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Since 2018 eighteen new hotels launched operation in Georgia, including 7 branded hotels. According to the National Tourism Administration, as a result, the country has acquired 1624 beds and 812 suites in addition. The major one Stamba hotel comprises 205 suites and 400 beds, Ramada Encore Tbilisi comprises 152 suites and 250 beds. Moxy hotel has 130 suites and 260 beds.  Timber Boutique Hotel has 18 suites. As to regions Hotel Porta Caucasia Kazbegi has opened in Kazbegi with 33 suites, Akhasheni Wine Resort with 41 suites launched operation in Kakheti Region. Ambassadori Kachreti hotel increased the number of suites to 120 ones. Starting the year, 505 new suites opened in Tbilisi. Kakheti Region acquired 155 new suites and Samtskhe-Javakheti Region – 54 new suites. There are 2 196 accommodation facilities in Georgia, including 827 hotels, 811 guest-houses, 398 hotel-style houses and 160 facilities of other type. A total of 219 hotels will open in Georg... read more

Georgia’s external trade grew by 24.5 percent in January-May 2018 and reached $5.98 billion, says the National Statistics Office of Georgia (Geostat). In the first six months of 2018, the value of Georgia’s exports increased by 28.8 percent to $1.59 billion, while the value of imports also increased 23 percent to $4.39 billion with respect to January-June 2017, says the Geostat data. Georgia’s trade deficit equaled $2.79 billion in January-June 2018, which was a 46.8 percent share of the country's total trade turnover. The trade deficit is an economic measure of the negative balance of trade in which a country's imports exceed its exports. Detailed data on external merchandise trade of Georgia will be published on 19 July 2018. ... read more

Georgia has gained a better position in the Global Innovation Index thanks to the country’s recent push in innovation-oriented policies and the opening of new facilities that support entrepreneurship and creativity. The annual Global Innovation Index (GII), published this week ranked Georgia 59th out of 126 countries. This was a promotion of nine places compared to last year’s results, where Georgia was positioned in 68th place. The Global Innovation Index ranked the innovation capacity and performance of 126 countries and economies around the world, based on 80 indicators. Switzerland, Netherlands, Sweden, the United Kingdom (UK) and Singapore retained the top five positions in the GII survey. Meanwhile, Turkey was ranked 50th, Russia was 46th and Ukraine gained a ranking of 43rd. Armenia placed 68th while Azerbaijan ranked 82nd. ... read more

Georgia hosted 3,561,961 international travelers in January-June 2018 of which 1,933,774 were tourists, says the Georgian National Tourism Administration. In the reporting period number of international visitors increased by 13.6 percent and the number of tourists increased by 22.9 percent. The countries from where the largest number of visitors came to Georgia in January-May 2018 were: Russia – 27.9 percent increase Turkey – 20.4 percent increase Azerbaijan – 10.6 percent increase Armenia – 3.9 percent decrease From European Union countries: Estonia – 108.6 percent increase United Kingdom - 51.5 percent increase Netherlands – 46.8 percent increase Latvia – 45 percent increase Germany – 44.4 percent increase France – 36.8 percent increase Poland – 30.9 percent increase The countries with the most significant increase were: Korea – 168.6 percent increase Saudi Arabia &... read more

The average estimated real gross domestic product (GDP) growth in Georgia equaled 6.1 percent for the first five months of 2018 year-on-year (y/y), says the National Statistics Office of Georgia (Geostat).   The estimated real GDP growth rate in May 2018 amounted to 7.5percent y/y. Last month the estimated real growth, compared to the same period of the previous year, was posted in the following activities: Transport Manufacturing Trade Financial intermediation Hotels and Restaurants The government forecasts Georgia’s economy to grow by 4.5 percent in 2018. Various international financial institutions also have positive expectations for Georgia’s economic growth. In 2018, the World Bank predicts Georgia’s economic growth to hit 4.2 percent while the European Bank for Reconstruction and Development (EBRD) says Georgia’s economy will grow by 4.5 percent. The Asian Development Ba... read more

"A tax regime for small businesses, which is unique throughout the world, is already in force”, says Prime Minister of Georgia Mamuka Bakhtadze. Per the new tax initiative that came into play on July 1, the turnover tax for small entrepreneurs will be reduced five times. This far-reaching reform applies to almost 100 percent of individual entrepreneurs. In addition, while in the past small businesses were defined as businesses with a turnover of up to 100,000 GEL, from now on those with 500,000 GEL will also qualify as small businesses. Instead of five percent, small businesses' revenues, from now on will be taxed at one percent, and smaller businesses will be able to keep the simplest tax accounting in the future. Taxes will be paid, and declarations will be submitted, on a monthly basis, not through advance tax payments, which was a major problem for entrepreneurs in Georgia in the past, as they were forced to pay taxes in advance. Furthermore,... read more

Various agricultural issues were discussed at a meeting recently organised through the EU-funded European Neighbourhood Programme for Agriculture and Rural Development (ENPARD). Among the topics discussed was the creation of an online library to make modern agricultural advice handbooks and guidebooks available for Georgian farmers and extension specialists. The event was held to support the improvement and development of the agricultural extension services in Georgia supported through ENPARD and implemented by the Food and Agriculture Organisation. Other than the online library for extension materials, the participants of the meeting also discussed the preparation of an extension communication strategy and the development of a methodology to assess the existing extension materials and prepare an inventory of available materials. The EU is supporting rural development in Georgia through its ENPARD programme. Aiming to reduce rural poverty, ENPARD has been implemented since ... read more

In January-May 2018 Georgia’s foreign trade turnover (excluding undeclared trade) made up 4 894.8 million USD, up 24.5% compared to the same period of 2017. According to Geostat, national statistics service of Georgia, exports constituted 1 284.7 million USD, up 28% and imports constituted 3 610.1 million USD, up 23.3%. Negative trade balance in January-May 2018 totaled 2 325.4 million USD, which is 47.5% in foreign trade turnover. 16.06.2018 ... read more

In 2017 Georgia-Israel trade turnover made up 20.2 million USD, up 5 million USD compared to the 2016 indicator. According to Geostat, national statistics service of Georgia, Georgia-Israel turnover in January-April constituted 14.1 million USD. In 2017 top exports items included: radio telephone, radio broadcasting and TV transmission equipment (1.6 million USD), nuts (878.9 thousand USD), fruits and vegetable fruits (841.4 thousand USD), mineral and spring waters (831.2 thousand USD) and optical elements (653.7 thousand USD).  We also remind you that in May 2018 Georgia and Israel signed agreement on examination of free trade expediency. According to Minister of Economy Dimitri Kumsishvili, the research will outline specific investment projects and opportunities for Israeli investors in various fields of economy. 16.06.2018 ... read more

Georgian wine tasting-seminar was held in Portland, USA. The event was organized by July Peterson, head of the National Wine Agency contractor marketing company “Marq Energie Consulting." The event was attended by up to 40 wine professionals – importers, distributors and media representatives. In several US cities Georgian wine tasting-presentations will held in June . With the organization of the National Wine Agency contractor marketing company “Tastingwork”, tastings  have already been held in New York and San Francisco. Another tasting will be organized by “Marq Energie Consulting”  in Houston today. Seminars on Georgian wine culture and history are held simultaneously with tasting. The guests of the event have the opportunity to taste the wines made by Georgian traditional and classic methods. The tastings will promote the raise of awareness and popularization  of Georgian wine in the USA. In the recent years th... read more