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Economy

How Much should Fuel Cost in Reality?

Oil Prices Plunge Worldwide, Georgian Oil Product Importers Gain Colossal Profits. Oil prices are plunging worldwide. Global exchanges have been recording from plummeting oil prices over the past 3 months. In the aforementioned period, prices have declined by 35% on average. In September, the price of one barrel of WTI …

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Summary of Gross External Debt of Georgia

Gross external debt statistics are harmonized with BOP statistics. They include both public sector (general government, public corporations and national bank) and private sector (banking and other sectors) external debt. External debt statistics are compiled according to the methodology provided by the IMF’s “External Debt Statistics: Guide for Compilers and …

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The Nature of the Georgian Economy in 2018

The past year should be appraised as a positive period for Georgian economy, against the background of problems in previous years. First of all, we should mention an about 5% economic growth, however, more optimistic forecasts were released in the middle of 2018. Namely, International Monetary Fund (IMF) forecast 5,5% …

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The Success of the Aviation Sector in 2018

The 2018 ICAO audit results prove that the flights safety component has been significantly improved.  The year of 2018 was exceptionally successful for the aviation sector, Levan Karanadze, the recently appointed director of LEPL Civil Aviation Agency under the Ministry of Economy and Sustainable Development of Georgia noted. This year …

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APM Terminals Submits its Design for the Expansion of the Poti Port

APM Terminals Poti and Poti New Terminals Consortium have submitted a conceptual design for the first stage construction permit of Poti port expansion to the Ministry of Economy and Sustainable Development of Georgia. The designs include construction, development and operation of a new breakwater, 700 meters of quay wall for …

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Georgian Wine Exports increased by 378% in Switzerland

The demand for Georgian wines between export markets increased in Switzerland in 2018. In one of the most developed countries this year, Georgian wine exports increased by 378% and reached 25 350 bottles. In Switzerland, the Georgian-Swiss Business Association has contributed to the promotion of Georgia and Georgian wine. By …

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Russia Offers Discount for Cargo Transportation via Georgia

It is known that Russia has always been against the development of the Georgian transit corridor, as considers it a rival. It concerns energy carriers transportation via pipelines as well as by railway and sea.  However, it seems that Moscow has changed its position, and possible profit prevailed over ideology. …

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Mandatory Technical Inspection of Vehicles to Come in Force on January 1st

From January 1, 2019, a technical inspection will become mandatory for all categories of vehicles. The non-governmental sector says that the process which is carried out by the Ministry of Economy is implemented incorrectly and has actually failed. They speak about the lack of all the necessary equipment for inspecting cars …

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Budget of Tbilisi to Exceed 1 Billion GEL in 2019

Tbilisi City Municipal Assembly has approved the budget of the capital. The total amount of the budget for 2019 is 927,6 mln GEL, which exceeds the initially approved budget of the last year (861,6 mln GEL) by 66 mln GEL. As the Mayor of the capital, Kakha Kaladze stated, Tbilisi …

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Innovative and Eco-Friendly Technology Introduced at Poti Sea Port

For the first time in Georgia, a new, modern technology of bulk cargo operation has been introduced. Special mobile crane device – called as “Revolving Spreader” reduces the harm caused by the processing of bulk load on the environment, increases efficiency and decreases the risk of human health and safety. …

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Minister of Economy Aims at Economic Growth to 7%

“Our ambition is to increase economic growth to 7%,” – stated the Minister of Economy and Sustainable Development Giorgi Kobulia during the ‘Dgis Ambebi’ programme on TV Pirveli. The minister assessed the trends of economic growth over the past few years and pointed out that in recent years there is …

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