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Daily News

February 6, 2024

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economics

    NBG: Q1 SURVEY AMONG GEORGIAN FINANCIAL MARKET PARTICIPANTS SHOWS DECREASE OF INFLATIONARY EXPECTATIONS AND INCREASE OF ECONOMIC GROWTH EXPECTATIONS

    Referring to a survey, conducted among participants of Georgian financial market in the 1st quarter, National Bank of Georgia (NBG) reported that economic expectations have changed compared to the 4th quarter of last year. The survey involved 10 organizations.


    IN DECEMBER 2023, CONSTRUCTION COST INDEX IN GEORGIA INCREASED BY 3.5% M-O-M

    In December 2023, compared to the previous month (i.e. November), construction cost index in Georgia has increased by 3.5%, Sakstat reported.

    Georgian statistics service attributed that increase mainly to a 17.4% increase in average monthly nominal salary in the construction sector.


    “GALT&TAGGART”: IN 2023, GEORGIA EXPORTED RECORD HIGH VOLUME OF ELECTRICITY, WHILE SIGNIFICANTLY CUT IMPORT

    In 2023, Georgia carried out a record high export of electricity, while decreased import significantly, Galt&Taggart said in its recent review.

    In particular, Georgia’s electricity exports in the reporting year amounted to 1.5 TWh, increasing by 51.2% year-on-year.


    GEORGIAN STATE AUDIT SERVICE: AREA INSURED WITHIN THE FRAMEWORK OF AGROINSURANCE PROGRAM HAS NOT INCREASED SIGNIFICANTLY

    Despite positive trends, the state program of agricultural insurance (launched in 2014) has faced certain challenges, the Georgian State Audit Service says.

    The Service has conducted an audit of development of the state agricultural insurance program and effectiveness of its management for the period 2014-2021.


    “PRODUCE IN GEORGIA” STATE AGENCY PLANS RETRAINING OF MANAGERS IN THE SPHERE OF INTERNATIONAL TRADE

    State Agency Produce in Georgia declared that a program for managers’ retraining is planned, which aims development of international trade opportunities for small and medium-sized businesses. Applications are accepted until March 10.


    IN TERMS OF FIXED INTERNET SPEED, GEORGIA IS ON 129TH PLACE, IN TERMS OF MOBILE INTERNET SPEED – ON 66TH PLACE

    Referring to the Global Internet Speed Index (Speedtest by Ookla Global Index) for 2023, Georgian National Communication Commission reported that Georgia is on 129th place among 178 countries in terms of fixed Internet speed (26.6 Mbps). In a year, the country’s ranking has deteriorated by 2 steps.


business

    EBRD PROVIDES WITHIN TFP A FACTORING PRODUCT IN LOCAL CURRENCY TO “TBC BANK”

    EBRD representation in Georgia declared that within EBRD’s Trade Facilitation Program (TFP), a factoring product in local currency is provided to Georgian TBC Bank.

    As the representation noted, this is the first case in the Caucasus region, when such a product became available in national currency to EBRD partner bank within the framework of TFP.


    GEORGIAN COMPETITION AGENCY LAUNCHED INVESTIGATION INTO 8 PHARMACEUTICAL COMPANIES

    Georgian Competition and Consumer Protection Agency declared about launch of investigation into possible use of the dominant position by 8 pharmaceutical companies, operating on the local market.

    The matter concerns unfair sale or purchase price or establishment/fixing of other unfair trading conditions, the Agency said.


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