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4.6% Economic Growth Recorded in February

According to Geostat, the national statistics service of Georgia, in February 2019, compared to the same period of 2018, the pace of GDP growth was at  4.6%. At the same time, according to Geostat, the average real growth in January-February constituted 4.1%. In February 2019, as compared to the same …

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GDP Growth in 2018 Exceeded Initial Forecast

According to preliminary indicators, real growth in GDP in 2018, as compared to 2017, made up 4.7%, while the deflator changed by 3.6%. 2018 GDP volume in current prices constituted 41,077.5 million GEL, up 8.5% year on year. As for specific fields in the total GDP structure, trading and industry …

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Negative Trade Balance Sees a 5 Year Low

CIS Countries Expand Exports Ratio in Georgia’s Foreign Trade Turnover amid Slowdown with EU Countries. In January-February 2019, Georgia’s foreign trade turnover made up 1,739.8 million USD, up 3.6% year on year, including exports, which constituted 505 million USD, up 13.2%, and imports were marked at 1,234.8 million USD, up …

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NGO’s Ungrounded Position: Pension Reform Sued at Court

On July 27, 2018, the Parliament of Georgia adopted a law on contributory superannuation in a third hearing, and 79 votes. The basic part of the law came into force on January 1, 2019. As a result, citizens under 40 years of age are obliged to pay pension taxes to …

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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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Negative Trade Deficit Hits Historic High

In January-September 2018 Georgia’s foreign trade turnover made up 9 124.8 million USD, up 20.8% year on year, including exports totaled 2 448.1 million USD, up 25.7% year on year;  imports amounted to 6 676.7 million USD, up 19.1%. Georgia’s negative trade balance in January-September 2018 constituted 228.6 million USD (46.3% of total …

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Competitive Capacity of Georgian Economy Slightly Improved

Georgia Gains One Position in Global Competitiveness Rating and Comes up with Three Leading Countries in Eurasia Region According to the 2018 Global Competitiveness Index, Georgia has gain one position compared to 2017. The report describes competitive capacity of 140 countries. According to this report, Georgia has moved to the …

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Staff Cuts and Growing Salaries

The 2019 State Budget Grows Pensions by 20 GEL, as well as Salaries of Policemen, Rescuers and Firefighters.  The 2019 state budget is planned to amount to 12 729 700 000 GEL. This is the initial variant of the main financial document of the country that the Government has already submitted to the …

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Georgia is Emerging Europe’s Most Economically-free Country

The Fraser Institute has published the 2018 world economic freedom report, which appraises the 2016 period of World Economic Freedom. The report comprises indicators of 162 countries due to various criteria, including – government size, simplicity in doing business, property rights and judicial system, as well as regulation burden and …

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