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Economic Press Monitor

December 10 - 16, 2017

Previous Issues:  Days: < 02 09 16 23 30 > 

 

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economic & politics

    FORBES GEORGIA: “THE WELLBEING INDEX IN THE WORLD AND GEORGIA”

    December 14, 2017 - In Prosperity Index 2017 of Legatum Institute, Georgia occupies the 84th place among 149 countries, the magazine reports. In comparison with the last year, Georgia’s ranking did not change.


    BANKEBI DA FINANSEBI: “REFORM ON REFUND OF EXCESSIVE VAT WILL PROVIDE TO OUR BUSINESSMEN ACCESS TO ABOUT 600M LARI”

    December 12, 2017 - Mamuka Bakhtadze, nominee for the post of the Finance Minister, declared after meeting with Georgian Business Association that “reform of refund of excessive VAT is subject of particular interest”. “It will provide to our businessmen access to about 600 million lari”, he noted.


    KVIRIS PALITRA: “RUSSIA, PERHAPS, USES FACTOR OF SAAKASHVILI FOR DESTABILIZATION IN UKRAINE”

    December 11, 2017 - Late at night on December 9, Ukrainian law enforcement authorities managed to detain ex-president of Georgia Mikheil Saakashvili only after the second attempt, the newspaper writes. He was arrested on blames of assistance to organized criminal groups.


macroeconomics & budget

    REZONANSI: “OVER A HALF OF POPULATION IS THE POOR OR BEGGARY”

    December 15, 2017 - Sociologists estimate that almost half of Georgian population today is the poor or beggary, wealthy stratum does not exceed 10%, while others have middle of rather low income, the newspaper states.

    Referring to unofficial information, doctor of economics Paata Aroshidze says that “beggary in Georgia account for about 15-17%”.


    FORBES GEORGIA: “LARI SUPPLY IS AT HISTORICAL MAXIMUM, BUT THE RATE IS STRENGTHENING NEVERTHELESS ”

    December 15, 2017 - Economist Beso Namchavadze points that as of December 12, lari supply is at historically high mark – 7.7 million lari, but lari exchange rate is nevertheless strengthening. During December 9-14, lari has strengthened against the US dollar by 14 tetri (by 5.2%).


    FORBES GEORGIA: “THE UN: ECONOMIC GROWTH IN GEORGIA AND COUNTRIES OF THE REGION”

    December 13, 2017 - In 2018, the UN expects in Georgia economic growth of 4.5%. According to the forecast, inflation will decrease to 3%.


    REZONANSI: “SO STAFF IS “INFLATED” IN GEORGIA”

    December 11, 2017 - Against cut of expenditure, declared by central authorities, level of staff inflation in local governments is unimaginable, the newspaper states.

    According to various regional media reports, new mayors and chairmen of sakrebulos (local councils) already began selection of own advisers.


energy, oil & gas

    NETGAZETI.GE: “PROTEST AGAINST “NENSKRA” – THE HYDROELECTRIC STATION PROJECT IS IN EXPECTATION OF RECEIVING FINANCING FROM BANKS”

    December 15, 2017 - Cost of NenskraHES project makes up $1.04 billion, from which 70% have to be credits of Korean Exim Bank, Asian Development Bank (ADB), European Investment Bank (EIB), SACE and EBRD.

    In particular, the company requested credit of 214 million from EBRD, which had to consider the issue on December 13, but did not publish the decision yet, Netgazeti.Ge reports.


    LIBERALI: ““ENGURHES” AND ENERGY CONSUMPTION OF ABKHAZIA – CHALLENGE FOR ENERGY AND NATIONAL SECURITY”

    December 13, 2017 - As of today, unregulated consumption of electricity in Abkhazia creates a set of technical, economic, social, security problems, as well as unstable environment that is prejudicing all interested parties, the magazine states.

    The article indicates that Georgia subsidizes electricity consumption of Abkhazia, its operating and capital expenses, as well as electricity import.


    REZONANSI: “BARGAINING IS UNDERWAY BECAUSE OF RAISE OF ELECTRICITY IN PRICE”

    December 13, 2017 - Irina Milorava, chair of National Energy and Water Supply Regulating Commission, declares that it is impossible to speak about consumer tariff for electricity at this stage.

    Until that, investment plans for 2018-2020 have to be approved by 13 companies of electrical power sector and 3 companies of water supply sector, Milorava notes.


    REZONANSI: “SINCE JANUARY, ELECTRICITY WILL RISE IN PRICE FOR THE PEOPLE”

    December 11, 2017 - National Energy and Water Supply Regulating Commission will calculate consumer tariffs for subscribers of TELASI (Tbilisi energy distributor) and EnergoPro Georgia (regional energy distributor) until end of the current year.

    The Energy Ministry actually confirmed growth of electricity tariffs, the newspaper says.


companies

    BANKEBI DA FINANSEBI: “VASIL SOPROMADZE: IF NOT “FRESCO”, PRICES WOULD BE EVEN HIGHER”

    December 15, 2017 - Vasil Sopromadze, founder of supermarkets chain Fresco, responds to article, published in the newspaper on December 13, and declares that the company has no financial problems. The mentioned article indicated deficit of production in the chain and supposed that the company could leave the market.


    BANKEBI DA FINANSEBI: ““FRESCO” COULD LEAVE THE MARKET – THERE IS PERMANENT DEFICIT OF PRODUCTION IN THE SUPERMARKET CHAIN”

    December 14, 2017 - During more than a year, there is permanent deficit of production in Fresco supermarket chain, the newspaper says. According to unofficial information, the company has certain problems, the article reports.


    FORBES GEORGIA: “MAIN SUPPLIER OF THE COUNTRY”

    December 14, 2017 - The magazine publishes interview with Keti Kublashvili, director of Agricom. This company, created in 2005, supplies currently 30% of grain to the Georgian market and provides transit of wheat from Russia to Armenia through Georgia.


    FORBES GEORGIA: “TOP 10 OF GEORGIA’S LARGEST INVESTOR COMPANIES”

    December 12, 2017 - According to Sakstat, foreign direct investments of $595 million were made in Georgia in the 3rd quarter that by 17.6% exceeds an indicator of the same period of 2016.

    The magazine reports that 10 largest investor companies are IDC Borjomi, MagtiCom, EnergoPro Georgia, BP Group, Achar Energy, constantly operating branch of China Railway 23rd Bureau Group Co., Metro Atlas Georgia, Georgian branch of Inka Insaat ve Sanayi Anonim Sirketi, Tourism Development Fund (subsidiary of Georgian Co-Investment Fund) and Nenskra Hydro.


    REZONANSI: “BUSINESSMEN CONFIRM THAT THEY WILL RISE PRODUCTION IN PRICE RIGHT AFTER INCREASE OF ELECTRICITY PRICE”

    December 12, 2017 - National Energy and Water Supply Regulating Commission starts consideration of tariff-related issues from today, and it is expected that the bills will increase, the newspaper says.

    Almost no segment of consumer market remains, where prices will be maintained in case of rise of electricity tariff, the article states, noting that the only exception is bread cost, which change is not expected.


transport & communications

    KVIRIS PALITRA: “GENERAL EXAMINATION OF GEORGIA’S VEHICLE FLEET”

    December 11, 2017 - Since 2018, within the next 2 years, about 900,000 cars will pass obligatory inspection. According to official data, 1.2 million cars are registered in Georgia.


international cooperation

    BANKEBI DA FINANSEBI: “ROLE OF CHINA IN GEORGIA’S ECONOMIC DEVELOPMENT”

    December 15, 2017 - China accounts for 10% of Georgia’s total export and for over 7% of total import. Wines are the second largest group of export to China (13% of Georgia’s total wine export).


ecology & health

    NETGAZETI.GE: “TOUGHENING OF CONTROL OF MEDICINES’ MARKETING AND GIFTS TO DOCTORS IS PLANNED”

    December 12, 2017 - According to vision of healthcare system’s development by 2030, legislative control and sanctions on marketing of medicines, sponsorship and gifts to doctors will be toughened, while electronic prescriptions will become obligatory, Netgazeti.Ge reports.

    The vision was drafted by the Parliament’s Healthcare Committee with assistance of the UN Development Program (UNDP).


finances & banking

    REZONANSI: “CREDITS RISE IN PRICE, BORROWERS TO FALL IN DESPERATE SITUATION”

    December 14, 2017 - In October, average market rate on retail credits in national currency made up 26.2%, increasing in comparison with September by 0.4%, the newspaper reports. The article points that this is the highest rate for the last 6 months.


agriculture & food

    EUGEORGIA.INFO: “IN 2018, EXPORT OF GEORGIAN ANCHOVY TO GERMANY AND BELGIUM IS PLANNED”

    December 12, 2017 - On June 20, the EU officially put Georgia in the list of the third countries, allowing thus export to the EU of anchovy, caught in the Black Sea.

    Currently, Georgian fishery companies hold negotiations on export of Black Sea anchovy to the EU.


construction

    NETGAZETI.GE: ““M2” DECLARES THAT IT WORKS ON ISSUES OF “KHRUSHEVKAS” WITH THE CITY HALL OF TBILISI”

    December 12, 2017 - Director general of developer company m2 Irakli Burdiladze declares that the company plans to replace so-called “khrushevkas” (5-storey apartment blocks) in Saburtalo district of Tbilisi with new buildings. However, the project is only on the stage of idea so far, he notes.


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