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Economic Press Monitor

January 31 - February 6, 2021

Previous Issues:  Days: < 23 30 06 20 27 > 

 

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economic & politics

    NETGAZETI.GE: “GOVERNMENT SELLS RIKE PITCHERS AGAIN”

    February 5, 2021 - Georgian National Agency of State Property brought so-called “Rike Pitchers” (two buildings in the shape of pitchers, located in historical part of Tbilisi, Rike) on auction again, but for reduced price now, reports Netgazeti.Ge. Applications are accepted through March 5.


    FORBES GEORGIA: “GEORGIAN TAX ADMINISTRATION INTRODUCED NEW TERM – “NON-QUALIFIED VAT PAYER””

    February 5, 2021 - On January 21, Georgian Finance Ministry’s Revenue Service (tax and customs administration) set new restrictions for VAT payers in the country, introducing the term “non-qualified VAT payer”.

    The article explains that companies, qualified under this status, will not be entitled to issue or receive tax invoices (documents that are necessary for VAT refund) until the status of “a qualified VAT payer” is granted.


    TABULA: “TSKITISHVILI: RESUMPTION OF INTERCITY TRANSPORT ISN’T PLANNED AT THIS STAGE”

    February 5, 2021 - Georgia’s Deputy Prime Minister Maya Tskitishvili said that “Resumption of intercity transport operation is not planned at this stage”. So far, we are talking about resumption of municipal transport only, she stressed.


    REZONANSI: “WHAT HAS FAILURE OF MANDATES’ ISSUE CHANGED – POSSIBLE SCENARIOS OF EVENTS’ DEVELOPMENT”

    February 3, 2021 - Ruling Georgian Dream decided not to annul credentials of 51 opposition deputies, who expressed nonconfidence in results of the parliamentary elections (held on October 31, 2020) and refused to enter the Parliament, the newspaper reports.

    The opposition interprets the Parliament’s decision as possible readiness for compromise on the part of the ruling party, the article says.


    NETGAZETI.GE: “WE HAVE FULFILLED UP TO 30% OF THE ASSOCIATION AGREEMENT – MAKHAROBLISHVILI”

    February 2, 2021 - Vakhtang Makharoblishvili, Georgia’s Deputy Foreign Minister, declares that it is “quite difficult” to reflect in figures the progress in implementation of the Association Agreement between Georgia and the EU. “Although we can say that we have implemented at the moment about 30% of the Association Agreement”, he says.


    TABULA: “THE GOVERNMENT SIGNED $780,000 CONTRACT WITH LOBBY COMPANY IN THE US”

    February 1, 2021 - Georgian government has renewed a contract, signed with the lobby company Chartwell Strategy, Tabula reports. The government will pay the company $780,000 in total, distributing the payment for 12 months.


    BANKEBI DA FINANSEBI: “IN 2020, 132M LARI WERE SPENT FROM “STOPCOV” FUND CREATED TO FIGHT AGAINST COVID-19”

    February 1, 2021 - Referring to InterPressNews news agency, the newspaper reports that in 2020, 132 million lari were spent from the StopCoV fund, created to fight against COVID-19. The fund raised 138.3 million lari in total.


macroeconomics & budget

    BANKEBI DA FINANSEBI: “GVENETADZE – IF TOURISM DOES NOT RECOVER AT ALL, ECONOMIC GROWTH IN 2021 BY CURRENT ESTIMATION WILL BE ABOUT 1%”

    February 4, 2021 - “When the pandemic started, we expected relatively low growth” of the economy, president of National Bank of Georgia Koba Gvenetadze notes. However, the first wave of COVID-19 was followed by the second wave, and, according to preliminary data, Georgian economy has reduced in 2020 by 6.1%, he points.


    TABULA: “IN THE REGION, ONLY ARMENIAN ECONOMY SHRANK MORE THAN GEORGIAN LAST YEAR”

    February 4, 2021 - Sakstat reported that in December 2020, Georgian economy shrank by 7.9% year-on-year, while average annual GDP reduction rate made up 6.1%.

    During the past 26 years, Georgian economy suffered more than that only in 1994, when the reduction made up 10.4%, Tabula reminds.


    FORBES GEORGIA: “THE PAST YEAR AND CHALLENGES OF 2021”

    February 3, 2021 - The article reviews economic indicators of 2020 and challenges expected in 2021.

    In 2021, main economic challenge is to remove restrictions, imposed due to the pandemic, effectively and as soon as possible, in order to achieve the projected 4.5% growth of the economy, the magazine points.


    REZONANSI: “WILL IT STRENGTHEN OR DEPRECIATE? – HOW OPENING OF ECONOMY WILL AFFECT LARI EXCHANGE RATE”

    February 2, 2021 - While commenting on lari devaluation in recent period, doctor of economics Nika Shengelia forecasts that “the rate will continue depreciation”. As soon as restrictions, imposed because of COVID-19, are cancelled and the economy will start working, “demand for import will surely grow” (and, respectively, for dollars), he explains.


    BANKEBI DA FINANSEBI: ““WE ARE ON THE 8TH PLACE ACCORDING TO STRICTNESS OF RESTRICTIONS, WHILE OCCUPY THE 108TH PLACE ACCORDING TO GDP””

    February 2, 2021 - Paata Bayrakhtari, vice-president of Georgian Young Businessmen and Financiers Association, notes that “Now, we are actively hearing suggestions that this year will be a year of economic recovery and the country will return to economic indicators of 2019”. This is “sphere of fiction, to put it mildly”, he says.


    REZONANSI: “OVERCOMING THE CURRENT CRISIS WILL TAKE ABOUT 3 YEARS”

    February 1, 2021 - The government expects economic growth of 4.3% in 2021, but this will not be possible in the 1st quarter and at the beginning of the year, the economy will be in recession still, the newspaper notes.

    The article brings comments on prospects of overcoming the crisis, made by statistician Ioseb Archvadze and economist Givi Momtselidze.


companies

    FORBES GEORGIA: “GIORGI SHAGIDZE BECAME CEO OF MOLDOVA’S LARGEST BANK “AGROINDBANK””

    February 4, 2021 - Moldova’s Agroindbank announced about appointment of Georgian banker Giorgi Shagidze as its new CEO, the magazine reports.

    Shagidze has a 25-year experience in the financial sector.


    BANKEBI DA FINANSEBI: “GAMBLING ADVERTISEMENTS WORTH 154M LARI WERE AIRED ON TV – COMPANIES’ EXPENSES IN 2020”

    February 3, 2021 - Research, conducted by APM, shows that a total of 143,502 gambling commercials were aired by Georgian TV companies in 2020. Total cost of this advertising makes up 153.89 million lari.


    BANKEBI DA FINANSEBI: ““SAKARTVELOS BANKI” OFFERS CONSUMERS AN ENERGY LOAN TO PURCHASE SOLAR PANELS”

    February 1, 2021 - Sakartvelos Banki (Bank of Georgia) offers consumers an energy loan to purchase solar panels, the newspaper reports. The article indicates that the bank was able to offer consumers the new product with assistance of partners.


transport & communications

    NETGAZETI.GE: “TURKISH TRAIN TO ARRIVE TO RUSSIA BY BAKU-TBILISI-KARS RAILWAY FOR THE FIRST TIME”

    February 2, 2021 - Reference to Turkish media, Netgazeti.Ge reports that a freight train departed on January 29 from Ankara (Turkey), heading to Russia for the first time by the Baku-Tbilisi-Kars railway. A 15-car train, loaded with industrial cargo, will pass 4,600 km in 8 days.


international cooperation

    FORBES GEORGIA: “EBRD AND EU STRENGTHEN SUPPORT TO BUSINESS IN GEORGIA”

    February 3, 2021 - EBRD, through its advisory services, will assist small and medium-sized businesses in Georgia in their digital transformation, the magazine reports. As the article notes, the EU will allocate 1.8 million EUR for that end.


agriculture & food

    BANKEBI DA FINANSEBI: “HONEY EXPORT FROM GEORGIA INCREASED BY 240% – WHERE DO WE SELL THE PRODUCT”

    February 5, 2021 - Despite the pandemic, Georgia’s export of natural honey increased by 240%, the newspaper reports with reference to Sakstat.

    In 2020, the country exported honey of $122,500, compared to $56,300 in 2019.


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