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TOP-10 In The Economy Last Week

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Natia Taktakishvili
26.09.22 10:00
477
TOP-10 in the Economy Last Week (September 19-24):

1. The GDP increased by 7.1% 1 in 2Q2022;
In Q2 2022 the nominal Gross Domestic Product (GDP) amounted to GEL 18 billion. The real GDP increased by 7.1% YoY, while the GDP deflator percentage change equaled to 8.2%,- according to the preliminary data published by the National Statistics Office of Georgia (Geostat).

According to the document, significant contributions to the real GDP growth in Q2 2022 is related to increase of value-added of the following activities: Electricity, gas, steam and air conditioning supply (75.9%), Transportation and storage (18.6%), Information and communication (27.7%), Agriculture, forestry and fishing (10.9%), Education (12 %), Wholesale and retail trade (3.0%).

2. Foreign trade statistics for January-August 2022;
3. How the tax plan of the state budget changes;
4. Results of the survey of the level of financial education of the population of the National Bank of Georgia
5. How Much Did the European Union Spend in Georgia in 2014-2020?
6. Asian Development Bank (ADB) economic growth and inflation forecasts for Georgia

Georgia’s economy is expected to grow 7.0% in 2022, driven by higher export and tourism revenue, a large inflow of money transfers, and strong private consumption, the Asian Development Bank (ADB) said in a report today.

According to an update of the Asian Development Outlook (ADO) 2022, ADB’s annual flagship economic publication, Georgia’s real gross domestic product (GDP) growth is projected to be 6.0% in 2023. Last April, ADB forecast growth of 3.5% in 2022 and 5.0% in 2023 in Georgia despite heightened geopolitical risks from the ongoing Russian invasion of Ukraine.

7. How much did the export of electricity from Georgia increase in 8M2022?

Eelectricity imports from Georgia to foreign countries reached USD 73.9 million, which was 399% more compared to the previous year, - according to the report published by the National Statistics Office of Georgia.

The increase in export earnings was due to improved generation in the country, as well as an increased export tariff.

According to Geostat, the main export market of Georgia is still Turkey, where electricity worth USD 69.3 million was exported this year, which is eight folds up.

In addition to Turkey, electricity worth USD 4 million was exported to Armenia, and USD 0.6 million worth to Azerbaijan.

8. The government has increased the subsidy for the current year's harvest;
9. In 2Q2022, the value of real estate construction increased by 11.7%;

In 2Q2022 the Construction Cost Index (CCI) increased by 7.2% compared to the previous quarter. The change was mainly due to a 16.4% increase in average monthly nominal wages of employees in the construction sector, which contributed 4.36 percentage points to the total index change, - according to the preliminary data published by the National Statistics Office of Georgia (Geostat).

10. The government announced a tender of GEL 277 million for building new apartments for displaced families