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Tag Archives: economy

Dualism Of the Economy

Author Dr. Andrei Maximov Georgia is a very small country with very big opportunities for business—this is what any newcomer will confirm who has had a successful entrepreneurial experience in another country. It would not matter, by the way, whether this person is an ethnic Georgian or came to Georgia …

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NBG Reduces Its Policy Rate By 25 Basis Points To 6.75%

NBG Reduces Its Policy Rate By 25 Basis Points To 6.75%

The Monetary Policy Committee (MPC) of the National Bank of Georgia (NBG) met on July 27, 2016 and decided to reduce the refinancing rate by 25 basis points to 6.75 percent. The monetary policy decision is based on the macroeconomic forecast, according to which the phasing out of tight monetary policy must …

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Fitch Names Impacting factors on Georgian Economy

Fitch Names Impacting factors on Georgian Economy

Fitch Rating will submit assessment of Georgian economy on September 30. Georgia’s outlook by Fitch has become known to GBC. According to  Richard Grieveson, Director of Eastern Europe Sovereigns at Fitch Ratings, pressure over the foreign exchange reserves is among the negative factors impacting the rating. Grieveson explains that internal and regional political climate has …

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Development Sector Makes Major Contribution to Georgian Economy

In the first quarter of 2016, as compared to the first quarter of 2015, the Georgian economy increased by 2.6% (Gross Domestic Product -GDP). The major growth was recorded in the mining industry (29%) and development sector (25.7%). Transport and electricity production-distribution sectors have declined by 1.1% and 3.1% respectively. …

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Tourism’s Total Contribution to GDP Growing in Georgia

According to the Prime-Minister of Georgia Giorgi Kvirikashvili, in 2015 the share of tourism in Georgia’s GDP has grown in comparison with 2014, although the growth potential of this sector is still large. “Over the past 5 months we have seen a record increase in the number of tourists and …

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Rapid Estimates of Economic Growth April 2016

Rapid Estimates of Economic Growth April 2016

The estimated real Gross Domestic Product (GDP) growth rate amounted to 4.3 percent y-o-y in April 2016. The estimated real GDP average growth equaled 2.3 percent for Q1 2016 and 2.8 percent for the first four months of 2016 y-o-y. Geostat produces monthly rapid estimations of real GDP growth using …

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Leicester City Effect: New Term in Georgian Economy

The World Bank (WB) has published a report of the final expertise from the world’s 17 leading analytical centers. Georgia has recorded four historical highs in the report. The WB publishes the Worldwide Governance Indicators (WGI) on annual basis to assess the quality of governance in more than 200 countries …

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EBRD Upgrades Georgia’s Economic Growth Forecast to 3.4%

EBRD Upgrades Georgia’s Economic Growth Forecast to 3.4%

The European Bank for Reconstruction and Development (EBRD) has upgraded Georgia’s economic growth forecast by 0.8 point. According to the bank’s recent prognosis, Georgia’s economy will grow by 3.4% in 2016, up from 2.6% forecast released in November 2015. The EBRD forecast is based on expectations from coming tourism season …

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Georgia Stands 17th Position in terms of Tourism Share

Georgia Stands 17th Position in terms of Tourism Share

According to the World Travel & Tourism Council (WTTC) Georgia’s economy keeps 17th position in terms of Tourism’s direct contribution to GDP. WTTC published 2016 report. It is already 25 years the organization has been working and conducting researches on the economic and social impact of the travel industry in the world countries. In addition, WTTC …

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