Economy

Economic issues

Foreign investments to Georgia drops

By | March 11th, 2013|Categories: Economy, News|Tags: |

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 […]

Russia approves Georgian wine and fizzy water

By | March 6th, 2013|Categories: Economy, News|Tags: |

Levan Davitashvili, Chairman of the National Wine Agency. (Interpressnews.) 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 […]

Price drop for Georgian consumers

By | March 5th, 2013|Categories: Economy, News|Tags: |

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 […]

Georgia sees a shift toward processing industry

By | March 1st, 2013|Categories: Economy, News|Tags: , |

Used cars is no longer Georgia’s number one export article. (MIA.) TBILISI, DFWatch–Georgia’s economy has shifted toward processing industry, after many years of basing its exports on used cars and scrap metal, according to an economy expert. New figures show that the country’s economy is growing; and now, the export is no longer […]

Saakashvili’s gaffe about Russian banks taking over

By | February 28th, 2013|Categories: Economy, News|Tags: |

TBILISI, DFWatch–President Mikheil Saakashvili is concerned that Russian banks lately have bought two Georgian banks and plan to make more deals with other banks in Georgia. The Georgian banks in question deny the content of what the president said. Also the banks in […]

Russia sends experts to examine Georgian wine making

By | February 26th, 2013|Categories: Economy, News|Tags: |

Davit Davitashvili, Chairman of the National Wine Agency. (Interpressnews.) TBILISI, DFWatch–Six Russian experts yesterday landed in Georgia to inspect the production process of wine with an eye to returning the beverage back onto Russian dinner tables. They are sent here by the Russian consumer protection agency CPS to inspect companies […]

More money flowing into Georgia

By | February 18th, 2013|Categories: Economy, News|Tags: |

TBILISI, DFWatch–More than USD 94 million was transferred to Georgia from abroad in January, 2013. This is more than USD 10 million more than the same period in 2012. The total amount of money transfers in January was USD 94.1 million, which is 11.5 percent […]

Georgia expects 6 % growth in 2013

By | February 7th, 2013|Categories: Economy, News|Tags: |

TBILISI, DFWatch — Georgia’s finance minister Nodar Khaduri says the government expects 6 % growth in 2013, low inflation and reduced state debts. He also notes that 6 percent growth is the minimum estimate on which the Georgian government is working. The finance […]

Georgia’s foreign trade sees sharp drop

By | January 28th, 2013|Categories: Economy, News|Tags: |

Writing on Facebook. Vano Merabishvili would be “in emergency mode” if he had still been prime minister. (Interpressnews.) TBILISI, DFWatch — Georgia’s foreign trade turnover experienced a sharp downward trend at the end of 2012, according to precise data from Georgian National Statistics Department, GeoStat. Although it is mostly the month of December which shows an alarming tendency, […]

Ivanishvili to attend Russian breakfast in Davos

By | January 24th, 2013|Categories: Economy, News|Tags: |

TBILISI, DFWatch — Georgia’s Prime Minister Bidzina Ivanishvili is invited to a Russian breakfast on Friday at the World Economic Forum in Davos. But Ivanishvili insists that Russian officials won’t attend and that he will only be meeting with Russian businessmen. […]

Petitioning to decriminalize white collar crime

By | January 23rd, 2013|Categories: Economy, News|Tags: |

The National Movement Party’s Secretary General, Vano Merabishvili, says Georgia’s economy is in an alarming state. (Interpressnews.) TBILISI, DFWatch — The party of President Mikheil Saakashvili has started a campaign to gather signatures in support of his initiatives about tax amnesty and decriminalization of financial crime. The president presented his new initiatives to the government a few days […]

Georgia’s foreign trade turnover grew 11%

By | January 20th, 2013|Categories: Economy, News|Tags: |

TBILISI, DFWatch — Georgia’s foreign trade turnover increased by 11 percent in 2012 compared to the previous year. Georgia’s National Statistics Department on Friday published a report which showed that the country’s foreign trade turnover of goods was USD 10 220 […]

Georgia is losing out on foreign investments

By | December 14th, 2012|Categories: Economy, News|Tags: |

TBILISI, DFWatch — Georgia’s direct foreign investments have significantly decreased in the third quarter of 2012 compared to the same period in 2011, according to Georgia’s National Statistics Department, Geostat. According to the new report, the total amount […]

LSE wants to educate Georgian business leaders

By | November 29th, 2012|Categories: Economy, News|Tags: |

TBILISI, DFWatch — What does it take to get a company listed on London Stock Exchange (LSE)? That was one of the questions addressed at a conference in Tbilisi Tuesday, and who better to hear it from than the LSE itself, which organized the event. The goal of the […]

Georgia’s trade turnover grows 15 percent Jan.-Oct. 12

By | November 27th, 2012|Categories: Economy, News|Tags: |

TBILISI, DFWatch — Georgia increased its foreign trade turnover with 15 percent in the first ten months of 2012. In plain numbers it totaled USD 8 521 million. Out of this, export was USD 1 985 million, while import was USD 6 536 million. The country’s negative […]

Gulf owner buys more shares in company

By | November 26th, 2012|Categories: Economy, News|Tags: |

TBILISI, DFWatch — One of Georgia’s richest businessmen increased his share of ownership in one of the country’s largest chains of petrol stations. Davit Iakobashvili is the largest shareholder in Gulf Company. According to Gulf’s press office, he has now increased […]

Minimum wage increased one dollar in October

By | November 19th, 2012|Categories: Economy, News|Tags: |

TBILISI, DFWatch — The minimum wage has increased by about one dollar in October compared to September, 2012, according to Georgia’s National Statistics Department. According to GeoStat, the minimum wage for men of working age has increased from USD 89.7 to USD 90.7; […]

Russia considers lifting embargo on Georgian wine

By | November 16th, 2012|Categories: Economy, News|Tags: |

TBILISI, DFWatch — Moscow is ready to consider allowing Georgian wine back onto the Russian market. Andrei Denisov, First Deputy Foreign Minister, said on Wednesday that there is a willingness on both sides to study the issue. “If we talk about specific cases, it is […]

Enguri hydro power station is still on Georgian hands

By | November 7th, 2012|Categories: Economy, News|Tags: , |

TBILISI, DFWatch — Georgia’s Energy Minister says Enguri hydro power station has not been sold but is the property of Georgia. He says there were negotiations regarding the facility but they were suspended. Energy Minister Kakhi Kaladze does not comment about […]

Ivanishvili practically shuts down Georgia’s Security Council

By | November 6th, 2012|Categories: Economy, News|Tags: |

TBILISI, DFWatch — One of the controversial cuts Prime Minister Ivanishvili wants to make in next year’s budget is to reduce funding for Georgia’s National Security Council – which had a central role in protecting the country in the 2008 war – from USD 15 million […]

Interest rates will drop, says Bank Association

By | November 2nd, 2012|Categories: Economy, News|Tags: |

TBILISI, DFWatch — The president of the Georgian Bank Association says the interest rate on loans will go down. Zurab Gvasalia said there is already a trend of falling interest rates on loans, but he thinks it is impossible to decrease the rates immediately. In […]

Government considers planned new city Lazika

By | October 28th, 2012|Categories: Economy, News|Tags: |

TBILISI, DFWatch — The new government has still not decided whether to implement Saakashvili’s idea of building a completely new city Lazika in Georgia. The new government have different ideas about the plan to build a city with half a million people on the Black […]

Georgia continues to increase its foreign trade

By | October 26th, 2012|Categories: Economy, News|Tags: |

TBILISI, DFWatch — New nine month figures from 2012 show a 16 percent increase in foreign trade turnover compared to last year, equal to USD 7 595 million in total. The numbers do not include informal trade. According to Georgia’s National Statistics Department […]

Confusion over Georgia’s state financial assets

By | October 26th, 2012|Categories: Economy, News|Tags: |

TBILISI, DFWatch — The outgoing and new government disagree over the size of the state coffers. Former government members claim that there is more than two billion lari, nearly USD 1.2 billion, in the state coffers. But new Finance Minister Nodar Khaduri says there […]

Saakashvili hands over record state coffers

By | October 9th, 2012|Categories: Economy, News|Tags: |

TBILISI, DFWatch — Georgia’s state accounts by are by September 2012 at one of the highest levels during the past few years at more than two billion, nearly USD 1.22 billion. The state budget for 2013 is 9 billion lari, USD 5.5 billion, which is more than half a billion […]

High expectations about low prices

By | October 7th, 2012|Categories: Economy, News|Tags: , , |

TBILISI, DFWatch — One of the largest petrol companies reduced the price of petrol by 8 tetris. A spokesman for the new government believes it is possible to decrease the price by 20 tetris, or about USD 0.13. This comes soon after the leader of a coalition which won the […]

Energy gets largest share of investment

By | September 18th, 2012|Categories: Economy, News|Tags: |

TBILISI, DFWatch – The energy sector receives the largest share of direct foreign investments this year. Investments increased 7 percent in the second quarter of 2012 compared to same period in 2011, and totaled USD 219 million, according to preliminary figures […]

Ivanishvili sells off his last asset in Russia

By | September 11th, 2012|Categories: Economy, News|Tags: |

TBILISI, DFWatch – Georgia’s richest says he has sold his last assets in Russia. A US fund purchases Stolenskaya Niva for USD 180 million. Russian media informs that Unikor Company, which manages Bidzina Ivanishvili’s assets, has finished the sale of Russian assets. […]

SGS to monitor goods across Russia-Georgia border

By | August 23rd, 2012|Categories: Economy, News|Tags: |

TBILISI, DFWatch – The Swiss company SGS will monitor the movement of goods on Russian-Georgian border from September 1, 2012. November 9, 2011, the governments of Georgia and Russia signed a deal which paved the way for Russia’s WTO membership, with Switzerland as […]

Cartu Bank fined USD 12 million

By | August 22nd, 2012|Categories: Economy, News|Tags: |

TBILISI, DFWatch – A Georgian bank affiliated with the largest opposition bloc has been fined with USD 11 609 500 by the National Enforcement Bureau. The reason Cartu Bank, which is facing a series of problems after businessman Bidzina Ivanishvili decided to enter […]

Fuel prices go up 2 % in Georgia

By | August 8th, 2012|Categories: Economy, News|Tags: |

TBILISI, DFWatch – Prices for all types of fuel have gone up 5 tetri in Georgia, which is a two percent rise. The Oil Product Import Union explained the price rise with increased burning of fuel in summer, which always increases the prices of oil products internationally. Earlier, the […]

Temporary regulations affects Georgian banking sector

By | August 6th, 2012|Categories: Economy, News|Tags: |

TBILISI, DFWatch – A new report shows that legislative changes ushered in by the Georgian government to counter the influence of an opposition billionaire has hampered the bank sector. The report shows that new legislation about banks, tax and the executive made […]

Price fixing in Georgian food and fuel market 

By | August 5th, 2012|Categories: Economy, News|Tags: , |

TBILISI, DFWatch – A new survey says that the fuel and food market in Georgia is an oligopoly.  The new study presented by Transparency International Georgia (TI) on August 3 is called ‘Competition Policy in Georgia’ and deals with the fuel and food market segments. […]

Merabishvili presents USD 12 billion action plan

By | July 3rd, 2012|Categories: Economy, News|Tags: |

TBILISI, DFWatch – The government plans to spend four billion lari to develop agriculture, six billion on pensions, three billion on health insurance, three billion on social assistance and four billion on education. Changes have been made in the government, with […]

Agriculture and tourism failing: new report

By | June 30th, 2012|Categories: Economy, News|Tags: , |

TBILISI, DFWatch – A new report shows that President Saakashvili turned his back on Georgian farmers in order to develop tourism, but the strategy failed. Six out of ten employed persons in Georgia are self-employed. More than 50 percent are employed in agriculture, […]

How pro-government TV sees Georgia’s weak labor code

By | May 21st, 2012|Categories: Economy, News|Tags: |

TBILISI, DFWatch – The labor code should contribute to employment, faster investments and motivate investors, and only after this may it possible to think about how to improve the rights and conditions of workers in Georgia. This is the position of the country’s […]

Georgia’s labor code allows firing someone for political views

By | May 18th, 2012|Categories: Economy, News|Tags: |

TBILISI, DFWatch – There are two articles in Georgia’s Labor Code which entitles employers to terminate a labor contract without giving any explanations or preliminary warnings. A teacher from a village in the Gori region was fired because of her husband’s political […]

Georgia stopped publishing statistics on work place deaths

By | May 11th, 2012|Categories: Economy, News|Tags: |

TBILISI, DFWatch – According to unofficial information, 13 people died in the work place in 2011 in Georgia. No official numbers exist for 2012 either, but media reported about a number of fatal incidents in the mining and construction sector. These fatal accidents are […]

As Elit Electronics takeover is completed, ex-owner fights on

By | April 23rd, 2012|Categories: Economy, News|Tags: , |

Anzor Kokoladze believes the takeover of Elit Electronics was a conspiracy. (Photo: Interpressnews.) TBILISI, DFWatch – One of the largest electronics chains in Georgia has been taken away from its founder, as the remaining 15 per cent of shares were sold at an auction. Anzor Kokoladze, who built the chain from scratch, is serving an eight year prison term after a tax […]

Why do many Georgians give their property to the state?

By | April 21st, 2012|Categories: Economy, News|Tags: |

Anzor Kokoladze, the founder of one of Georgia’s most successful electronics chains, Elit Electronics, accuses the authorities of having conspired to take it over. He claims a bank, the prosecutor, the Tbilisi mayor, and a court cooperated on the scheme. Kikodze is currently in jail serving an eigth year term for failure to service a debt, a sentence upheld by the Supreme Court. (Photo: Interpressnews.) TBILISI, DFWatch – There are many reports in Georgia these days of deprivation of property rights. People abandon their property or donate it to the government right after registering it at the Public Registry, and later refuse to speak about their reasons. The founder […]

Seeds of prosperity between Georgia and Armenia?

By | April 20th, 2012|Categories: Economy, News|Tags: |

TBILISI, DFWatch – How can Armenia and Georgia create more growth – literally – in their border region? Agriculture was the topic of a conference Thursday at Courtyard Marriott Hotel in Tbilisi. The goal was to exchange information on local planning and […]

Taxi drivers in Tbilisi hit by rising fuel price

By | April 14th, 2012|Categories: Economy, News|Tags: , |

TBILISI, DFWatch – Givi Maisuradze (41) is one of many independent taxi drivers in Georgia’s capital Tbilisi. He works day and night and has been a driver since the 1990s, a period he calls ‘the dark times’, because the whole city was in darkness at night. Today, […]

As winter freeze hits Tbilisi, the garbage fee jumps

By | February 8th, 2012|Categories: Economy, News|Tags: , |

TBILISI, DFWatch – Among all the other problems the weather is causing, Tbilisi citizens have one more worry: Their garbage fee has increased dramatically. A few months ago, a law amendment made the municipal garbage fee dependent on the electricity bill, so the more […]

Bankrupcy left workers in crisis

By | January 10th, 2012|Categories: Economy, News|Tags: , |

TBILISI, DFWatch - Nodar has been working in Georgia's mountainous Bakuriani region for three years with his team of construction workers. But the company which employs him, Nola, has only paid him 2 000 lari out of the 16 000 he is entitled to. “So many today are in the same situation as me," [...]

Investment climate used to justify weak worker security

By | December 21st, 2011|Categories: Economy, News|Tags: |

TBILISI, DFWatch - Georgian workers have almost no job security due to a weak labor code. This is a conscious policy choice by the government, justified by the need to attrack investors. The main problem Georgian workers face is that an employer can fire an employee at any time without explanation. That’s one of the findings [...]