Category: Economy

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…

Archi, a leading development company, has announced the construction of a luxurious five-star hotel at Lake Sioni. This ambitious project, named Le Meridien Sioni Lake Resort & Spa by Archi, is a collaboration with the renowned international hotel brand Le Meridien, part of the Marriott International group. The resort aims to offer unparalleled luxury and comfort, transforming Sioni into a premier tourist destination. A Landmark Development for Sioni The announcement…

Georgia’s economy has shown remarkable resilience and growth, with the latest data from Geostat revealing a 12% increase in GDP for August 2024. This impressive growth rate is part of a broader trend, with the average GDP growth for the first eight months of the year standing at 10%. Key sectors driving this growth include professional, technological, and research-based fields, as well as construction, insurance, financial services, communication, and trade.…

Kutaisi International Airport is undergoing a significant transformation with the construction of a new runway. This development, supervised by the Ministry of Economy, aims to enhance the airport’s capacity and accommodate larger aircraft. The project, funded with GEL 7.2 million, is expected to bolster the airport’s role as a key aviation hub in Georgia. With a remarkable 109% increase in passenger traffic in 2023, the new runway will further support…

In a surprising move, the US Federal Reserve has slashed its key lending rate by 50 basis points, just weeks before the upcoming presidential election. This decision marks the first rate cut since the COVID-19 pandemic and aims to lower borrowing costs across the board. The rate cut, which brings the central bank’s benchmark rate to between 4.75% and 5.00%, is expected to have significant implications for the economy and…

In a significant move to enhance trade and transportation links, Georgia and China have signed a Memorandum of Understanding (MoU) to advance the Middle Corridor. The agreement, signed by Georgian Economy Minister Levan Davitashvili and Zhao Chenxin, Vice Chair of the National Development and Reform Commission of China, aims to boost the development of the multimodal transport corridor connecting China to Europe through the South Caucasus. This initiative is expected…

The National Bank of Georgia (NBG) has decided to keep its refinancing rate steady at 8%, a move aimed at controlling inflation and stabilizing the economy. This decision reflects the bank’s cautious approach to monetary policy, ensuring that inflation remains close to its target rate in the medium term. The NBG’s strategy includes monitoring economic indicators and adjusting policies as necessary to mitigate inflationary pressures, particularly those arising from global…