Economy Minister Natia Turnava said the economy was starting to reopen, as the government was successfully containing the spread of the coronavirus. Visiting a factory of electric heaters in Georgia’s western city of Kutaisi, Minister Turnava said particular attention was now being paid to companies, which had been established by foreign investors. Atlantic Georgia –…
Estimated real gross domestic product (GDP) declined by 16.6% YoY in April and by 3.6% in the first four months of 2020, showed the latest data from the National Statistics Office of Georgia (Geostat). In April estimated real growth compared to the same period of the previous year was negative in almost all activities. Growth…
Net profit of 15 commercial banks of Georgia amounted to 80.29 million lari ($25.1 million) in April, up by 16.10 million lari ($5.04 million) YoY, the National Bank of Georgia (NBG) reported. Revenues received by commercial banks from fines / penalties amounted to 308,000 lari ($96,515); the net profit / loss from conversion operations, i.e.…
US company Cerberus Frontier will construct a small hydropower plant, Bakhvi 1, in the Guria region of Georgia, Economy Minister Natia Turnava has announced. “This will be the US company’s fifth project in Georgia”, said Turnava and added that a government meeting discussed and approved the construction of Bakhvi 1 hydropower plant in Guria. The…
Hotel Qvevrebi, which is being built in Telavi in east Georgia, will welcome tourists in Qvevri-formed rooms next year. Qvevri is a traditional large earthenware egg-shaped vessel, which is used to ferment Georgian wine below ground or set into the floors of large wine cellars. The building of the hotel is being carried out under…
Georgia’s external trade turnover amounted to $3.46 billion in January-April, down by 11.8% YoY, showed preliminary data from the National Statistics Office of Georgia (Geostat). The value of exports decreased by 11.9% and reached $778.2 million, while imports decreased by 11.8%, to $2.46 billion. The trade deficit of Georgia in January-April amounted to $1.46 billion,…
Georgia: unemployment down in 2019 The unemployment rate in Georgia decreased by 1.1% YoY, to 11.6% in 2019, saids the National Statistics Office of Georgia (Geostat). Last year the economically active population constituted 62.9% of the working age population (population aged 15 and older). “In comparison to the previous year, the economic activity rate decreased…