Over half of the enterprises that make up Georgia’s packaging value chain lost more than 50% of their income to lockdown and 83% considered the pandemic a significant threat to their continued operation, said a new study of the European Union and the United Nations Development Programme (UNDP) based on interviews with over 500 companies.…
The estimated real gross domestic product (GDP) declined by 16.6% YoY in April, the National Statistics Office of Georgia (Geostat) reported. GDP declined by 3.6% in the first four months of 2020. In April, the estimated real growth compared to the same period of the previous year was posted negative in almost all activities, while…
The government of Georgia will subsidize the 2020 grape harvest, especially grape varieties of Rkatsiteli and Kakhuri Mtsvane in order to support farmers completely sell their produce, Prime Minister Giorgi Gakharia has announced. Gakharia said that the price of Rkatsiteli and Kakhuri Mtsvane would not be less than 80 tetri. He added that in case…
The prices of clothing and footwear and healthcare have increased in Georgia, according to the latest inflation data from the National Statistics Office of Georgia (Geostat). The prices in the group of clothing and footwear increased by 5.6% in June. The prices went up for both clothing (+2.8%) and footwear (+11%). Health-related costs went up…
A total of 175 brand new buses will appear in six Georgian cities in autumn and winter, as Georgia has signed a deal with a Turkish company. Turkey’s leading bus manufacturer Otokar aims to take public transportation in Georgia “to a new level” with its 117 AGILO C 8.5-meter buses and 58 KENT C 10-meter…
The National Bank of Georgia (NBG) has cut the refinancing rate by 0.25%, to 8.25% in order to ensure price stability after monitoring developments in the economy and financial markets of Georgia. The NBG said that in May annual inflation stood at 6.5% and according to the NBG forecast, inflation would continue to gradually decline…
The National Bank of Georgia has sold $20 million to stabilzse the Georgian lari amid its depreciation. As of now, $1 costs 3.0404, while 1 EUR costs 3.4177 GEL. In 2020, the National Bank of Georgia carried out seven foreign exchange interventions in total selling $209.65 million. Back in January the cost of $1 was…