Daily News October 26, 2020	Days:  22 23 26 27 29

economics

ISET FORECAST: GEORGIA’S REAL GDP GROWTH IN Q3 WILL BE -11.6%

Georgia’s real GDP growth in the 3^rd quarter will make up negative 11.6%, Tbilisi International School of Economics forecasts, confirming thus own forecast of the last month. Forecast for the 4^th quarter makes up negative 11.8%.




“FITCH”: REDEMPTION OF GEORGIAN EUROBONDS AT THE EXPENSE OF STATE DEPOSITS WILL LOWER DEBT COEFFICIENT FOR 2021

Fitch Ratings estimates that redemption of Georgia’s sovereign Eurobonds at the expense of the state deposits, but not their refinancing, will lower by 2021 the country’s state debt ratio to GDP by 2.8 percentage points (PP), after jump by 18.7 pp in the current year. Maturity of Georgian Eurobonds of $500 million expires in April 2021.




“SAKSTAT”: IN 2019, TOTAL MONETARY VALUE OF WORKS, CONDUCTED WITH SCIENTIFIC RESEARCHES, INCREASED BY 9.3%, NUMBER OF OCCUPIED – DECREASED BY 11.5%

Sakstat reported that volume of works, conducted in 2019 within scientific researches by Georgia’s 48 institutions, totaled to 140.2 million lari. If compared with 2018, the volume has increased by 9.3%.




AS OF SEPTEMBER 30, TOTAL ASSETS OF COMMERCIAL BANKS INCREASED BY 18.7% Y-O-Y, LIABILITIES – BY 21.3%

National Bank of Georgia reported that assets of 15 commercial banks, operating in the country, totaled as of September 30 to 54.3 billion lari. The volume has increased by 10.3% quarter-on-quarter and by 18.7% year-on-year.




AS OF SEPTEMBER 30, NUMBER OF COMMERCIAL BANKS’ BRANCHES INCREASED BY 12.5% Y-O-Y, OF SERVICE CENTERS – DECREASED BY 5.5%

National Bank of Georgia (NBG) reported that number of Georgian banks’ branches totaled as of September 30 to 162. If compared with the same period of 2019, the number has increased by 18 (by 12.5%).

business

AS OF SEPTEMBER 30, NET PROFIT OF “CREDO BANK” DECREASED 3.5 TIMES Y-O-Y

Credo Bank reported net profit of 5.1 million lari for 9 months of this year. It should be noted that the bank had loss of 4.7 million lari following results of 6 months (i.e. a quarter ago).




IN 2019, PROFIT OF “MAGTICOM” INCREASED BY 41.2%

LLC MagtiCom reported net profit of 179.7 million lari for 2019. According to audited report of this Georgian telecom operator, the volume has increased by 41.2% year-on-year.




“VEON GEORGIA” FINISHED 2019 WITH LOSSES AGAIN

LLC VEON Georgia reported loss of 40.2 million lari for 2019. According to audited report of this Georgian telecom operator, volume of loss has decreased 4.8 times year-on-year.