Category: Economy

Fuel Excise Revenues Surge as Georgia Sees a Rise in Petroleum Imports In the first 11 months of 2024, Georgia’s fuel excise revenues reached an impressive GEL 586 million, marking an 11% increase compared to the same period last year, according to the Ministry of Finance’s Treasury. The growth in fuel excise taxes reflects a strong demand for petroleum products in the country, as well as the government’s consistent efforts…

In a troubling report for Georgia’s media industry, the country’s six major broadcasting companies have collectively reported a significant loss of GEL 145 million for 2023. This marks a 73% increase in losses compared to the previous year, primarily driven by a steep 16% decline in advertising revenue. Breakdown of Financial Losses Across Major TV Stations The financial reports from Georgia’s top broadcasters provide a stark picture of the industry’s…

Turkish construction giant ENKA has triumphed in its legal battle over the controversial Namakhvani hydropower plant (HPP) project. Following a lengthy arbitration process, Georgia has been ordered to pay $383.2 million in compensation after ENKA’s contract for the project was terminated. A Dispute with Deep Implications The Namakhvani HPP project was once heralded as a cornerstone of Georgia’s renewable energy strategy. However, it quickly became a flashpoint for public outcry…

Georgia’s aviation sector has experienced a significant boost in 2024, with passenger turnover rising by 45% in the third quarter of the year. According to data from Geostat, the country’s national statistics service, the number of passengers transported reached 597.9 million, marking a notable recovery and growth in the aviation industry. Passenger Traffic Soars Passenger traffic across Georgia’s airports saw a dramatic 20.6% increase in the third quarter, bringing the…

Surge in Traffic and Freight Marks Strong Growth for Georgia’s Aviation Sector Georgia’s aviation sector has seen remarkable growth in the third quarter of 2024, with passenger turnover rising by 45% compared to the previous year. According to the latest data from Geostat, Georgia’s national statistics service, the country’s airlines carried a total of 597.9 million passengers, a significant increase driven by both stronger passenger numbers and a jump in…

Money transfers to Georgia experienced a significant downturn in October 2024, falling by 1.5% to $281.1 million. This comes after a smaller 1.1% decrease the previous month, according to a report published by Galt & Taggart. Breakdown of Transfers by Region The data highlights varying trends across different regions sending money to Georgia. The European Union and the United States showed positive growth, while countries like Russia and Kazakhstan experienced…

Georgia’s unemployment rate dropped to 13.8% in the third quarter of 2024, showing a 1.8% decrease from the same period in 2023. This significant change signals a positive shift in the nation’s labor market, according to the National Statistics Office of Georgia (Geostat). Key Employment Figures Reveal Growth In addition to the drop in unemployment, several other indicators show growth in Georgia’s labor market. The number of hired workers rose…

Adjara Group, led by Temur Ugulava, is set to take charge of the extensive renovation of the iconic Tbilisi Sports Palace, with plans for a major transformation aimed at modernizing the facility for cultural and sporting events. The renovation is expected to be completed by late 2026. Revamping Tbilisi’s Iconic Sports Facility Under the terms of a new agreement, the management of Tbilisi Sports Palace will transition to Ugulava’s company,…

The annual inflation rate in Georgia reached 0.3% in October 2024, according to the National Statistics Office (Geostat), signaling subtle but steady changes in consumer prices. While the overall figure remains modest, the data reveals significant sector-specific shifts, most notably in restaurants, hotels, and education. Core inflation—excluding volatile categories like food and energy—rose by 1.2%, reflecting underlying price pressures that may impact the broader economy in the months to come.…

The National Bank of Georgia (NBG) has released its 2024 inflation report, revealing that inflation continues to remain below the target level. The annual inflation rate has decreased to 0.6% in September, a significant drop attributed to low inflation rates for local production and reduced import inflation. This report provides a comprehensive overview of the current economic conditions and the factors influencing inflation in Georgia. The findings highlight the effectiveness…