Daily News May 22, 2023	Days:  18 19 22 23 24

politics

GEORGIAN STATE AUDIT SERVICE PUBLISHED NEGATIVE CONCLUSION ON FINANCIAL STATEMENTS OF GEORGIAN DEFENSE MINISTRY

Georgian State Audit Service conducted an audit of Georgian Defense Ministry’s consolidated financial statements (as of December 31, 2021).

The Service reported that the financial statements of the Ministry, taking into account all material aspects, have not been prepared in accordance with the instructions.

economics

“TBC CAPITAL” FORECASTS GEORGIA’S ECONOMIC GROWTH IN 2023 TO EXCEED 6%

Latest baseline scenario of TBC Capital sees Georgia’s economic growth in 2023 to exceed 6%. At the beginning of the year, the company projected growth of 5%.




“TBC CAPITAL”: IN 2022, INDICATORS OF LAND TRANSACTIONS IN MOST CITIES OF GEORGIA WERE LOWER THAN IN 2021

In 2022, the indicators of land transactions exceeded the pre-pandemic level, but in most cities of Georgia, they lagged behind the level of 2021, TBC Capital said in the released construction sector survey.

As the company noted, growth in 2022 was recorded in Batumi (by 16%), Bakuriani (by 2%) and Zugdidi (by 21%).




“TBC CAPITAL”: IN 2022, PROFITABILITY OF DEVELOPMENT PROJECTS RANGED WITHIN $16-$478 PER 1 SQUARE M OF CONSTRUCTION AREA

In 2022, the yield and profitability of selected development projects were quite different, TBC Capital said in the released construction sector survey. The review indicates that analysis of development projects’ profitability shows weak relation between costs and net profit.




“TBC CAPITAL”: IN 2022, GROWTH OF GEORGIA’S CONSTRUCTION MATERIALS MARKET IN MONETARY EXPRESSION WAS CAUSED RATHER BY PRICE LEVEL THAN BY REAL GROWTH

In 2022, growth of the construction materials market in Georgia in monetary expression was caused rather by the price level than by real growth, TBC Capital said in the released construction sector survey.

As the company noted, compared to 2021, the construction materials market increased by 30% if expressed in the US dollars, while if in lari – by 18%.




IN Q1, GEORGIA’S PRODUCTION OF MEAT INCREASED BY 8.4% Y-O-Y, OF MILK – DECREASED BY 5.8%

Sakstat released estimation, according to which Georgia’s meat production in the 1^st quarter totaled to 18,100 t, increasing by 8.4% in comparison with the same period of 2022.

Milk production amounted to 105.7 million l, decreasing year-on-year by 5.8%.




IN Q1, GEORGIAN SLAUGHTERHOUSES INCREASED MEAT PRODUCTION BY 13.3% Y-O-Y

Sakstat reported that in the 1^st quarter, Georgian slaughterhouses produced 13,600 t of meat. If compared with the same period of 2022, the volume has increased by 13.3%.




NBG DRAFTED MICRO-BANK REGULATION

National Bank of Georgia (NBG) has prepared and published part of the draft by-laws, regulating activities of micro-banks.

The published documents include rule for micro-banks’ licensing, regulation on administrators’ compliance criteria, regulations on acquisition of a significant share in the micro-bank, etc.