Category: Economy

In a significant economic development, 69.5% of Georgia’s exports are now directed to the Commonwealth of Independent States (CIS) countries. This shift highlights the growing economic ties between Georgia and its neighboring CIS nations. According to a recent report by Galt & Taggart, this increase in exports to the CIS is accompanied by a notable rise in imports, which grew by 7.2% year-on-year. The report also indicates a decrease in…

The Government of India has taken a significant step in the financial sector by establishing the country’s first International Financial Services Centre (IFSC) in GIFT City, Gujarat. This initiative aims to position GIFT IFSC as a global financial hub, providing a platform for international financial services and integrating them with the Indian economy. With its unique status under the Foreign Exchange Management Act, GIFT IFSC allows financial transactions in multiple…

In a significant move to enhance the capabilities of the non-banking sector, the National Bank of Georgia has introduced a specialized training module. This initiative, part of the bank’s educational projects, aims to address the unique challenges faced by non-banking institutions. The first series of trainings were conducted in the regions of Imereti, Samegrelo, and Adjara, providing participants with valuable insights and practical knowledge. Empowering the Non-Banking Sector The National…

The Georgian Startup Summit and Startup World Cup Regional Competition are set to take place on August 20-21 in Batumi. This event is a significant gathering for startup enthusiasts, offering unparalleled opportunities for networking, learning, and celebrating innovation. The summit will feature a variety of activities, including pitch competitions, high-level talks by international venture capitalists, and a beach party. The winner of the regional competition will advance to the global…

The global oil market has recently witnessed a notable decrease in prices on the world’s leading oil exchanges. This decline is attributed to various factors, including changes in supply and demand dynamics, geopolitical tensions, and economic conditions. The impact of these price fluctuations is far-reaching, affecting economies, industries, and consumers worldwide. In this article, we will explore the reasons behind the falling oil prices, the implications for the global economy,…

In July 2024, Georgia saw a significant increase in aviation oil imports, with 34.2% of these imports coming from Turkey. This marked a substantial rise in the overall import volume, amounting to 23.1 thousand tons, which is 84.8% more compared to the same period in 2023. The data highlights Turkey’s growing role as a key supplier of aviation oil to Georgia, reflecting the strengthening economic ties between the two countries.…

In the first seven months of 2024, Georgia’s foreign trade turnover with goods amounted to $12.564 billion, reflecting a dynamic shift in the country’s economic landscape. This period saw a mix of growth and challenges, with exports decreasing by 6.7% to $2.848 billion, while imports slightly increased by 0.2% to $7.472 billion. The resulting negative trade balance stood at $4.624 billion, representing 44.8% of the total foreign trade turnover. Export…

In a significant move for the local education community, Tolana Griggs has been appointed as the new principal of Smith Elementary School. Griggs, who previously served as the assistant principal, brings a wealth of experience and a deep commitment to fostering a supportive and inclusive learning environment. Her appointment marks a new chapter for the school, promising innovative approaches and a renewed focus on student well-being and academic excellence. A…

Deputy Minister of Economy and Sustainable Development, Mariam Kvrivishvili, recently held meetings with representatives from British airlines to discuss the possibility of establishing direct flights between Georgia and the United Kingdom. The discussions, which also involved the Georgia Airports Association and the Georgian Embassy in Great Britain, are part of a broader effort to enhance Georgia’s connectivity and attract more tourists. The introduction of direct flights is expected to boost…

The construction industry in Georgia is facing significant cost increases as aggregate prices have surged by 24.6% over the past year. This rise, the 11th highest in the United States, is attributed to a combination of supply chain disruptions, increased demand, and regulatory challenges. Aggregates, which include materials like sand, gravel, and crushed stone, are essential for construction projects ranging from roads to residential buildings. The price hike is expected…