Economy

Wizz Air launches low-cost flights between London and Kutaisi

by | February 16, 2017
wizzair_plane

TBILISI, DFWatch--Hungarian low-cost airline Wizz Air is launching cheap flights between London Luton and Kutaisi, a city in the western Imereti region of Georgia. United Airports Georgia announced the direct flights Kutaisi-London-Kutaisi two times per week, on Thursdays

Economy

Gazprom deal threatens Georgia’s fundamental interests, president warns

by | January 17, 2017
anti-gazprom2-jan-16-2016

TBILISI, DFWatch--Georgian President Giorgi Margvelashvili views a controversial deal recently struck between the Georgian government and the Russian-owned energy giant Gazprom as less favorable than the previous agreement, and ‘harmful' to the political and economic

Economy

Influx of visitors to Georgia jumped 8 % in 2016

by | January 5, 2017
visitors_front_page

TBILISI, DFWatch--Almost 6.3 million people visited Georgia from abroad in 2016. This is 7.9 percent more than last year, the head of Georgian National Tourism Administration announced on Tuesday. Out of the total number, over 2.7 million stayed in the country for 24 hours or longer

Economy

Two Georgians jailed accused of USD 25 million microfinance fraud

by | December 20, 2016
tbilisi_city_court

TBILISI, DFWatch--Tbilisi City Court on Sunday ordered the pre-trial detention of two Georgians who are suspected of embezzlement of more than USD 25 million from thousands of microfinance customers. The court rejected a motion to release the accused

Economy

Government deal to soften impact of currency drop on mortgage lenders

by | November 30, 2016
National_Bank

TBILISI, DFWatch--The Georgian government offers a temporary aid package to people who have their mortgage loans in US dollars, to ease the disastrous consequences of the lari’s continued race to record low depths. The decision was made at a

Economy

Plans revived for Trump Tower in Batumi, Georgia

by | November 17, 2016
donald_trump_tbilisi

TBILISI, DFWatch--Plans for a Trump Tower on Georgia’s Black Sea coast are being revived, after laying dormant for the last five years. Newly elected US President and businessman Donald Trump visited Batumi personally in 2012 and later praised Mikheil Saakashvili

Economy

Money transfers to Georgia up 14% in October year-on-year

by | November 16, 2016
money_transfer_fuladi_gzavnili

TBILISI, DFWatch--The flow of money into Georgia grew by 14 percent in October, according to the latest monthly report by the National Bank. The money flow into the country was USD 102.5 million, USD 12.6 million more than in October 2015. 91.9 percent of transfers

Economy

Georgian lari tanking, on course for second record low this year

by | November 14, 2016
georgian_lari

TBILISI, DFWatch--The Georgian lari is on course for a new historic low, after setting a record earlier this year at 2.4921 laris per US dollar. Today it is valued at 2.4899. Prime Minister Giorgi Kvirikashvili explained the new drop in the value of the lari is as a result of growing imports.

Economy

First road, now airport – PM promises to develop mountain region Tusheti

by | October 28, 2016
giorgi_kvirikashvili

TBILISI, DFWatch--Two months after promising to build a new road to Tusheti, Prime Minister Giorgi Kvirikashvili now suggests building an air strip in the inaccessible region in the northeast of the country. It's an attractive tourist destination, but difficult to access.

Economy

Georgian Railways considering Tbilisi-Kutaisi airport train

by | October 26, 2016
georgian_railway_001-300x250

TBILISI, DFWatch--Georgian Railways is considering creating a new train line connecting the airports in Tbilisi and Kutaisi, with regular departures. Spokesperson Dachi Tsaguria told Kutaisi Post that Georgian Railways is currently researching whether the new

Economy

Georgian developers plan Sheraton and Radisson in Gudauri

by | October 13, 2016
gudauri

TBILISI, DFWatch--Georgia’s winter resort Gudauri had 127% growth in visitors since last year. Now developers plan a Radisson and a Sheraton hotel there. Malkhaz Kunelauri from the real estate company RED-CO told journalists that the first phase of the planned new hotels

Economy

Caucasus rail-link to help Iranian companies establish foothold in Europe

by | September 27, 2016
georgian_railway_001

TBILISI, DFWatch--Georgian Railway is in talks about increasing rail freight between Iran and Bulgaria through Georgia. The target group of the plan is Iranian investors looking to establish a foothold in the European market. Through using the railway connection

Economy

Georgia secures free trade deal with China

by | September 13, 2016
Georgian_wine_Crop

TBILISI, DFWatch--Georgia has secured a free trade agreement with China which is expected to boost Georgia’s export of wine. The agreement, which still needs to be confirmed formally, will exempt goods and services that were previously charged more than 40 percent

Economy

Azerbaijan committed to the Southern Gas Corridor: Baku official

by | September 5, 2016
TANAP_

TBILISI, DFWatch--Despite the falling oil price, Azerbaijan has confirmed its commitment to the implementation of large-scale projects like the Southern Gas Corridor, Azerbaijan’s Deputy Energy Minister Namig Abbasov said at a conference

Economy, News

Grape harvest begins in Georgia’s wine region Kakheti

by | September 3, 2016
rtveli_2013_Cropped

TBILISI, DFWatch--This year’s grape harvest has begun in Georgia’s eastern Kakheti region. More than 1,850 tons of rkatsiteli grape and more than 1,110 tons of saperavi has been processed in Dedoplistskaro. Wine producing companies pay 80 tetris for saperavi,

Economy

200 tons of produce enters Akhalgori every day

by | August 18, 2016
mosabruni-08--

TBILISI, DFWatch--Every day, about 200 tons of agricultural products is brought from Georgia into the Akhalgori district of South Ossetia, Sputnik Ossetia reports. Akhalgori is a part of the breakaway region which was under Georgian control until the war in 2008. Many people cross

Economy

Foundations being laid for second terminal at Tbilisi airport

by | August 17, 2016
tbilisi_airport

TBILISI, DFWatch--The construction of the second terminal building at Tbilisi International Airport is proceeding as planned. Currently, the foundation is being laid, a spokesperson for the airport told DFWatch. The need for a second terminal is evident in the steady

Economy

Direct foreign investments in Georgia down 11% in 2015

by | August 15, 2016
agara_road

TBILISI, DFWatch--Direct foreign investments in Georgia was 11 percent less in 2015 than in 2014, according to precise data published Monday by Georgia’s National Statistics Department, GeoStat. According to the report, the amount of investments

Economy

Russian lawmakers demand punishment of Georgia for joining EU sanctions

by | July 21, 2016
Ian_Zelinsky

TBILISI, DFWatch--A group of lawmakers in the Russian Duma are preparing to demand that the Kremlin take punitive measures against Georgia for joining the European Union's economic sanctions against Russia. The Duma's foreign relations committee is working

Economy

Georgia notes 18% rise in number of tourists in first half of 2016

by | July 4, 2016
tourism_climbing_Crop

TBILISI, DFWatch--The number of foreign visitors to Georgia went up 12.9% and the number of tourists 18.1% in the last six months, the National Tourism Administration said on Monday. The latest figures confirm that Georgia continues to attract more visitors.

Economy

UAE signs USD 32 million contract with Georgia’s Delta

by | June 14, 2016
lazika_combat_vehicle

TBILISI, DFWatch--The United Arab Emirates has signed a contract to buy military equipment worth USD 32 million from the Georgian state-owned company Delta. Delta’s former director Ucha Dzodzuashvili said the first batch of equipment

Economy

Georgian businessman to open McDonald’s in Armenia

by | June 13, 2016
rustavi-mcdonalds-Temur_Chkonia

TBILISI, DFWatch--A Georgian businessman may open the first ever McDonald’s restaurant in rival Armenia, Sputnik Armenia reports. The news agency reports that the opening of the first of the chain’s restaurants in Armenia was decided at a meeting

Economy

Foreign investments in Georgia in Jan-Mar: up 103% from 2015

by | June 10, 2016
road_building

TBILISI, DFWatch--Georgia's direct foreign investments in the first quarter of 2016 was 103 percent more than in the same period last year, Georgia's National Statistics Office writes in a preliminary report. Investments in the first quarter amounted to USD 376 million.

Economy

Georgian Manganese loses lawsuit over GEL 200 million tax penalty

by | April 14, 2016
Chiatura_mining_machinery

TBILISI, DFWatch--The company Georgian Manganese, which owns manganese mines in Chiatura and a ferro-alloy plant in Zestaponi, lost a court case against the government on Tuesday and must pay a 200 million laris (USD over  88.2 million) tax penalty

Economy

Car dealers demonstrate against ban on right-hand drive vehicles

by | March 27, 2016
car_market

TBILISI, DFWatch--Car dealers demonstrated in Rustavi on Friday against the government’s initiative to ban the registration of cars with right-hand drive from 2017. The protest took place at Georgia’s largest car market, located in Rustavi,

Economy

Gori wind farm expected to start producing electricity in December

by | March 25, 2016
wind_farm

TBILISI, DFWatch--Construction of wind a farm in Gori, 80km west of the capital, will be completed by the end of 2016, according to the Energy Ministry. Deputy Energy Minister Irakli Khmaladze said the power station

Economy

Georgia’s foreign trade Jan-Feb down 2%

by | March 25, 2016
Rustavi_car_market_-_rustavi.ge_Cropped

TBILISI, DFWatch--Georgia’s foreign trade turnover in the first two months of 2016 was 2 percent less than last year, totaling USD 1,413 million. According to a new monthly report by the National Statistics Department (GeoStat), export was down 13 percent to USD 281 million,

Economy

Koba Gvenetadze appointed new head of Georgia’s National Bank

by | March 17, 2016
koba_gvenetadze

TBILISI, DFWatch--Georgia’s president has appointed a new head of the National Bank (NBG). The appointment was signed by President Giorgi Margvelashvili on Thursday. Outgoing NBG head Giorgi Kadagidze will be replaced Koba Gvenetadze, a former politician

Economy

Direct foreign investments in Georgia down 23% in 2015

by | March 10, 2016
tbilisi-senaki-leselidze_motorway-

TBILISI, DFWatch--Direct foreign investments in Georgia went 23 down percent in 2015 compared to the previous year, according to preliminary figures from Georgia’s National Statistics Department, GeoStat. According to the report, the amount

Economy

Air Arabia, Scat, El Al, ARKIA and Dniproavia eye Batumi airport

by | March 7, 2016
batumi_airport

TBILISI, DFWatch--Air Arabia, Scat, El Al Israel Airlines, ARKIA and Dniproavia are considering flights to Batumi airport on Georgia’s Black Sea coast. Guram Jalaghonia, head of the Civil Aviation Agency, told Business and Political Insight (BPI) on Monday

Economy

Azot chemical plant in Rustavi shuts down for a month

by | March 2, 2016
Rustavi_Azot

TBILISI, DFWatch--The Azot chemical plant in Rustavi with more than 2,000 employees has shut down for a month due to economic factors. The plant, which lies in Rustavi, a town 20km south of the capital, expected Azerbaijan’s state oil company Socar to reduce

Economy

Georgia’s foreign trade dropped 24% in January

by | February 20, 2016
ferro zestaponi

TBILISI, DFWatch--Georgia’s foreign trade turnover in January was USD 528 million, a 24 percent drop compared to the same month last year. According to the new monthly report by the National Statistics Department, GeoStat, export was USD 122 million;

Economy

Casino plans called off in Tbilisi’s new ‘Millenium’ tower

by | February 18, 2016
Millenium_tower_closeup

TBILISI, DFWatch--Plans to open a high-end luxury casino in downtown Tbilisi have been aborted because the Hong Kong based operator, Melco International Development, was unable to reach an agreement with UAE Dhabi Group about leasing of space. The casino

Economy

Georgia’s wine export up 13% in January

by | February 9, 2016
wine_glasses

TBILISI, DFWatch--Georgia exported 13 percent more wine in January, compared to the same period last year. According to the National Wine Agency, Georgia exported wine to 19 countries around the world. 1,521,802 bottles were exported, worth USD 2.62 million.

Economy

Georgian lari reaches historic low of 2.49 against USD

by | January 26, 2016
georgian_lari

TBILISI, DFWatch--The Georgian national currency on Monday reached a new historic low of 2.4923 lari for one US dollar. The price of dollars in exchange booths and banks was more than 2.53 laris. On January 23, one US dollar was 2.4694. Since the lari was introduced

Economy

Georgia’s foreign trade went down 13% in 2015

by | January 24, 2016
ferro zestaponi

TBILISI, DFWatch--Georgia's foreign trade turnover in 2015 was 13 percent less than in 2014, excluding the unofficial economy. The trade with other countries amounted to USD 9.928 million, according to preliminary figures from the Georgian National Statistics Office (GeoStat).

Economy

EU approves 217 million euros for energy infrastructure, including TANAP

by | January 19, 2016
BP-pipeline

TBILISI, DFWatch--EU countries Tuesday approved 217 million euros in support for energy infrastructure in the south and southeast of the European continent, including a study of a gas pipeline to Europe from Turkmenistan, via Georgia. The 15 projects were selected

Economy

Georgian airports served 12% more passengers in 2015

by | January 13, 2016
kutaisi_airport

TBILISI, DFWatch--Georgian airports served 12 percent more passengers in 2015 than the previous year, according to figures published on Tuesday by the Aviation Agency of the Ministry of Economy. Airports in Georgia served a record 2,261,006 passengers in 2015,

Economy

Georgian Manganese halts mining work due to failing market demand

by | January 12, 2016
DSC_0372_copy_Chiatura_miners_2014-03-21

TBILISI, DFWatch--Georgian Manganese is temporarily shutting down its mines western Georgia for four months due to a low demand for manganese. GM owns the mines in Chiatura, a mountain town in the western Imereti province. According to a statement issued

Economy

Georgia’s export of wine down 39% in 2015

by | January 6, 2016
Georgian_wine_Crop

TBILISI, DFWatch--The export of Georgian wine went down by 39 percent in 2015 compared to the previous year. Georgia exported more than 36 million bottles (0.75l) of wine to 46 countries, worth more than USD 98.1 million, according to a report published

Economy

7% increase in visitors to Georgia in 2015

by | January 3, 2016
ski_lift_bakuriani

TBILISI, DFWatch--The steady increase in visitors continued in December, with seven percent more people arriving last month, compared to the same period in 2014. In the year as a whole, there was also a seven percent increase, according to a new monthly report

Economy

First train on new China-Turkey route welcomed in Tbilisi

by | December 14, 2015
china_turkey_train_silk_road

TBILISI, DFWatch--The first train along a new route from China to Turkey, bypassing Russia, arrived in Tbilisi Sunday morning. The arrival of the 21 wagon train, whose final destination is Istanbul, marks the official opening of the Silk Road, the Georgian

Economy

Georgia: Direct foreign investments slump 33% in third quarter

by | December 9, 2015
Healthy_Water_Dimitri_Kumsishvili

TBILISI, DFWatch--Direct foreign investments in Georgia was 33 percent lower in the third quarter of 2015 than in the same period last year, according to preliminary data from the National Statistics Department. Direct foreign investments amounted to USD 489 million

Economy

Georgia’s foreign trade turnover continues to fall

by | November 14, 2015
poti

TBILISI, DFWatch--In first nine months of 2015, Georgia’s foreign trade turnover was 14 percent less than in the same period last year. According to a preliminary monthly report published by the National Statistics Department, the foreign trade turnover in January-October

Economy

Georgian 20, 50 and 100 lari banknotes get facelift

by | November 5, 2015
20-50-100-lari

TBILISI, DFWatch--Georgia’s National Bank has presented the design of the new lari banknotes, which will go into circulation in 2016. The denominations that will get a facelift are 20, 50 and 100 lari. They will go into circulation alongside the old banknotes. National Bank

Economy

Georgia ranks 24th in Doing Business country list

by | October 28, 2015
Screenshot 2015-10-28 17

Tbilisi, DFWatch - Georgia ranked 24th among 189 countries, and still the first among post-Soviet countries, except Baltic States, in Doing Business 2016, a World Bank annual report that measures the costs to firms of business regulations, published on Wednesday, a way below of its 15th  position last year.

Economy

Remittances in September down 33%

by | October 17, 2015
national_bank

TBILISI, DFWatch--Remittances to Georgia in September went down 32.9 percent compared to last year, according to the latest monthly report by the National Bank. Remittances, or money that individuals send home to relatives from particularly Russia and Europe,

Economy

Chinese investors planning new toll road through Rikoti

by | October 16, 2015
rikoti_pass

TBILISI, DFWatch--Chinese investors are considering building a new toll road through Rikoti Pass, connecting the eastern and western parts of Georgia. The regional development minister said Thursday during the Silk Road Forum that passing a road through Rikoti may

Economy

Constitutional Court suspends new bank supervision agency

by | October 13, 2015
National_Bank

TBILISI, DFWatch--Georgia’s Constitutional Court has suspended the work of a newly created agency that was to take over the supervision of private banks; previously the responsibility of the National Bank. The ruling was made during a lawsuit against the parliament

Economy

23 million bottles of wine exported so far in 2015

by | October 1, 2015
Georgian-wine-bottles

TBILISI, DFWatch--By September 28, Georgia had exported 23.3 million bottles of wine so far in 2015. 3.5 million bottles were exported in September, according to the Agriculture Ministry; the highest monthly rate in 2015. The export of wine has tripled, compared

Economy

Georgia’s National Bank intervenes for sixth time since start of lari crisis

by | September 23, 2015
giorgi_kadagidze_

TBILISI, DFWatch--Georgia’s National Bank intervened to bolster the flagging currency lari on Tuesday, causing its value to rise four tetris against the US dollar. The Bank put USD 40 million up for auction, out of which USD 27 million has been sold so far. The lari currently

Economy

TeliaSonera leaves Georgia and five other Eurasian countries

by | September 18, 2015
geocell

TBILISI, DFWatch--The Swedish telecommunications giant TeliaSonera is pulling out of several countries, including Georgia. All subsidiaries will be put up for sale in Georgia, Uzbekistan, Moldova, Kazakhstan, Azerbaijan and Tajikistan it was announced Thursday.

Economy

Grape farmer continue to protest in Georgia’s wine region Kakheti

by | September 15, 2015
grape_farmers_protest_gurjaani

TBILISI, DFWatch--Farmers continued their protest in the Georgian wine region Kakheti on Monday and clashed with police as they blocked the main highway. Several people were detained by police as they cleared the road. One member of parliament was attacked.

Economy

Georgia’s foreign trade turnover down 14% Jan-Aug ’15

by | September 14, 2015
Rustavi_car_market_-_rustavi.ge_Cropped

Georgia’s foreign trade turnover in the first eight months of 2015 was 14 percent less than the year before, according to figures published Monday by the National Statistics Department, Geostat.

Economy

Farmers in eastern Georgia block road in protest against low grape prices

by | September 12, 2015
sighnaghi_farmers_protest

TBILISI, DFWatch--In the eastern Georgian region of Kakheti, farmers have been protesting for several days because of low price of grapes, which is their only source of income. Four people were detained during a protest Thursday in Gurjaani, as farmers blocked the

Economy

New Chinese thermal power station and train factory planned in Georgia

by | September 11, 2015
Garibashvili is expected to resign on Wednesday (IPN)

TBILISI, DFWatch--The Chinese company Dongfang Electric plans to construct a 150 MW thermal power station in Tkibuli, a mining town in western Georgia. The announcement came during a China visit by Prime Minister Irakli Garibashvili and is further

Economy

Foreign investment up 81% in Q2 of 2015

by | September 10, 2015
agara_road

TBILISI, DFWatch--Direct foreign investments in Georgia went up 81 percent in the second quarter, compared to the same period in 2014. The jump in foreign investment became known Wednesday as Georgia’s National Statistics Department presented

Economy

PM urges calm as Georgian lari reaches lowest level since 1999

by | August 26, 2015
irakli_garibashvili

TBILISI, DFWatch--Georgia’s currency lari has reached its lowest level since 1999, but the government is optimistic and blames media and analysts of being incompetent and engaging in speculating. The lari is now at 2.416 against the US dollar, near the all-time low

Economy

Foreign investments in Georgia increased 87% in 2014

by | August 17, 2015
new_kobuleti_road

TBILISI, DFWatch--Direct foreign investments in Georgia increased 87 percent in 2014, compared to the year before, according to precise data published by the National Statistics Department. The report, which was published on Monday, says investments

Economy

Georgia’s National Bank adjusts refinancing rate up to 6%

by | August 14, 2015
National_Bank

TBILISI, DFWatch--The National Bank of Georgia further increased the refinancing rate to 6.0 percent on Wednesday. The Bank’s president, Giorgi Kadagidze, said at a briefing that increasing the refinancing rate by half a percent is a response to an increased

Economy

Foreign trade down 14%, exports 24%

by | August 13, 2015
deserters_market

TBILISI, DFWatch--Georgia’s foreign trade turnover in the first half of 2015 was 14 percent less than last year, according to preliminary figures from Georgia’s National Statistics Department, GeoStat. According to the short monthly report, Georgia’s foreign

Economy

Russia weighing new ban on import of Georgian wine

by | August 5, 2015
Georgian-wine-bottles

TBILISI, DFWatch--Georgian wine producers may be hit by another Russian embargo as the Kremlin draws up plans to retaliate against the extension of European sanctions. The Russian consumer safety bureau Rospotrebnadzor apparently is preparing

Economy

Drop in Georgian wine export explained by problems in Russia and Ukraine

by | August 4, 2015
Georgian_wine_Crop

TBILISI, DFWatch--Georgia’s wine export in the first seven months fell by 46 percent, compared to last year, according to the National Wine Agency. The agency explains the drop as a result of ‘unstable political economic situation’ in two of the most important

Economy

Remittances to Georgia plummet by a fifth

by | July 15, 2015
National_Bank

TBILISI, DFWatch--Money transfers from abroad to Georgia in June dropped by 20.8% compared to the same period last year, according to the latest monthly report by the National Bank. The total amount of money transfer flow in June was $100.4 million

Economy

Georgia’s foreign trade down 13% in first half of 2015

by | July 13, 2015
Rustavi_car_market_-_rustavi.ge_Cropped

TBILISI, DFWatch--Georgia’s foreign trade turnover in the first half of 2015 was 13 percent less than last year, according to preliminary figures from Georgia’s National Statistics Department, GeoStat. According to the short monthly report, Georgia’s foreign trade

Economy

Next Abashidze-Karasin meeting to be held July 15 in Prague

by | July 9, 2015
zurab_abashidze_-_grigory_karasin

TBILISI, DFWatch--A Russian and a Georgian diplomat will meet on July 15 in Prague. The Abashidze-Karasin talks are an informal channel for discussing trade and other cooperation between the two countries, which don’t have diplomatic relations.

Economy

National Bank recommends reducing expenses

by | July 7, 2015
National_Bank

TBILISI, DFWatch--The National Bank of Georgia advises the government to cut expenses and revise its tax policy in order to avoid currency fluctuation. The NBG sent parliament its recommendations letter over the adjusted state draft budget 2015, concluding

Economy

Economy minister sees no threat to flow of remittances from Greece

by | July 6, 2015
giorgi_kvirikashvili

TBILISI, DFWatch--Georgia’s Economy Minister Giorgi Kvirikashvili said Sunday that a week of halted money transfers will not hamper the flow of money sent home by Georgian migrants in Greece. Banks in Greece shut down last week after the Tsipras government's

Economy

Rustavi smelter plant fires hundreds of employees due to lawsuit

by | June 30, 2015
rustavi-poladi

TBILISI, DFWatch--Rustavi Poladi, a smelter plant in a town 20km away from the capital, has fired hundreds of employees because of a lawsuit. Nugzar Kachukhashvili, Director of Rustavi Poladi Ltd, said at a press conference on Monday that the

Economy

Foreign investments in Q1 down 34% in 2015

by | June 9, 2015
sakdrisi

TBILISI, DFWatch--There was 34 percent less direct foreign investment in Georgia in the first quarter of 2015 than in the same period last year. According to preliminary figures from the Georgian National Statistics Department, GeoStat, the amount of foreign investments in the first quarter was

Economy, News

Georgia govt backtracks on budget cuts

by | May 22, 2015
National_Bank

TBILISI, DFWatch--After a period of depreciation, Georgia’s national currency, lari, has started to stablize. The government has cancelled plans to drastically cut the budget. According to data from the National Bank, one USD is today worth 2.3234 laris. Due to the

Economy

IMF downgrades Georgia’s economic growth forecast to 2%

by | May 20, 2015
IMF_office

TBILISI, DFWatch--The International Monetary Fund (IMF) has further reduced its economic growth outlook for Georgia. According to the new IMF forecast for 2015 and 2016, Georgia will have 2 percent economic growth in 2015 and 3 percent in 2016, while

Economy

Georgian government preparing almost USD 300 million budget cuts

by | May 18, 2015
giorgi_kvirikashvili

TBILISI, DFWatch--The government in Georgia is preparing to drastically cut the state budget to deal with a 30 percent reduction in value of the national currency. Presenting the plans Monday, members of the ruling coalition said the budget will be cut by 500

Economy

Money transfers in April, 2015 24% lower than previous year

by | May 16, 2015
National_Bank

TBILISI, DFWatch--Money transfers to and from Georgia fell by 24.4 percent in April 2015, compared to same month in the year before. According to the National Bank, the amount of money transfers last month was USD 91.1 million, which was USD 29.4 million less than

Economy

Georgia’s foreign trade Jan-Apr was 13% lower than last year

by | May 13, 2015
car_market

TBILISI, DFWatch--Georgia’s foreign trade turnover in the first four months of 2014 was 13 percent less than in the same period last year, according to preliminary figures published by the National Statistics Department, GeoStat. The turnover totaled USD 3,015

Economy

China and Georgia launch new cooperation in agriculture

by | May 13, 2015
Han_Changfu

TBILISI, DFWatch--China has gifted 245 units of tractors and other machinery to Georgia. The hardware, which also includes bulldozers, excavators, trucks and off-road vehicles, is worth about USD 10 million. Accepting this gift from one of Georgia’s top trading

Economy

Georgia’s wine export falls sharply

by | May 11, 2015
Georgian_wine_Crop

TBILISI, DFWatch--Georgia’s wine export was reduced by 58 percent in the first four months of 2015, compared to the same period last year. The reason is less sales to Russia (-76 percent) and Ukraine (-57 percent). From January through April, Georgia exported wine

Economy

ERBD to support female entrepreneurs in Georgia

by | April 30, 2015
(DFWatch)

TBILISI, DFWatch--The European Bank for Reconstruction and Development (ERBD) has announced a new 45 million euros program to support women entrepreneurs in eastern European countries including Georgia. The program is called 'Women in Business' and will involve ERBD

Economy

Low-cost airlines queuing up to enter Georgian market

by | April 23, 2015
wizzair_plane

TBILISI, DFWatch--Several low cost airlines are looking to enter the Georgian market, according to the Ministry of Economy. Prospective new carriers include Ryanair, EasyJet, Air Berlin, and the Greek company Ellinair. According to the ministry, Ellinair applied to the

Economy

Georgia’s foreign trade fell 10% Jan-Mar compared to ’14

by | April 22, 2015
Rustavi_car_market_-_rustavi.ge_Cropped

TBILISI, DFWatch--Georgia’s foreign trade turnover in the first three months of 2015 was 10 percent less than in the same period last year. The foreign trade turnover in January-March, 2015 was USD 2,279 million, according to the new report of Georgia’s National

Economy

Money transfers to Georgia down 24% in March compared to ’14

by | April 17, 2015
National_Bank

TBILISI, DFWatch--The amount of money transfers to Georgia in March fell by 23.5 percent compared to the same period last year, according to a report by the National Bank of Georgia (NBG). The amount of money transfers in March was USD 92.2 million, which is USD

Economy

New Georgian plant may produce parts for Boeing, Airbus and Bombardier

by | March 31, 2015
irakli_kovzanadze

TBILISI, DFWatch--An Israeli company plans to build a new factory in Georgia with the goal of producing parts for Boeing, Airbus and Bombardier passenger planes. The construction of the 'high tech and modern' aviation plant will begin in three months, Economy

Economy

Wizz Air ending flights between Georgia and Ukraine

by | March 27, 2015
wizzair_plane

TBILISI, DFWatch--Wizz Air is ending flights between Georgia and Ukraine from April 20 because the company Wizz Air Ukraine is being dissolved. “This decision was made, with regret, due to the ongoing instability in Eastern Ukraine, the devaluation and volatility

Economy

Georgia wants to be a springboard for Chinese trade with Europe

by | March 23, 2015
kvirikashvili

TBILISI, DFWatch--Georgia wants to use its free trade access to the EU to become a springboard for Chinese trade with Europe. Last year, Georgia signed an association agreement with the EU. Included was what’s called a deep and comprehensive free

Economy

Money transfers to Georgia fell 22% in February

by | March 17, 2015
National_Bank

TBILISI, DFWatch--The amount of money transfers to Georgia in February fell by 21.7 percent compared to same period last year, according to a new report by the National Bank. The total amount of incoming transfers in February was USD 82.0 million laris;

Economy

Georgia’s foreign trade in Jan-Feb fell 9%

by | March 13, 2015
trailers_Sarpi_customs

TBILISI, DFWatch--Georgia’s foreign trade turnover in the first two months of 2015 fell by 9 percent compared to the same period last year. This is indicated by new preliminary data published by the National Statistics Department (Geostat). The total foreign trade

Economy

Foreign investments up 39% in 2014

by | March 12, 2015
Sinohydro_Corp_Tbilisi-Rustavi_road

TBILISI, DFWatch--Direct foreign investments in Georgia in 2014 was 39 percent more in 2014 than it was in 2013, according to a new preliminary report of the National Statistics Department (Geostat). The amount of the investments in 2014 was USD

Economy

Georgian lari stabilizes at record low level

by | February 26, 2015
bazar woman -

TBILISI, DFWatch--The lari, Georgia’s embattled national currency, showed signs of recovery on Thursday after both the National Bank and the government announced that they are taking measures to stop it from further depreciation. In recent days, the national

Economy

Georgian government’s economy experts gather as lari continues to fall

by | February 20, 2015
giorgi_kvirikashvili

TBILISI, DFWatch--As the Georgian lari reached a new record low, the Georgian government’s “economy team” gathered to come up with a plan to save the country’s economy. The US dollar is valued at 2.1771 laris in the most recent figures from the National Bank

Economy

Georgia’s trade in January 30% lower than last year

by | February 13, 2015
poti

TBILISI, DFWatch--Georgia’s foreign trade turnover in January 2015 was 9 percent lower than last year, according to preliminary data published by the National Statistics Department, GeoStat, on Friday. The total turnover was USD 694 million, out of which export

Economy

Georgia downgrades its economic growth outlook

by | February 6, 2015
Nodar Khaduri, Minister of Finance, insists 'this is really a temporary decline.'

TBILISI, DFWatch--The Georgian government has downgraded its economic growth outlook for 2015 from five to four percent. Finance Minister Nodar Khaduri said on Thursday that stagnation is expected in all neighboring countries, and this is reflected in the new

Economy

Three percent drop in visitors to Georgia in January

by | February 3, 2015
ski_lift_bakuriani

TBILISI, DFWatch--Three percent less people visited Georgia in January 2015, compared to the same period last year, according to new figures from the Ministry of internal Affairs. The figures were presented on Tuesday by the ministry’s Department of Analysis,

Economy

China’s ambassador briefed about investment prospects in agriculture

by | January 22, 2015
meeting with chinese ambassador

TBILISI, DFWatch--Georgia’s agriculture minister on Wednesday met with the Chinese ambassador to discuss bilateral relations and the mostly positive dynamic in trade relations. Ambassador Yue Bin said that the year 2014 was the most successful, fruitful and positive

Economy

Georgia’s foreign trade grew 5% in 2014

by | January 19, 2015
poti

TBILISI, DFWatch--Georgia’s foreign trade turnover in 2014 was five percent more than the previous year according to preliminary data from the National Statistics Department, GeoStat. The turnover totalled USD 11,459 million. According to the preliminary

Economy

Sharp drop in money transfers into Georgia

by | January 16, 2015
lari_cash

TBILISI, DFWatch--Money transfers to Georgia in December 2014 were 24.9 percent lower than in the same period in 2013, according to new figures from the National Bank. The amount of money transfers in December was USD 116.1 milllion, which was USD 38.5 million

Economy

Georgia had 2% growth in tourism in 2014

by | January 6, 2015
tourists

TBILISI, DFWatch--Georgia had a two percent growth in tourism in 2014. More than 5.4 million people visited the country last year, which is a 1.9 percent increase compared to 2013. The Interior Ministry published its monthly statistics of visitors to Georgia,

Economy

Georgian parliamentarian visiting China to attract new investors

by | December 18, 2014
Davit_Saganelidze_in_Beijing

TBILISI, DFWatch--Head of the parliamentary majority in Georgia is on a visit to China to attract more investments to his country. China is one Georgia’s top five trade partners. The trade between Georgia and China was USD 564 million in all of 2013, while

Economy

Georgia’s growth in export grinds to a halt

by | December 16, 2014
poti

TBILISI, DFWatch--Georgia looked set to continue growing its export this year, but a 35% drop in November has brought the export down to same level as 2013, according to new preliminary data from  the National Statistics Department. Georgia's export in the month

Economy

Georgia to regulate quality of traditional yogurt

by | November 30, 2014
matsoni_-_for.ge

TBILISI, DFWatch--A new law will regulate the quality of the Georgian milk product matsoni, a kind of a fermented milk similar to yogurt. The purpose is to protect matsoni as cultural heritage and ensure the best quality of the traditional product. In a new draft

Economy

New figures confirm upward trend of Georgia’s foreign trade

by | November 25, 2014
trailers_Sarpi_customs

TBILISI, DFWatch--Georgia’s foreign trade turnover in the first ten months of 2014 was USD 9.4 billion; 10 percent more than the same period in 2013. According to the latest monthly report by Georgia’s National Statistics Department, published on Monday, export

Economy

Georgia’s wine production grew 13% in 2013

by | November 17, 2014
grapes

TBILISI, DFWatch--Georgia produced 12.6 percent more wine in 2013 than in 2012, according to the government’s international monitoring center. 71.2 percent of the 183,381 tons of wine produced in 2013 came from households, and 28.8 percent from companies. In 2012,

Economy, News

Georgia’s foreign trade turnover up 10% Jan-Sept ’14

by | October 24, 2014
poti

TBILISI, DFWatch--Georgia’s foreign trade turnover in the first nine months of 2014 was ten percent more than the year before, according to figures published Friday by the National Statistics Department, Geostat. The total turnover was USD 8,376 million, out

Economy, News

Slight increase in money transfers to Georgia

by | September 20, 2014
National_Bank

TBILISI, DFWatch--Georgia's National Bank noted a one percent increase in money transfers into the country in August 2014, compared to the same period last year. The amount of money transferred from abroad in August was 225.1 million lari (130.1 million USD); 0.9 percent

Economy, News

Georgia’s foreign trade turnover Jan-Aug up 12%

by | September 18, 2014
bazar tbilisi

TBILISI, DFWatch--Georgia’s foreign trade turnover in the first eight months of 2014 was 12 percent more than in the same period last year. Preliminary data from Georgia’s National Statistics Department, GeoStat, published on Tuesday show that the total amount

Economy, News

Georgia sees sharp drop in foreign investments

by | September 10, 2014
poti

TBILISI, DFWatch--The amount of direct foreign investments in Georgia in the second quarter of 2014 was USD 151 million; significantly lower than in the same period last year. This is down 27% compared to in the second quarter of 2013, when there was USD 208 million

Economy, News

Georgian wine export up 69% Jan-Aug ’14

by | September 4, 2014
Georgian_wine_Crop

TBILISI, DFWatch--Georgia increased its wine export by 69 percent in the first eight months of 2014, compared to last year. According to the the National Wine Agency, the country exported 36,585,769 bottles (0.75 liters) of wine in the period. The agency on Wednesday

Economy, News

Georgia’s growth up 7.2% in July

by | August 30, 2014
bazar tbilisi

TBILISI, DFWatch--Georgia’s estimated real GDP growth in July 2014 was 7.2 percent more than in the same period last year, according to preliminary results from Georgia’s Statistics Department, GeoStat. Estimated GDP growth in the second quarter of 2014 was 5.1

Economy, News

Georgia’s foreign trade turnover Jan-Jul ’14 up 14 %

by | August 18, 2014
(DFWatch)

TBILISI, DFWatch--Georgia’s foreign trade turnover in January-July 2014 was USD 6,480 million. This is  14 percent more than in same period last year. Preliminary data published by the Statistics Department on Monday show that import in the first seven months

Economy, News

Georgia downplays impact of losing free trade with Russia

by | August 1, 2014
irakli_gharibashvili

TBILISI, DFWatch--Government officials in Georgia claim it will not bring serious financial harm to the country if Russia suspends its free trade agreement with Georgia. On Wednesday, the Russian Duma was reported to be preparing a draft bill about suspending

Economy, News

GeoStat publishes foreign trade data for Jan-Jun ’14

by | July 16, 2014
poti

TBILISI, DFWatch--Georgia’s foreign trade turnover in the first half of 2014 was 16 percent more than last year, according to preliminary data from the National Statistics Department, GeoStat. According to the new report published on Wednesday, the amount of foreign

Economy, News

Flight route to connect Mestia with Tbilisi by air

by | July 15, 2014
OLYMPUS DIGITAL CAMERA

TBILISI, DFWatch--There will be regular flights between Mestia, in the northwest of Georgia, with Mtskheta, just north of Tbilisi. The route, which opens on July 18, will cut travel time to the tourist resort from seven hours by land to 45 minutes. Flights will depart from the airport

Economy, News

Georgia unveils new symbol for its currency, the lari

by | July 9, 2014
new_lari_symbol10_new_lari_symbol_Crop

TBILISI, DFWatch--Georgia’s National Bank has unveiled a new symbol for its currency, the lari. The sign is a modified old Georgian letter ‘L’ with two bars, slightly resembling the euro sign. The winner of the National Bank’s competition is a cross between the Georgian letter

Economy, News

Georgia hopes to keep its free trade with Russia

by | July 7, 2014
giorgi_kvirikashvili

TBILISI, DFWatch--Georgian Economy Minister Giorgi Kvirikashvili said Sunday that his country will try to have free trade with both Russia and the European Union. An expert meeting between Georgian and Russian bureaucrats is planned for Monday in Prague

Economy, News

Two thirds of Georgia’s growing wine export goes to Russia

by | July 3, 2014
wine_festival_sighnaghi_Crop

TBILISI, DFWatch--Georgia exported 26,872,145 bottles of wine in the first half of 2014. Out of the 34 different countries receiving the wine, two thirds of it went to Russia. In sheer volume, the almost 27 million bottles, each 0.75 liters, if put together

Economy, News

Georgia and Russia meet to sort out EU vs CIS free trade

by | July 1, 2014
ministry_of_foreign_affairs

TBILISI, DFWatch--Georgian and Russian trade experts will meet in Prague on July 7 to find out how compatible Georgia's new free trade with the European Union is with its already existing free trade framework with countries of  the former Soviet Union. The

Economy, News

Georgia improves on global retail index

by | June 30, 2014
chart_Crop

TBILISI, DFWatch--Georgia has improved its position on the Global Retail Development Index, a list of the most prospective countries for investing in retail trade. Georgia has climbed one place and is now number seven among 30 developing countries.

Economy, News

Russian experts in Georgia to inspect produce

by | June 23, 2014
georgian_agricultural_produce_Cropped

TBILISI, DFWatch--A group of four experts from Russia’s Federal Service for Veterinary and Phytosanitary Surveillance, Rosselkhoznadzor, Monday arrived in Georgia to examine the quality of fruit and other products that are exported to the Russian market. The

Economy, News

Georgia’s foreign trade up 16% Jan-May ’14

by | June 17, 2014
(DFWatch)

TBILISI, DFWatch--Georgia’s foreign trade turnover in the first five months of 2014 was USD 4,498 million. This is 16 percent more than in the same period last year, according to preliminary figures published on Monday by the Georgian National Statistics Office, Geostat.

Economy, News

Foreign investments Georgia was USD 260 million in Q1

by | June 10, 2014
poti

TBILISI, DFWatch--Direct foreign investment in Georgia in the first quarter of 2014 was USD 260 million, according to preliminary data from National Statistics Office, Geostat. The preliminary data published on Tuesday show that the amount of investments in the

Economy, News

Georgia’s wine export is booming

by | June 4, 2014
Georgian_wine_Crop

TBILISI, DFWatch--Georgia increased its export of wine by 147 percent in the first five months of 2014, compared to last year. 22,779,153 bottles of wine was exported to 32 countries worldwide, which amounted to USD 73,795,849. Revenues from wine export in January

Economy, News

Foreign trade growth confirmed Jan-Apr ’14

by | May 24, 2014
DSC_0057_copy

TBILISI, DFWatch--Georgia’s foreign trade turnover in the first four months of 2014 was USD 3,441 million, which is 14 percent more than in the same period last year. According to precise figures published by the National Statistics Department on Friday, export was

Economy, News

Foreign trade turnover Jan-Apr up 14%

by | May 17, 2014
DSC_0049_copy_copy

TBILISI, DFWatch--Georgia’s foreign trade turnover in January-April of 2014 was 14 percent more than the same period last year, according to preliminary data from Georgian National Statistics Department. According to the short preliminary report published on Friday,

Economy, News

Georgia’s foreign trade up 18% in Q1 – precise data

by | April 25, 2014
Rustavi_car_market_-_rustavi.ge_Cropped

TBILISI, DFWatch--Georgia’s foreign trade turnover in the first three months of 2014 was USD 2,523 million, according to precise data from the National Statistics Department, GeoStat, published on Thursday. This is 18 percent more than it was in same period last

Economy, News

Georgian foreign trade in Q1 up 18%

by | April 17, 2014
Rustavi_car_market_-_rustavi.ge_Cropped

TBILISI, DFWatch--Georgia’s foreign trade turnover in the first three months of 2014 was USD 2,523 million. This is 18 percent more than in the same period last year. Preliminary data published by Georgia’s National Statistics Department, GeoStat, show that export

Economy, News

Georgia had 8 percent increase in visitors in March

by | April 4, 2014
tourists

TBILISI, DFWatch--Georgia had an 8 percent increase in number of visitors in March, 2014, compared to the same period last year. There came 392,725 visitors in the third month of 2014, according to new monthly figures published by the Ministry of Internal Affairs.

Economy, News

Georgian PM visits site of new air, sea and land transit hub

by | April 3, 2014
anaklia

TBILISI, DFWatch--Georgia on Wednesday confirmed plans for a new airport in conjunction with a port in Anaklia, a small settlement on the Black Sea coast, on the border with Abkhazia. Prime Minister Irakli Gharibashvili, who visited Anaklia with Infrastructure

Economy, News

Are interruptions in Georgia’s wine export economic warfare?

by | March 31, 2014
Georgian_wine_Crop

TBILISI, DFWatch--There are interruptions in the export of wine from Georgia to Belarus, although formally the export is not stopped. The sale of wine to Ukraine and Russia is continuing without any restrictions, according to Levan Davitashvili, head

Economy, News

17% increase in Georgia’s foreign trade Jan-Feb confirmed

by | March 24, 2014
bazar tbilisi

TBILISI, DFWatch--Georgia’s foreign trade turnover January-February, 2014, was USD 1 567 million. This is a 17 percent increase, compared to the same period last year. Precise figures from Georgian National Statistics Department, GeoStat, show that export accounted

Economy, News

Georgia creates service center to assist exporters

by | March 21, 2014
rtveli_2013_Cropped

TBILISI, DFWatch--Ministry of Economy Giorgi Kvirikashvili is creating a new service center to protect the interests of exporters. Kvirikashvili said on Thursday said that the new body will start working from Friday. “Along with positive trends in Georgia’s foreign trade turnover,

Economy, News

Georgia’s foreign trade up 17% Jan-Feb

by | March 17, 2014
(DFWatch)

TBILISI, DFWatch--Georgia's foreign trade turnover was USD 1 567 million in January-February 2014, according to preliminary figures from Georgian National Statistics Department, GeoStat. The figures show that foreign trade turnover in the first two months of the year

Economy, News

Foreign investments in Georgia virtually unchanged in 2013

by | March 13, 2014
enguri_dam_Cropped

TBILISI, DFWatch--Georgia received USD 914 million in direct foreign investments in in 2013. This is 0.3 percent more than in 2012, according to preliminary figures from Georgian National Statistics Department, GeoStat. According to the figures, direct foreign

Economy, News

Georgian PM woos foreign investors

by | March 12, 2014
irakli_gharibashvili_-_2014-01-16

TBILISI, DFWatch--Georgia offers investors a favorable environment and a market of potentially 900 million people, Prime Minister Irakli Gharibashvili said during the Georgia-Israel Business Forum. Gharibashvili mentioned that a common system of allowances with 8 countries,

Economy, News

Georgia may revise taxation on some imported goods

by | March 11, 2014
gogi_topadze_cropped

TBILISI, DFWatch--Georgia may change the rules for VAT taxation and abolish advantages for importers of certain categories of goods. Parliament has started reviewing the draft, but the National Movement criticizes it and says they believe members of the ruling

Economy, News

47 % price hike on vegetables in Georgia

by | March 6, 2014
DSC_0045_copy

TBILISI, DFWatch--Vegetable prices are on course to a 46.6 % projected annual increase in Georgia, new figures from the National Statistics Department, GeoStat, show. Georgia's monthly inflation rate was 0.2 percent in February, according to the new report. In February

Economy, News

Georgia: 15% rise in January’s foreign trade confirmed

by | February 27, 2014
Rustavi_car_market_-_rustavi.ge_Cropped

TBILISI, DFWatch--Georgia’s foreign trade turnover was USD 761 million in January 2014 according to precise data published by Georgia's National Statistics Department, GeoStat. This is 15 percent more than in 2013. Export was USD 224 million, which is 14 percent

Economy, News

Georgia’s foreign trade up 15% in Jan compared to last year

by | February 18, 2014
carrefour

TBILISI, DFWatch--Georgia's foreign trade turnover increased 15 percent in January, 2014, compared to the same period last year. The total turnover was USD 761 million. This is according to preliminary data published by Georgia's National Statistics Department,

Economy, News

Georgia adds guitar to consumer basket

by | February 7, 2014
bazar woman

TBILISI, DFWatch--11 new products including a guitar have been added to Georgia’s consumer basket, and four products were removed from the list. The consumer basket is a theoretical collection of items used to define the consumer price index or inflation rate

Economy, News

GeoStat: Georgia’s GDP 8% higher in Dec ’13 than Dec ’12

by | January 30, 2014
vegetable street vendor

TBILISI, DFWatch--Georgia's estimated real GDP growth rate was 8.4 percent in December 2013, compared to the same month in 2012, according to preliminary data published by the National Statistics Department, GeoStat. According to the estimate, real GDP growth

Economy, News

Georgian lari continues to fall

by | January 23, 2014
lari_cash

TBILISI, DFWatch--The Georgian lari continues to fall in value and hit 1.7817 against the US dollar on January 23. The fall started in early November and continued gradually from a level of around 1.67 lari against the dollar the month before. The lari rate has also

Economy, News

Farmers in Georgia dump mandarin harvest due to delay

by | January 20, 2014
discarded_mandarins_kobuleti_2014-01-19

TBILISI, DFWatch--Farmers in Kobuleti, a small town on the Black Sea coast, have thrown away part of their mandarin harvest because it rotted before they managed to sell it to the factory. The farmers say frost destroyed their mandarin and they just have to throw it

Economy, News

World Bank expects 6.3 % growth in Georgia in 2014

by | January 16, 2014
DSC_0054_copy

TBILISI, DFWatch--The World Bank expects Georgia to have 6.3 percent economic growth in 2014. The estimate was published in the Bank's Global Economic Prospects 2014, which reads that the prognosis for economic growth in Georgia in 2014 is 6.3.

Economy, News

Georgia listed in 22nd place on Index of Economic Freedom

by | January 15, 2014
marneuli_food_factory_-_canned_peach_2

TBILISI, DFWatch--Georgia is listed in 22nd place on the Index of Economic Freedom, a ranking which includes 178 countries worldwide. The list was published Tuesday by the Heritage Foundation and shows Georgia in 22nd place with 72.6 points. According to the report,

Economy, News

Georgia’s National Bank changes policy after drop in lari’s value

by | January 11, 2014
National_Bank

TBILISI, DFWatch--The National Bank of Georgia plans to tighten its monetary policy in case the fall in the exchange rate of lari sets off an inflation. After falling in value for several months, the Georgian lari (GEL) is now rated at 1.7421 against the US dollar.

Economy, News

Georgian lari falls further against dollar, euro

by | January 7, 2014
National_Bank

TBILISI, DFWatch--The exchange rate of Georgian lari (GEL) continues to fall and is now valued at 1.7466 against the US dollar. According to the National Bank of Georgia, the lari this year fell by 5.1 percent. The last time it was as low as 1.74 against the dollar was

Economy, News

Georgia’s foreign trade Jan-Nov grew 4%

by | December 30, 2013
mercedes_for_sale_at_rustavi_car_market

TBILISI, DFWatch--Georgia's foreign trade turnover in January-November 2013 was USD 9 681 million. This is four percent more than in the same period last year. USD 2 618 of this was export – 20 percent more than in 2012. Import amounted to USD 7 064 million

Economy, News

Georgia to invest in Shah Deniz

by | December 18, 2013
irakli_gharibashvili_-_ilham_aliyev

TBILISI, DFWatch--Georgia plans to invest USD 400-700 million in the Shah Deniz project in Azerbaijan, according to Energy Minister Kakhi Kaladze. Kaladze was in Azerbaijan December 16-17 along with a delegation from the Georgian government who signed a resolution

Economy, News

British, German and Hungarian pharma to enter Georgia

by | December 14, 2013
pharmaceutical

TBILISI, DFWatch--Foreign pharmaceutical companies are preparing to enter the Georgian market, according to the Health Ministry. Health Minister Davit Sergeenko said on Friday that foreign pharmaceutical companies plan to start operating in Georgia and negotiations

Economy, News

Investments in Georgia up 20% in Q3 year-on-year

by | December 10, 2013
hydropower_dam

TBILISI, DFWatch--The amount of direct foreign investments in the third quarter of 2013 was USD 239 million, up three percent from the second quarter. Investments in third quarter of 2013 was 20 percent more than the same period last year. Foreign investments

Economy, News

Precise data show 1 % growth in Georgia’s foreign trade

by | November 28, 2013
mercedes_for_sale_at_rustavi_car_market

TBILISI, DFWatch--Georgia's foreign trade turnover in January-October 2013 was USD 8 591 million, according to precise data from Georgian National Statistics Department (Geostat). This is one percent more than in the same period last year. The export was USD 2 306

Economy, News

Georgian citrus fruits are being exported to Russia

by | November 27, 2013
poti

TBILISI, DFWatch--A ship Wednesday arrived in Batumi to take aboard 300 000 boxes, or 120 tons, of Georgian citrus fruits and bring the goods to Novorossiysk. The citrus fruit originated in the two municipalities Khelvachauri and Kobuleti. According to Zaur Putkaradze,

Economy, News

IMF in Georgia to discuss economic policy with new gov’t

by | November 20, 2013
poti

TBILISI, DFWatch--The acting Georgian finance minister on Wednesday met with representatives of the International Monetary Fund (IMF) to discuss priorities in next year’s budget and the country's macroeconomic indicators. Mark Griffiths, head of the IMF mission,

Economy, News

Georgia’s foreign trade turnover Jan-Oct

by | November 18, 2013
National_Bank

TBILISI, DFWatch--Georgia's foreign trade turnover in January-October 2013 was one percent more than in the same period the year before. According to preliminary data from the National Statistics Department, the total amount of foreign trade turnover in the first ten

Economy, News

EBRD downgrades Georgia’s growth prognosis

by | November 13, 2013
hydropower_dam

TBILISI, DFWatch--The European Bank for Reconstruction and Development (EBRD) has downgraded its prognosis for Georgia's economic growth in 2013 from 3 to 2 percent. EBRD said a few days ago that the GDP growth will also be reduced from 5 to 4 percent and the level of

Economy, News

The Georgian lari drops in value

by | November 8, 2013
National_Bank

TBILISI, DFWatch--The exchange rate of Georgian lari against the US dollar and the euro has fallen. November 8, the exchange rate of lari against USD was 1.6793. November 7 it was 1.6737. The rate has been falling for one week. October 29 it was 1.6675. The Georgian lari

Economy, News

14 % more visitors to Georgia in October

by | November 5, 2013
tourists

TBILISI, DFWatch--There were 14.1 percent more visitors to Georgia in October, compared to last year, according to the Interior Ministry’s monthly report. The number of visitors in October was 480 510. In the entire first ten months of this year, there were 4 556

Economy, News

Georgia’s foreign trade shifts toward export

by | October 25, 2013
money cash

TBILISI, DFWatch--Georgia’s foreign trade turnover fell by a negligible 0.1 percent in the first nine months of 2013, compared to last year, to USD 7 585 million. USD 2 019 out of this was export, which is 14 percent more than last year, while the import was USD 5

Economy, News

Georgian finance minister disputes IMF’s reduced growth prognosis

by | October 12, 2013
Nodar Khaduri, Minister of Finance, insists 'this is really a temporary decline.'

TBILISI, DFWatch--The government of Georgia disagrees with a prognosis by the International Monetary Fund (IMF) indicating that Georgia’s economic growth will experience a further slowdown. Finance Minister Nodar Khaduri said Friday that the government has been

Economy, News

IMF expects growth to slow down in Georgia

by | October 11, 2013
IMF

TBILISI, DFWatch--The International Monetary Fund (IMF) has downgraded its prognosis for Georgia’s economic growth this year from 6 to 2.5 percent. In the beginning of 2013, IMF assumed Georgia would have 6 percent growth, but then reduced the prognosis to 4 percent

Economy, News

Russia faults seven Georgian wine producers

by | October 8, 2013
Georgian-wine-bottles

TBILISI, DFWatch--Russia has refused to let seven Georgian wine producers export 28 types of wines to the Russian market 'due to non-compliance with hygienic standards.' The official website of the Russian consumer protection agency Rospotrebnadzor published a list

Economy, News

Preparations continue for Georgia-Turkey 154 kV transmission line

by | October 1, 2013
kaladze_kaxi

TBILISI, DFWatch--A new 154 kilovolt transmission line will be built between Georgia and Turkey. Energy Minister Kakhi Kaladze and Nikolay Nikolov, Vice Director of Energo-Pro Georgia signed the memorandum of understanding Monday. A memorandum was first signed in 2009,

Economy, News

Best Georgian wine harvest in decades

by | September 30, 2013
grapes

TBILISI, DFWatch--81 companies have received and produced the highest amounts of grapes for decades, according to the Agriculture Ministry: 80 097.6 tons of grapes have already been processed this season. Last year, the number was 52 000 tons. Of Saperavi, one of the

Economy, News

Georgia’s economy is on the right track, says economy minister

by | September 21, 2013
giorgi_kvirikashvili

TBILISI, DFWatch--Georgia's economy is growing and will grow faster after the presidential election, the country's economy minister said before the opening of a business forum on Friday. Saakashvili's party, the National Movement, has frequently criticized the

Economy, News

Foreign trade turnover on same level as in ’12

by | September 17, 2013
foreign-trade-turnover-Jan-Jul

TBILISI, DFWatch--Georgia's foreign trade turnover was reduced by 0.1 percent in the first eight months of 2013, compared to the same period in 2012, according to new figures from Georgian National Statistics Department, GeoStat. The preliminary foreign trade data

Economy, News

Direct foreign investments in Georgia grows 3% in Q2

by | September 15, 2013
foreign_direct_investment_2011-2013

TBILISI, DFWatch--Direct foreign investments in the second quarter 2013 was USD 232 million, according to preliminary information. This is three percent more than in the first quarter and seven percent more than it was in the second quarter of 2012. According to

Economy, News

Georgia had 28% more visitors in August compared to ’12

by | September 12, 2013
Adjara_beach

TBILISI, DFWatch--Georgia had 28.2 percent more visitors in August 2013 compared to the same period in 2012, according to the Interior Ministry. The ministry every month publishes data about visitors. There are three categories of visitors: tourists, transit travel

Economy, News

Third team of Russian quality experts to Georgia Sept 16

by | September 11, 2013
Levan Davitashvili

TBILISI, DFWatch--A third team of Russian experts are coming to Georgia on September 16 to check the quality of wine and mineral water. The experts come from the consumer protection agency Rospotrebnadzor and will check approximately 30 Georgian wine

Economy, News

Ivanishvili offers UNM to give advice through mediators

by | September 5, 2013
ivanishvili_bidzina_2013-09-04

TBILISI, DFWatch--Georgian Prime Minister Bidzina Ivanishvili says he will only deal with Mikheil Saakashvili’s National Movement party through mediators and suggests that they present their views to experts who then will explain it to the government. Ivanishvili

Economy, News

Precise data confirm 2% drop in foreign trade turnover Jan-Jul

by | August 26, 2013
foreign-trade-turnover-Jan-Jul

TBILISI, DFWatch--Precise data from Georgian Statistics Department (GeoStat) show that Georgia's foreign trade turnover in the first seven months of 2013 was two percent less than in 2012. The total amount of foreign trade turnover in January-July 2013 was USD 5 662

Economy, News

Turkey reduces transit fee for Georgian trucks

by | August 26, 2013
Border with Azerbaijan (DFWatch)

TBILISI, DFWatch--Turkey has lowered the transit fee for Georgian registered trucks to a quarter after several Georgian trucks failed to pay the amount usually paid by every other country. From September 1, so-called panel vans and minibuses will have to pay 150 or 300

Economy, News

Georgia’s foreign trade turnover down 2% Jan-Jul

by | August 16, 2013
Border with Azerbaijan (DFWatch)

TBILISI, DFWatch--Foreign trade turnover in January-July 2013 fell by 2 percent compared to the same period in 2012, according to preliminary data from Georgia’s National Statistics Department, GeoStat. The total foreign trade turnover in the first seven months

Economy, News

Foreign investments in Georgia down by a fifth in 2012

by | August 16, 2013
invest_in_georgia_-_engurhesi

TBILISI, DFWatch--Direct foreign investments in Georgia fell by almost a fifth in 2012, compared to 2011, according to data from the National Statistics Department (Geostat). In 2012, the total amount of foreign investments was USD 912 million. This is five percent

Economy, News

Georgia increases subsidizes for wine industry threefold

by | August 15, 2013
shalva_pipia_2

TBILISI, DFWatch--The government in Georgia is subsidizing the grape harvest with 25 million lari (USD 15 million) in the form of cheap loans to wine companies. This is a threefold rise, compared to previous years. Explaining the increased stimulation of the wine

Economy, News

Georgia had 26% more tourists so far in 2013

by | August 13, 2013
Ganarjiis_mukhuri_beach

TBILISI, DFWatch--The number of people who visited Georgia has increased by 26 percent in the first seven months of 2013 compared to the same period last year. Giorgi Sigua, Chairman of the National Tourism Administration, said at a briefing that in the first seven

Economy, News

EBRD compliments Georgia on stabilizing bank sector

by | August 12, 2013
Suma_Chakrabarti

TBILISI, DFWatch--The president of the European Bank for Reconstruction and Development (EBRD) says Georgia’s bank sector is in ‘a very good shape’. Sir Suma Chakrabarti, EBRD President, said in an interview with the Georgian edition of Forbes Magazine that many

Economy, News

Georgia and Ukraine to boost bilateral trade

by | August 8, 2013
ukraine_georgia_flags

TBILISI, DFWatch-Georgia and Ukraine plan to increase bilateral trade turnover to one billion USD in 2013. This was reported by Ukrainian media after a meeting between Vice Prime Minister of Ukraine Olexandr Vilkul and Georgian Ambassador Mikhail Ukleba. Vilkul said

Economy, News

Farmer cut down peach field in protest against falling prices

by | August 5, 2013
peach_trees

TBILISI, DFWatch--A peach farmer in Georgia has cut down his plantation because the government hasn't helped him and his colleagues deal with a slump in the market price. When Gia Shaoshvili , a resident of the village Chumlaki in the eastern Kakheti region, carried

Economy, News

Georgian government contests negative growth figures

by | August 4, 2013
ministry_economy

TBILISI, DFWatch--Georgia’s economy and finance ministries claim that data recently published by the National Statistics Department, GeoStat, showing negative economic growth is not final and will be adjusted twice. On Wednesday, GeoStat published a report about

Economy, News

Bakradze asks Ivanishvili for meeting to discuss crisis

by | August 2, 2013
davit-bakradze

TBILISI, DFWatch--Davit Bakradze, the National Movement's presidential candidate, asks Prime Minister Bidzina Ivanishvili for a meeting to discuss how to get the country’s economy out of the crisis. The PM has not yet responded. On Wednesday, the National Statistics

Economy, News

Georgia’s new government criticized for economic policy

by | August 2, 2013
davit usupashvili

TBILISI, DFWatch--The new government in Georgia is coming under fire for its economic policy. Figures from the National Statistics Department, GeoStat, show that GDP in June was negative -0.8 percent compared to same period last year. President Saakashvili’s party

Economy, News

1.7 mill bottles of Georgian wine exported to Russia

by | July 29, 2013
Georgian-wine-bottles

TBILISI, DFWatch--Georgia has exported more than 1.7 million bottles of wine to Russia after the lifting of an embargo from 2006, says Minister of Agriculture Shalva Pipia. Russia is now among the top five export markets for Georgia for wine, Pipia said Monday.

Economy, News

World Bank funds USD 60 million reform program in Georgia

by | July 23, 2013
Nodar Khaduri, Minister of Finance, insists 'this is really a temporary decline.'

TBILISI, DFWatch--The World Bank is funding a USD 60 million program to support competitive and inclusive economic growth in Georgia. Signing the formal agreement for the Bank was its Regional Director for South Caucasus, Henri Kerali, and for Georgia, Finance

Economy, News

Government’s goal of 6% growth seen as unrealistic

by | July 5, 2013
Nodar Khaduri, Minister of Finance, insists 'this is really a temporary decline.'

TBILISI, DFWatch--Despite the prime minister's prognosis and the state budget, the minister of economy and the minister of finance say it is impossible to achieve 6 percent economic growth by the end of the year. Minister of Economy Giorgi Kvirikashvili said on

Economy, News

Iraninan official praises Georgia’s business climate

by | July 2, 2013
iran georgia flags

TBILISI, DFWatch--Iran's Deputy Ambassador says Georgia has good conditions nowadays to attract foreign investments. The first Iran-Georgia business forum is ongoing in Tbilisi at Expo Georgia, a exhibition center. It is being attended by representatives of large

Economy, News

Iran-Georgia business forum in Tbilisi

by | July 1, 2013
Expo Georgia

TBILISI, DFWatch--Tuesday there will be held an Iran-Georgia business forum in Tbilisi. An Iranian trade delegation arrives in Georgia July 1 and will stay until July 5. The forum will be held at Expo Georgia, an exhibition and convention center, where there will be

Economy, News

Georgia received 56 percent more tourists in 2012

by | June 30, 2013
tourists

TBILISI, DFWatch--The number of tourists grew by 56 percent in 2012, according to the National Tourism Administration. 4 389 256 tourists visited Georgia last year. In the period from January to May 2013, the number of tourists was 1 698 146, which is an increase of

Economy, News

57% of visitors to Georgia Jan-Mar 2013 were tourists

by | June 20, 2013
giorgi sigua

TBILISI, DFWatch--57 percent of foreigners who crossed the border into Georgia in first quarter of 2013 were tourists, according to the first result of a report conducted by the Georgian National Tourism Administration. Giorgi Sigua, head of the administration, said

Economy, News

First Georgian cognac in 7 years to reach Russian consumers

by | June 13, 2013
Georgian-wine-bottles

TBILISI, DFWatch--20 000 bottles of cognac were Tuesday sent to Russia to be sold there. This is the first time Georgian beverages are sold in Russia after it imposed an embargo on Georgian products in 2006. Levan Davitashvili, Chair of the National Wine Agency

Economy, News

42 000 less jobs since fourth quarter of 2012

by | June 10, 2013
Population_graph

TBILISI, DFWatch--The number of employed in the business sector has increased by 16 000 in the first quarter of 2013 compared to the same period in 2012, but the number has decreased by 42 000 compared to the fourth quarter of 2012. In the first quarter of 2013,

Economy, News

Georgia rejects Russian accusation of biological warfare

by | June 3, 2013
African swine fever

TBILISI, DFWatch--Georgian Food Safety Service responds to the Russian chief sanitary inspector, who said that Georgia was planning ‘bio-sabotage’ in Russia. Veriko Gulua, head of the Service's press office told DF Watch that this statement is groundless

Economy, News

Georgia’s foreign trade turnover fell 4 % Jan-Apr

by | May 27, 2013
foreign trade -

TBILISI, DFWatch--Georgia’s foreign trade turnover in January-April 2013 fell by 4 percent compared to the same period in 2012. The trade turnover with EU was reduced by 13 percent, while the negative net trade balance with CIS countries went down 57 percent.

Economy, News

Foreign trade turnover fell 4% Jan-Apr 2013

by | May 16, 2013
foreign trade -

TBILISI, DFWatch--According to preliminary data, Georgia’s foreign trade turnover has decreased by four percent in the months January through April of 2013, compared to the same period in the preceding year. The total foreign trade turnover in this period totaled

Economy, News

Used cars remains Georgia’s biggest export product

by | April 25, 2013
foreign trade

TBILISI, DFWatch--Georgia's foreign trade turnover in the first three months of 2013 was USD 2 144 million. This is five percent less than in the preceding period, according to a new report by Georgia’s National Statistics Department, Geostat. Export amounted to

Economy, News

PayPal enters Georgia

by | April 12, 2013
USA2Georgia-02

TBILISI, DFWatch--The e-commerce company PayPal will now offer its services in the country Georgia. It is not easy to get onto the company's list of countries it covers, Deputy Economy Minister Dimitry Kumsishvili said Thursday. “But thanks to the efforts

Economy, News

Russia allows import of Georgia’s Borjomi mineral water

by | April 11, 2013
borjomi mineral water

TBILISI, DFWatch--After a second round of inspection, the Georgian mineral water Borjomi has been allowed to export to Russia. The watershed decision became known in Russian media on Thursday. Russian customer rights’ service known as Rospotrebnadzor has completed

Economy, News

Russia balks Borjomi comeback to its market

by | April 2, 2013
leftBannerBig

Tbilisi, DFWatch - Rospotrebnadzor, a Russian state customer rights’ service, unexpectedly blocked comeback of Borjomi, the best-known Georgian mineral water brand, to the Russian market for undefined period. Even though Borjomi

Economy, News, Opinion

Twin Deficit

by | April 1, 2013
Irina Guruli is program coordinator at the Economic Policy Research Center.

Twin deficit is a situation where a country’s economy is running two deficits at the same time: a fiscal deficit, and a deficit on the current account of the balance of payments. According to the twin deficit hypothesis, persistent fiscal shocks cause a deterioration

Economy, News

Georgia half-way through Russia’s quality control for wine

by | March 27, 2013
Georgian-wine-bottles

Tbilisi, DFWatch - A second group of Russian experts who should have arrived in Georgia on March 25 to monitor about 40 companies have rescheduled their visit for the beginning of April.

Economy, News

Foreign investments to Georgia drops

by | March 11, 2013
Cash

TBILISI, DFWatch--Direct foreign investments in Georgia dropped by 47 percent in the fourth quarter of 2012, compared to the previous year, according to a new report by National Statistics Department, GeoStat. According to preliminary data, the total amount of

Economy, News

Russia approves Georgian wine and fizzy water

by | March 6, 2013
Davit Davitashvili

TBILISI, DFWatch--The Russian consumer safety bureau Rospotrebnadzor confirms that 36 Georgian wine companies and four mineral water companies are ready to enter the Russian market. On Wednesday, the agency, which is a federal service for protection consumers’ rights

Economy, News

Price drop for Georgian consumers

by | March 5, 2013
woman sitting street

TBILISI, DFWatch--The level of inflation did not significantly change in February, 2013, compared to the preceding month. According to Georgian National Statistics Department, GeoStat, the national currency is up by 0.3 percent. Price changes in the following

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