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Economic Press Monitor

October 23 - 29, 2022

Previous Issues:  Days: < 15 22 29 05 12 > 

 

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economic & politics

    NETGAZETI.GE: “OUT OF ARRIVED THIS YEAR, 112,733 RUSSIAN CITIZENS REMAIN IN GEORGIA – INTERIOR MINISTRY”

    October 27, 2022 - Georgian Interior Ministry reported that 112,733 Russian citizens have arrived and remain in Georgia this year. This makes up 3.05% of Georgia’s population, the article indicates.


    BANKEBI DA FINANSEBI: “THE RULING TEAM DECIDED TO CREATE AN ANTI-CORRUPTION BUREAU”

    October 27, 2022 - Georgia’s ruling team decided to create an Anti-Corruption Bureau as a legal entity of public law. This structure will report to the Parliament and the Interagency Anti-Corruption Council.


    TABULA: “ADMINISTRATION: THE PRESIDENT WAS NOT INFORMED ABOUT ALIYEV’S VISIT, THE MEETING DID NOT TAKE PLACE”

    October 26, 2022 - Administration of Georgia’s President Salome Zurabishvili declared that the President was not informed about the visit of Azerbaijani President Ilham Aliyev to Georgia on October 24.

    “Despite the desire and willingness of the President of Georgia, unfortunately, the presidents did not have a meeting, which is traditionally held during visits to the country by all heads of state”, the administration said in the statement.


    REZONANSI: “WAR AND ECONOMICS – ALIYEV’S UNEXPECTED VISIT, WHICH INDICATES THE GROWING GEOPOLITICAL IMPORTANCE OF GEORGIA”

    October 26, 2022 - On October 24, amid growing tensions in the region, Azerbaijani President Ilham Aliyev visited Georgia after a 7-year pause, the newspaper says.

    The article brings comments on the visit, made by conflictologists Paata Zakareishvili and Zurab Bendianishvili.


    TABULA: “VOLSKY: THERE IS NO RANGE OF ISSUES ON WHICH ZURABISHVILI COULD SPEAK WITH ALIYEV”

    October 26, 2022 - Georgia’s President Salome Zurabishvili stated that the country’s ruling party did not inform her about the visit of Azerbaijani President Ilham Aliyev to Georgia on October 24.

    For his part, Giorgi Volsky, vice-speaker of Georgian Parliament, noted that there are topics that “are not directly envisaged within the powers of the President”.


    BANKEBI DA FINANSEBI: ““GEORGIA BECOMES A CRUCIAL PART OF THE EURASIAN CORRIDOR, THAT IS DOUBLED ECONOMIC INCOME AND SECURITY””

    October 26, 2022 - “Georgia becomes a crucial part of the Eurasian corridor”, that is “doubled economic income and security”, states analyst Zaal Kasrelishvili, chairman of Caucasian Peoples’ Confederation.

    “An ideal option has appeared” for gas supplies to Europe, Kasrelishvili notes.


    BANKEBI DA FINANSEBI: “GNERC MEMBERS ELECTED DAVID NARMANIA TO THE POSITION OF CHAIRMAN FOR A SECOND TERM”

    October 25, 2022 - David Narmania has been elected chairman of Georgian National Energy and Water Supply Regulating Commission (GNERC) for a second term.

    Narmania was elected for the first term in 2019, while the Georgian Parliament approved him for the vacant post of the Commission member for the first 6 years in December 2017.


    BANKEBI DA FINANSEBI: “IN COMING MONTHS, TOBACCO WILL RISE IN PRICE IN GEORGIA”

    October 25, 2022 - “We cannot say at this stage when and how much tobacco will rise in price, but the price increase will definitely happen”, declares Iva Khasia, corporate director of tobacco importer JTI.

    Khasia grounds the statement with the fact that because of the war in Ukraine it became necessary to look for alternative markets.


macroeconomics & budget

    REZONANSI: “BY THE END OF THE YEAR, INFLATION WILL INCREASE INSTEAD OF DECREASING, WHILE FORECAST FOR 2023 HAS WORSENED”

    October 28, 2022 - In Georgia, inflation was supposed to decrease by the end of this year, but National Bank of Georgia (NBG) has postponed now approaching the inflation target (3%) until end of the next year, the newspaper indicates.

    At the meeting of its Monetary Policy Committee, NBG kept the refinancing rate at 11%, pointing that against the background of inflation’s increase to 11.5% in September, maintenance of a tightened policy is advisable.


    BANKEBI DA FINANSEBI: “KOBA GVENETADZE: WE CAN ASSUME THAT WE HAVE SIGNS OF OVERHEATING OF THE ECONOMY”

    October 28, 2022 - “The existing estimates show that the current growth is higher than potential growth”, declared Koba Gvenetadze, president of the National Bank of Georgia (NBG), while commenting on the situation in Georgian economy. “This is the very reason, why we can assume that we may have signs of overheating”, he explained.


    TABULA: “KALADZE: REHABILITATION WORKS ON “GOTSIRIDZE” SUBWAY STATION ARE NEARING COMPLETION”

    October 27, 2022 - “Rehabilitation works on subway station Gotsiridze are nearing completion”, declared Tbilisi Mayor Kakha Kaladze.

    The works started in February 2021 and were originally supposed to be completed in 3 months, but it turned out that the platform is critically damaged and must be built anew.


    FORBES GEORGIA: “IN TERMS OF INCOME PER CAPITA GEORGIA RANKS 77TH IN THE WORLD”

    October 27, 2022 - In terms of average annual income per capita, the IMF places Georgia the 77th among 191 countries, the magazine reports.

    The IMF expects that Georgia’s income per capita, adjusted to purchasing power parity (PPP), will increase in 2022 by 17%, up to $19,789.


    FORBES GEORGIA: “INFLATION IN GEORGIA AND THE WORLD – SEPTEMBER-OCTOBER”

    October 24, 2022 - Referring to tradingeconomics.com, the magazine reports that in terms of inflation, Georgia ranks 64th among 178 countries. In September, Georgia’s rate of annual inflation made up 11.5%.


energy, oil & gas

    REZONANSI: “THERE IS TOTAL ABSENCE OF CONTROL ON LIQUEFIED GAS MARKET!”

    October 25, 2022 - “Current situation at filling stations in connection with import and sale of liquefied gas is a disaster”, states Vakhtang Iobashvili, head of Georgian Oil-Products Importers Union. The mentioned product is sold at unbranded filling stations with neglect of all rules and standards, he claimes.


companies

    FORBES GEORGIA: ““FEDEX” REPRESENTATION IN GEORGIA TO BUILD A LOGISTICS CENTER”

    October 28, 2022 - FedEx representation in Georgia will build during 18 months a logistics center on 10,000 square m area near Tbilisi Airport.

    For that end, the representation signed a financial agreement with the US International Development Finance Corporation (DFC).


    BANKEBI DA FINANSEBI: “TALKS ABOUT 500 AND 1,000% PROFIT ARE UNNECESSARY – “PSP” DIRECTOR ON THE MINISTER’S STATEMENT”

    October 24, 2022 - Zurab Azarashvili, Georgia’s Minister of IDPs from occupied Territories, Labor, Healthcare and Social Protection, declared that after the introduction of reference prices, pharmaceutical companies will no longer be able to set 500% and 1,000% margins on medicines.

    However, Mamuka Bregvadze, executive director of the PSP pharmacy chain, said that “a 500% profit margin is fixed in the pharmaceutical market only in case of isolated, at that, small players”.


agriculture & food

    REZONANSI: “THERE WILL BE NO FOOD STOCK PROBLEM, BUT IT WILL BE STILL DIFFICULT TO SURVIVE THIS WINTER”

    October 24, 2022 - “We have never had and do not have a problem with stocks”, declared Iva Chkonia, head of Georgian Distributors’ Association. “There is always food in the country, especially when winter comes”, he said, pointing that even during the pandemic or at the outbreak of Russia-Ukraine war, there was no case that any product was in short supply.


construction

    REZONANSI: “WHEN WILL REAL ESTATE PRICE GO DOWN? – DATE AND SCALE OF THE REDUCTION HAVE BEEN DETERMINED”

    October 25, 2022 - In Georgia, “the price of real estate has increased in a limited period of time and does not correspond to the current processes in the economy”, says Shota Gujabidze, head of IGS Group. “Along with the reduction of the inflow of Russians, the real estate price will probably begin to approach the real price, i.e. will become cheaper to a certain extent”, he supposes.


    BATUMELEBI: ““BONDI-2009” WILL ARRANGE ARTIFICIAL BEACH IN THE BOULEVARD, TENDER COST – 5.6M”

    October 24, 2022 - Environmental Protection and Natural Resources Department of Ajara Agriculture Ministry has signed a contract of 5.6 million lari with the company Bondi-2009.

    In order to restore beaches in Batumi, the company must bring 412,960 cubic m of inert materials, which will be extracted at 4 sites, allocated in delta of the Chorokhi River.


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