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Georgia’s external trade grew by 17% in 2018, reaching $12.48 billion, says the National Statistics Office of Georgia (Geostat). Last year the value of Georgian exports increased by 22.9% to $3.36 billion, while the value of imports also increased 14.9% to $9.12 billion with respect to 2017, said Geostat. Last year Georgia’s trade deficit came out to $5.76 billion, which was a 46.1% share of the country's total trade turnover. Trade deficit is an economic measure of the negative balance of trade in which a country's imports exceed its exports. The infographic published below shows the data of Georgia's external trade from 2013- 2018. Click on the image to take a bigger view: ... read more

The number of passengers who took regular or charter flights in Georgia’s three international airports increased by 23% in 2018 compared to 2017, while the number of performed flights increased by 17%. Last year Georgian airports of Tbilisi Shota Rustaveli International Airport, Batumi International Airport and Kutaisi David Aghmashenebeli International Airport served in total 5,033,323 passengers. More specifically: Tbilisi International Airport served 3,808,619 passengers - a 20.37% increase y/y Kutaisi International Airport served 617,373 passengers – 52.37% increase Batumi International Airport served 598,891 passengers – 20.83% increase Three airline companies – Turkish Airlines, Georgian Airways and Wizz Air – take an equal share on Georgian market: Wizz Air – 587,179 passengers (12%) Turkish Airlines – 559,749 passengers (11%) Georgian Airways – 550,831 passengers (11%) Ural Airlines – 294,000... read more

The National Geographic Travel has shared on its official Facebook page some of the best destinations from 2018, including Georgia’s capital of Tbilisi. The short video published on the National Geographic Travel’s Facebook page shows beautiful parts of Tbilisi and briefly describes the most interesting facts of the city. “Riotous and anarchic the capital of Georgia is anything but orderly. Despite this—or because of it—it's one of the best, most strikingly original cities in the world. It represents the epitome of east meets west: a Silk Road crossroads where Arab, Ottoman, Mongol, and Russian imperial forces each left their own distinctive cultural mark. “Tbilisi was once a labyrinth of crumbling art nouveau palaces and decaying, overgrowing balconies. In the aftermath of the country's brief, devastating 2008 war with Russia, waves of foreign investment have transformed Georgia into a model of frenetic development. Tbilisi's an... read more

The World Bank forecasts 5% economic growth in Georgia in 2019, 5% in 2020 and again 5% in 2021, shows the Global Economic Prospects report of the World Bank. As for Georgia’s neighboring countries, Armenia will experience 4.3% economic growth, Azerbaijan – 3.6% growth, Russia – 1.5% growth and Turkey – 1.6% growth. Compared to the previous report which was published in June 2018, the World Bank moved its forecast up by 0.8 percentage points for 2018 and by 0.2 percentage points for 2019.   Deputy Economy Minister Ekaterine Mikabadze said the World Bank’s forecast is a recognition of the government’s reforms which are important for creating economic stability in Georgia. Such an assessment positively affects the attitude of investors and their willingness to carry out commercial activities in the country”, said Mikabadze. The World Bank report says that global growth is expected to slow to 2.9% in 2019. ... read more

Georgia exported about 86.2 million bottles of wine to 53 countries in 2018, which is a record high in the last 30 years, announces the Georgian National Wine Agency. Last year Georgia generated $203 million from the sale of wine abroad. Revenue increased by 20% from 2017, while the volume of exports increased by 13%, said the Georgian National Wine Agency. The top 10 countries that imported the most bottles of Georgia wine in 2018 were: Russia – 53,682,627 bottles Ukraine – 10,687,835 bottles China – 6,951,019 bottles Kazakhstan – 3,599,143 bottles Poland – 3,508,122 bottles Latvia – 1,711,078 bottles Belarus – 1,606,002 Estonia – 581,190 Lithuania – 488,154 Germany – 483,791 To European countries: Switzerland – 378% increase (25,350 bottles) Denmark – 111% (17,834 bottles) Romania – 100% increase (99,774 bottles) Czech Republic – 81% increase (61,908 b... read more

The Georgian economy grew 4.7% year-on-year in the first 11 months of 2018, announces the National Statistics Office of Georgia (Geostat). The estimated real gross domestic product (GDP) growth rate in November 2018 was equal to 2.2% year-on-year, Geostat said. Last month the estimated real growth, compared to the same period of the previous year, was posted in the following activities: Trade Financial intermediation and real estate Renting and business activities A decrease was registered in construction, said Geostat. 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 Bank (ADB) raised Georgia’s 2018 growth forecast to 4.9 per cent from the April estimate of 4.5 p... read more

A stable national currency, increasing investments and five per cent growth await Georgia in 2019, Economy Minister Giorgi Kobulia said while addressing parliament today. Kobulia said that Georgia’s economic performance is much better than that of other countries in the region.  The International Monetary Fund forecast that Georgia will be the leader country in the region over the next five years, until 2023. Our forecast is 5% [growth]”, said Kobulia. Despite sustainable economic development, Georgia still needs higher rates of overcoming poverty, said Kobulia. Although the current statistic shows that the poverty level decreased by 10% compared to 2013, the fight against poverty remains one of our biggest challenges and main priorities… Fighting against poverty is the parameter we are continuously observing. We still have a 20% poverty rate and we have to overcome that. The rate of poverty reduction was low during the last two years and we ne... read more

Georgia has improved its rating in Forbes magazine’s ‘Best Countries for Business 2019’ ranking, where Georgia ranks 44th among 161 countries. Georgia improved its rating by eight positions and is ahead of countries such as Qatar, Thailand, China, Croatia, Bulgaria, Mexico, Turkey, Uruguay, South Africa, Brazil and India. In the ranking, Russia (55th place), Turkey (57th place), Kazakhstan (65th place), Azerbaijan (70th place), Ukraine (77th place) and Armenia (81st place) lag far behind Georgia. Georgia’s ranking is as following: Trade freedom – 4th in the world’s 161 countries Monetary freedom – 70th place Innovation – 83rd place Technology – 45th place Investor protection – 2nd place Corruption – 43rd place Personal freedom – 66th place Tax burden – 16th place ... read more

Georgia’s economic performance remains strong, but downside risks to the outlook have increased, reads the third review of the International Monetary Fund (IMF) of Georgia’s performance under the 3-year Extended Fund Facility (EFF). The executive board of the IMF completed the third review on 19 December.  The completion of the review will release about $41.6 million, bringing total disbursements under the arrangement to about $166.3 million.The extended arrangement for about $291.5 million was approved by the executive board on 12 April 2017. Georgia’s economic performance remains strong, but downside risks to the outlook have increased. Inflation has stayed below the 3% inflation target in 2018, and the external position has strengthened. Higher revenues and lower investment resulted in a fiscal surplus through September 2018. Against the background of high credit growth, the authorities introduced regulations to limit household over-indebtedness. ... read more

The nominal gross domestic product (GDP) amounted to 10.58 billion GEL in the third quarter of 2018, announces the National Statistics Office of Georgia (Geostat). The real growth rate of GDP equalled 3.7% year-on-year, while the GDP deflator increased by 3.4%. Real GDP growth amounted to 4.8% for the Q1-Q3 2018 year-over-year. Real growth was registered in the following activities: Community, social and personal service activities (19.9%) Transport (16.2%) Financial intermediation (15%) Real estate, renting and business activities (13.4%) Communication (8.9%) Health and social work (8.6%) Hotels and restaurants (7.4%) Mining and quarrying (6.2%) Processing of products by households (5.9%) Agriculture, hunting and forestry; fishing (3.8%) A decrease in the real value-added occurred in: Construction (-9.2%) Public administration (-2.9%) Manufacturing (-2.3%) ... read more