Daily News October 27, 2020	Days:  23 26 27 29 30

economics

AMONG FORECASTS OF GEORGIA’S ECONOMIC REDUCTION IN 2020, THE MOST PESSIMISTIC ARE OF WB AND “SP”

According to October forecast of the World Bank (WB), Georgian economy in 2020 will be reduced by 6%, while growth in 2021 will make up 4%.

According to August estimation of Standard&Poor’s (SP), Georgia’s GDP will reduce in 2020 by 6%, while increased in 2021 by 3%.




AS OF SEPTEMBER 30, RATIO OF DEPOSITS TO GDP INCREASED BY 8 PP Q-O-Q AND BY 12.1 PP Y-O-Y, OF CREDITS – BY 5.2 PP AND 9.9 PP

National Bank of Georgia reported that as of September 30, ratio of deposits, placed in Georgian banks, to the country’s GDP made up 65.5%. That ratio has increased by 8 percentage points (pp) quarter-on-quarter and by 12.1 pp year-on-year.




NBG SOLD $40M AGAIN

National Bank of Georgia (NBG) declared about sale of $40 million on currency auction today. Average weighted exchange rate made up 3.2237 GEL/USD.




STATE AUDIT SERVICE: DEVELOPMENT OF INVESTMENT PROJECTS HAS LOW RATE

Georgian State Audit Service estimates that investment projects of the country’s government have low rate of development that indicates implementation of projects with interruptions.

In particular, the Service said, it was planned to direct in 9 months of the year total of 125.4 million lari to 14 projects, while as of 8 months, it is mastered only 25 million lari (20% of the plan).




THE GOVERNMENT: STATE PROGRAM OF GAS INSTALLATION WILL CONTINUE IN 2021-2024

Georgia’s Prime Minister Giorgi Gakharia declared that the country’s government decided “to update and continue” the state program of gas installation in 2021-2024. As a result, gas will be installed in addition in 211 villages and supplied to about 33,000 households, after which share of Georgian population, being connected to whom gas is installed, will increase up to 90%, he noted.

business

IN 2019, LOSS OF LLC “MARABDA-KARTSAKHI RAILWAY” INCREASED

In 2019, loss of LLC Marabda-Kartsakhi Railway, implementing on territory of Georgia the project of Baku-Tbilisi-Kars railway (Georgian branch connects railways of Azerbaijan and Turkey), amounted to 183 million lari. As the government said in review of the state-owned companies’ performance, which was accompanied to draft of the country’s state budget-2021, volume of loss has increased by 77.7% in comparison with 2018.




IN 2019, LOSS OF “GEORGIAN UNITED COMPANY OF WATER SUPPLY” INCREASED 2.1 TIMES

In 2019, loss of state-owned regional water distributor LLC Georgia United Company of Water Supply amounted to 85 million lari. As the government said in review of the state-owned companies’ performance, which was accompanied to draft of the country’s state budget-2021, volume of loss has increased 2.1 times in comparison with 2018.




IN 2019, PROFIT OF “SANTE GMT PRODUCTS” DECREASED BY 34%

LLC Sante GMT Products reported net profit of 4.1 million lari for 2019. According to audited report of this Georgian dairy producer, the volume has decreased by 34% year-on-year.