency auction on August 31, $32.3 million were sold. The average weighted rate made up 2.8983 GEL/USD.
“TBC CAPITAL” STILL EXPECTS THE RATE AROUND 2.8 GEL/USD IN THE END OF THE YEAR
It seems that seasonality of lari is already reflected in big part in the exchange rate, considers TBC Capital. Therefore, our forecast for the rate at the end of the year at the level of 2.8 GEL/USD “still looks to large extent reasonable”, analysts of the company point.
IN Q2, NUMBER OF GEORGIAN RESIDENTS’ DEPARTURES ABROAD INCREASED 4.6 TIMES Y-O-Y
Sakstat reported that in the 2nd quarter, there were 515,200 departures abroad of Georgian resident travelers (persons of any age, who move between geographical areas with any duration and purpose). In comparison with the same period of 2021, the number has increased 4.6 times.
IN 2021, NUMBER OF HOTELS IN GEORGIA INCREASED BY 68.5%
Sakstat reported that in 2021, there were 1,726 economic entities in Georgia, engaged in hotel services (year-on-year growth – 70.1%). These entities owned 1,776 hotels and organizations of hotel type (year-on-year growth – 68.5%).
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