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Economic Press Monitor

October 6 - 12, 2019

Previous Issues:  Days: < 28 05 12 19 26 > 

 

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economic & politics

    TABULA: “IT IS STILL UNKNOWN SO FAR, WHAT WILL BE FATE OF KUTAISI BUILDING OF THE PARLIAMENT”

    October 11, 2019 - It is still unknown so far, what will be fate of Georgian Parliament building in Kutaisi, which construction cost over 326 million lari, Tabula indicates.

    As the article notes, maintenance of this building costs annually 1.2 million lari on average.


    FORBES GEORGIA: “IN THE GLOBAL COMPETITIVENESS INDEX, GEORGIA LOWERED BY 8 PLACES”

    October 10, 2019 - In its recent Global Competitiveness Report, the World Economic Forum placed Georgia on the 74th place among 141 countries. In comparison with the last year, Georgia has lowered by 8 places, while total score of the country has decreased by 0.3, the magazine reports.


    TABULA: “HEALTHCARE MINISTRY WANTS TO ESTABLISH MINIMAL WAGE”

    October 9, 2019 - Tamar Barkalaia, Georgia’s Deputy Minister for IDPs from Occupied Territories, Labor, Healthcare andSocial Protection, declared that the government and the Parliament work on issue of minimal wage. Corresponding amendments have to be made to the Labor Code.


    BANKEBI DA FINANSEBI: “WHETHER BLACK MONEY IS LAUNDERED IN GEORGIAN GAMBLING BUSINESS”

    October 8, 2019 - In 2018, turnover of Georgian gambling business increased by 173% and made up 13.8 billion lari, the newspaper reports. Share of gambling business in total turnover of business sector of the country reached 16%.


    BANKEBI DA FINANSEBI: “IF WE PLAN LEGISLATIVE AMENDMENTS IN 2020, WE WILL HAVE COMMUNICATION WITH BUSINESS IN ADVANCE OF 6 MONTHS, AT LEAST – GIORGI KAKAURIDZE”

    October 7, 2019 - “The government promises business that it will not adopt next year such legislative amendments, which will be a surprise for the private sector”, Georgia’s Deputy Finance Minister Giorgi Kakauridze declared.

    Kakauridze stated this in “Business Partner” program of Public Broadcaster and noted: “In case, if legislative amendments will be still needed, the government will notify business in advance of six months, at least”.


macroeconomics & budget

    BANKEBI DA FINANSEBI: “PART OF PENSION SAVINGS WILL BE PLACED ON FIXED DEPOSITS AND IN DEPOSIT CERTIFICATES”

    October 11, 2019 - Levan Surguladze, director of Georgian Pension Agency, indicates that accumulated pension sums are placed now on current accounts in local banks. “This is the lowest yield, which you can get in a bank” – about up to 8%, he specifies.


    TABULA: “THE CITY HALL SPENT 155 THOUSAND LARI FOR FACING OF THE FENCING AROUND A TREE AT REPUBLIC SQUARE”

    October 10, 2019 - Institute for Development of Freedom of Information (IDFI) declared that Tbilisi City Hall spent 155,360 lari for facing of a fencing around a 300-year olive tree at First Republic Square. The sum was allocated from reserve fund of the City Hall.


    REZONANSI: “PURCHASING POWER OF THE POPULATION CONSTANTLY DECREASES – 200 LARI DECREASED TO THE LEVEL OF 144 LARI”

    October 10, 2019 - Statistics expert Soso Archvadze indicates that if in 2012, a person had income of 200 lari and bought certain goods, then this sum in 2014 became equal to about 144 lari.

    According to Archvadze, families with monthly income of about 300-600 lari practically do not have disposable income.


    BANKEBI DA FINANSEBI: “THE GOVERNMENT RETREATED – IN THE BUDGET OF THE NEXT YEAR, EXCISE FORECAST DECREASES”

    October 10, 2019 - The newspaper indicates that in the draft of Georgia’s state budget-2020, expected volume of excise makes up 1.38 billion lari that is by 82 million lari less than indicator of 2019.

    The article specifies that in 8 months of the current year, excise revenues have shortage of 9%, or 85 million lari.


    FORBES GEORGIA: “FOREIGN CURRENCY RESERVES DECREASED IN SEPTEMBER BY $94M”

    October 9, 2019 - In September, foreign currency reserves of National Bank of Georgia (NBG) decreased month-on-month by $94 million (by 2.7%) and made up $3.4 billion, the magazine reports.

    The article notes that volume of reserves returned to the level, fixed in nearly April.


    REZONANSI: “EMPLOYEES ARE DISMISSED FROM MINISTRIES, BUT SALARIES ARE CONTINUOUSLY RAISED”

    October 8, 2019 - Referring to research of TI Georgia, the newspaper reports that after last optimization in Georgian ministries, 1,513 persons remained unemployed, while gross payroll has increased by 60 million lari.

    Law expert Levan Alapishvili considers that number of dismissed is ridiculous in comparison with optimization scale.


    REZONANSI: “STRENGTHENING OF LARI WILL START AFTER END OF THE MONTH – WE HAVE TO EXPECT 2.85 THIS YEAR”

    October 8, 2019 - Decrease by National Bank of Georgia (NBG) of minimum reserve requirements to banking deposits in foreign currency, which will enter in force on October 17, will release about $700 million to commercial banks and will reduce pressure upon lari, investment company Galt&Taggart considers. Banks will be able to issue the released resource as credits that will decrease interest rates on credits in foreign currency, the company notes.


    TABULA: “STATE-OWNED COMPANY SUFFERED LOSS OF 76M LARI, WHILE THE CHIEF GOT 900,000 LARI IN SALARY”

    October 7, 2019 - Referring to Georgian State Audit Service, Tabula reports that losses of Georgian State Electrosystem for 2014-2017 totaled to 76 million lari.

    Despite such huge loss, head of the company Sulkhan Zumburidze (held this post in 2007-2018) got in the specified years 900,000 lari as remuneration.


companies

    FORBES GEORGIA: “COMPANY “PIONEER CEMENT” LAUNCHES PROJECT ON CEMENT PRODUCTION IN GEORGIA”

    October 11, 2019 - Pioneer Cement company begins construction in Georgia of cement works with annual capacity of 1.2 million t, the magazine reports. As the article notes, the company is going to satisfy growing demand for clinker, which shortage in Georgia makes up now 600,000 t.


    TABULA: ““AJARA GROUP” BOUGHT SANATORIUM IN ABASTUMANI, WHERE “ROOMS HOTEL” WILL BE OPENED”

    October 9, 2019 - Ajara Group acquired sanatorium in Abastumani, built in 1924, where hotel Rooms Abastumani will be opened, Tabula reports. The hotel should be opened in a year and a half.


transport & communications

    TABULA: “10,000 CITIZENS, REMAINING WITHOUT INCOME – RESULT OF TRANSPORT REGULATIONS”

    October 7, 2019 - Tbilisi Vice-Mayor Irakli Khmaladze declared that 26,000 taxi licenses are issued, but 30% of licensed taxi cars failed to pass technical checkup.

    Currently, 15,481 taxis can work, which means that over 10,000 people are remained without income, Tabula notes.


international cooperation

    BANKEBI DA FINANSEBI: “DRAFT OF THE US BUDGET-2020 ENVISAGES $132M FOR GEORGIA”

    October 7, 2019 - Referring to Georgian Foreign Ministry, the newspaper reports that draft of the US budget-2020 envisages $132.03 million for Georgia. As the Ministry noted, the sum, envisaged for Georgia, has been considerably increased.


agriculture & food

    TABULA: “THE GOVERNMENT SPENT 60M LARI FOR RTVELI SUBSIDIZING THIS YEAR”

    October 11, 2019 - Georgia’s Minister of Environmental Protection and Agriculture Levan Davitashvili said that this year in order to purchase grapes from winegrowers. Procurement was conducted by means of state company Akura.


tourism

    FORBES GEORGIA: ““TBC CAPITAL” EXPECTS GROWTH OF TOURISTS’ NUMBER BY 5% UNTIL END OF THE YEAR”

    October 9, 2019 - TBC Capital forecasts growth of tourists’ number in Georgia by 5% until end of the year, the magazine reports.

    The article indicates that despite difficult summer season (Russian ban on air communication with Georgia), expectations of TBC Capital are positive.


    TABULA: “COST OF XENOPHOBIA – BECAUSE OF REDUCTION OF IRANIAN TOURISM, ECONOMY LOST 280M”

    October 8, 2019 - Referring to 9-month data of Georgian National Tourism Administration, Tabula reports that Russia and Iran were the only among Georgia’s core tourism markets, concerning which reduction was observed.

    As the article notes, reduction of tourists’ inflow from Russia has started in July (Russia forbade air communication with Georgia since July 8), and in July-September, by 67,000 less Russian tourists arrived to Georgia in comparison with the same period of last year.


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