Daily News February 23, 2021	Days:  19 22 23 24 25

economics

FORECAST OF THE PARLIAMENT’S BUDGETARY OFFICE: GEORGIA’S GDP TO SHRINK BY 4.6% IN Q1

Budgetary Office of Georgian Parliament estimates that rate of Georgia’s real GDP growth in the 1^st quarter will make up negative 4.6%.

The expected decline is still caused by both supply and demand shocks, unleashed by the COVID-19 pandemic, the Budgetary Office explains.




ISET BLOG: COVID-19 PANDEMIC CAUSED SERIOUS PROBLEMS IN AGRICULTURE, BUT IT IS ALSO AN OPPORTUNITY TO ACCELERATE TRANSFORMATION IN THE SECTOR

“Although the pandemic posed serious challenges to agricultural and food systems, it is also an opportunity to accelerate transformations in the sector and to build its resilience to a range of challenges”, says an article published in blog of International School of Economics at Tbilisi State University (ISET).

“Due to the constant need for food and changes in consumer spending patterns (more people are cooking at home instead of going to restaurants or cafes), agriculture might outperform other sectors of the economy hit by the pandemic”, the article points.

business

IN 2020, PROPERTY OF BAD BORROWERS, PASSED IN OWNERSHIP OF BANKS, INCREASED BY 11.2%

National Bank of Georgia published quarterly reports of Georgian commercial banks, according to which, they owned bad borrowers’ property of 244.6 million lari as of December 31, 2020. If compared with the same period of 2019, the volume has increased by 11.2%.




IN 2020, REVENUES FROM INTERNET SERVICE INCREASED BY 4.4%

Georgian National Communications Commission reported that revenues, gained by the country’s operators from internet services, totaled in 2020 to 243.9 million lari. If compared with 2019, the volume has increased by 4.4%.




IN 2020, REVENUES FROM BROADCASTING TRANSIT INCREASED BY 5.9%

Georgian National Communications Commission reported that revenues, gained by the country’s operators from broadcasting transit, totaled in 2020 to 115 million lari. If compared with 2019, the volume has increased by 5.9%.




IN 2020, REVENUES FROM FIXED-LINE VOICE SERVICE DECREASED BY 32.7%

Georgian National Communications Commission reported that retail revenues, gained by the country’s operators from fixed voice communication services, totaled in 2020 to 26.9 million lari. If compared with 2019, the volume has decreased by 32.7%.




IN 2020, OPERATORS’ REVENUE FROM SENDING SMS DECREASED BY 25.4%

Georgian National Communications Commission reported that revenues, gained by the country’s operators from sending short text messages (SMS), totaled in 2020 to 8.4 million lari. If compared with 2019, the volume has decreased by 25.4%.




“FITCH” PLANS ANOTHER REVISION OF RATING OF “CRYSTAL”

Fitch Ratings declared that it placed the rating of Georgian microfinance organization Crystal on Rating Watch Negative (RWN). Currently, Crystal’s long-term issuer default rating (IDR) is “B-”.