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Economic Press Monitor

February 3 - 9, 2019

Previous Issues:  Days: < 26 02 09 16 23 > 

 

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economic & politics

    REZONANSI: “THIS IS THE 2ND PHASE OF CIGARETTES’ PRICE GROWTH, THERE WILL BE 3RD AND 4TH WAVES SOON TOO”

    February 8, 2019 - Since 2019, excise rate for filter-less cigarettes in Georgia was equalized with one for filter cigarettes and made up 1.7 lari (per box of 20 cigarettes), while ad valorem tax on filter cigarettes was raised from 10% to 30%.

    These changes caused on consumer market price growth on cigarettes of 20-25%, the newspaper reports.


    BANKEBI DA FINANSEBI: “WHY COMPANIES ARE LEAVING STOCK EXCHANGE AND WHAT PROCESSES ARE UNDERWAY ON CAPITAL MARKET?”

    February 7, 2019 - The companies, presented on Georgian Stock Exchange, decided recently that they do not manage to use the Exchange and presence of their shares in trading system of the Exchange causes only expenses on obligatory audit, and left the Exchange, the newspaper says.

    On the other hand, separate successful Georgian companies became more active in emission of corporate bonds, the article notes.


    BANKEBI DA FINANSEBI: “WHETHER KUTAISI TECHNOLOGICAL UNIVERSITY IS “TOOL” OF PRE-ELECTION PR CAMPAIGN OF 2020”

    February 6, 2019 - The newspaper reminds that presentation of project of Kutaisi technological university will held before parliamentary elections of 2016.

    As the article indicates that the university had to enroll 60,000 students already in September 2019, but that was postponed then.


    FORBES GEORGIA: “IN THE RATING OF ECONOMIC GLOBALIZATION, GEORGIA IS ON THE 23RD PLACE”

    February 6, 2019 - In the KOF Index of Globalization, provided by the Swiss Federal Institute of Technology Zurich, Georgia occupies the 23rd place among 203 countries, the magazine reports. In 2017, the country held the 18th place.


    NETGAZETI.GE: “RUSSIAN-GEORGIAN AGREEMENT ON MONITORING OF FREIGHT TURNOVER PASSES TO IMPLEMENTATION PHASE”

    February 6, 2019 - On February 6, the first meeting of the joint committee created within the agreement on customs administration and monitoring of freight turnover will take place with participation of Georgia, Russia and the Swiss company SGS in Geneva, Netgazeti.Ge reports.

    Patrick Franzen, Swiss ambassador to Georgia, declared that the parties pass to phase of technical implementation.


    FORBES GEORGIA: “ALEXANDER REVIA TO HEAD PPP AGENCY”

    February 6, 2019 - Georgian Agency of Public-Private Partnership (PPP), which begins operation this year, will be headed by Alexander Revia, the magazine reports. Revia held post of director of economic department at Council for State Security and Crises.


    NETGAZETI.GE: “EBRD PAYS TO KVIRIKASHVILI 7.5 TIMES MORE, THAN THE GOVERNMENT OF GEORGIA”

    February 5, 2019 - In 3 months of 2018, Georgia’s ex-premier Giorgi Kvirikashvili received, as adviser of EBRD, 29,888 EUR, Netgazeti.Ge reports. The salary is equivalent to 30,186 lari a month.


macroeconomics & budget

    FORBES GEORGIA: “TOP 10 OF BUDGET WASTING”

    February 8, 2019 - The magazine publishes top-10 examples of budget wasting in 2018.

    The largest sum falls on Georgian Railway – 213 million lari (the project of Tbilisi bypass railroad, suspended in 2013).


    BANKEBI DA FINANSEBI: “WHAT RESULTS GROWTH OF AD VALOREM TAX ON TOBACCO WILL BROUGHT”

    February 7, 2019 - Though statistics of tobacco consumption was never conducted in Georgia, it is still possible, considering various data, to define an approximate number of smokers in the country, the newspaper says.

    According to the article, one of such assisting data is the country’s import of tobacco products.


    BANKEBI DA FINANSEBI: “MUNFLATION EXCEEDS 4%, WHILE INFLATION IS ONLY 2.2%”

    February 7, 2019 - Professors of Tbilisi State University Vladimir Papava and Vakhtang Charaia invented new statistical indicator – MUNflation, the newspaper reports.

    The article explains that term “MUNflation” is created by combination of the first letters of three key components of a consumer basket.


    FORBES GEORGIA: “GEORGIA’S INCOME INCREASED”

    February 7, 2019 - Average income per capita in Georgia, which made up 1,272 lari in 1998, has increased 3.4 times during the next 20 years and reached 4,335 lari in 2018, the magazine reports. In terms of growth rate, Georgia occupies the 8th place in the world.


    FORBES GEORGIA: “PENSION REFORM WILL NOT REDUCE POVERTY”

    February 5, 2019 - Georgia’s pension reform will not be able to contribute to reduction of poverty in the country, the magazine states.

    The article indicates that within the reform, there is obligation of the budget to transfer 2% of each employee’s salary to the Pension Fund.


energy, oil & gas

    REZONANSI: “NOBODY IS GOING TO REPLACE PLASTIC GAS PIPES IN TBILISI”

    February 5, 2019 - Natural gas to part of residential houses and apartment buildings in Georgia is supplied by plastic pipes, therefore there is danger of leak, the newspaper says.

    The article indicates that Kutaisi Mayor Giorgi Chigvaria appeared the first, who promised replacement of plastic pipes.


    KVIRIS PALITRA: “TO SAVE ORDINARY SUBSCRIBER”

    February 4, 2019 - The newspaper reports that during the latest month, 13 people died and 73 were poisoned in Tbilisi because of leak of natural gas.

    As the ex-minister of energy David Mirtskhulava declares, “In certain conditions, 1 cubic m of natural gas can be equivalent to several kilograms of trotyl”.


    TABULA: ““KAZTRANSGAS”: 69,133 DEVICES, MOUNTED WITHOUT PERMISSION, WERE REMOVED IN TBILISI IN 2018”

    February 4, 2019 - Referring to KazTransGas-Tbilisi (Tbilisi gas-distribution company), Tabula reports that in 2018, specialists of the company removed 69,133 gas- and water-heating devices, installed in residential apartments of Tbilisi without permission.

    Among Tbilisi districts, biggest number of such forbidden devices was installed in Chugureti-Nadzaladevi (15,266), Samgori (14,657), Isani-Vazisubani (10,871) and Gldani-Sanzona-TEMK (10,341).


conflict and court

    FORBES GEORGIA: “JUDICIARY: THE ACHILLES’ HEEL FOR ECONOMY”

    February 4, 2019 - Referring to the Global Competitiveness Index of World Economic Forum, the magazine reports that by indicator of judicial independence, Georgia among 140 countries occupies the 83rd place and points that even more important is a tendency of deterioration of scoring in comparison with previous year.

    If until recent, judicial theme was considered only in context of split within ruling Georgian Dream (recent scandal around resignation of chair of the Parliament’s Judicial Committee Eka Beselia), the picture changed just a few days ago, when business associations and international chambers of commerce rejected once again the government strategy of communication with private sector, the article says.


finances & banking

    BANKEBI DA FINANSEBI: “BANKS GAINED IN 2018 INCOME OF 1 BILLION 901 MILLION LARI FROM CREDITS, ISSUED TO PRIVATE INDIVIDUALS”

    February 8, 2019 - In 2018, Georgian banks gained interest income, totaling to 3.29 billion lari, the newspaper reports. Out of total, 2.9 billion lari was share of income from issued credits.


    BANKEBI DA FINANSEBI: “PROPERTY, SEIZED BY BANKS, MAKES UP 149.5M LARI”

    February 8, 2019 - In the 4th quarter of 2018, cost of movable and immovable property of bad borrowers, being seized by Georgian banks, totaled to 149.59 million lari, the newspaper reports.

    The largest sum falls on Sakartvelos Banki (Bank of Georgia) – 56.93 million lari.


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