TOP-10 In The Economy Last Week (January 17-22, 2021):
1. Georgian Pharmaceutical Companies will import affordable medicines from Turkey;
The government of Georgia has opened the Turkish pharmaceutical market on January 17, as result the country will receive high-quality medications, which will significantly reduce pharmaceuticals prices.
2. How Did Georgia’s Foreign Trade Geography Change In 2021?
In 2021, Georgia's exports increased by 26.9% and amounted to USD 4,242.3 million compared to the previous year. Exports to the EU increased by 3%, while the rate is grown by 34 in the CIS. Georgia's top three exporting countries are: China (14.5% of total exports), Russia (14.4%) and Azerbaijan (12.5%). The main importing countries are: Turkey (18.1%), Russia (10.2%) and China (8.6%).
3. What are the government’s plan related to ENKA;
ENKA, investor company of Namakhvani project worth of USD 800 million, has closed its offices in Tbilisi and Kutaisi. As BM.GE has been informed, most of the company’s employees have already left their jobs.
The Namakhvani HPP was one of the largest energy projects in the history of independent Georgia.However, ecologists and local residents were strongly opposed to the construction of the power plant, fearing that a project of such a size would increase the seismic activity, change the local microclimate and damage local villages.
4.How Did the Gov’t Fulfill Tax Revenue Plan for 2021;
According to the 2021 state budget performance report, the consolidated budget received GEL 13.4 billion in revenues, with the highest share of Value Added Tax (45.0%), followed by income tax (28.0%). The government has fulfilled last year's tax plan with an excess of 0.7%.
5. Failed privatization plan for 2021;
According to the 2021 budget performance report, GEL 212.6 million was transferred to the budget from privatization in 2021, which was 60.7% of the execution plan. It was planned to receive GEL 300 million from privatization. Among them, it is planned to sell shares and assets of 25 state-owned enterprises.
6. Georgian Airways To Be Sold At USD 150 mln;
Georgian Airways is sold for USD 150 million. Georgian Business Brokerage, founded by Roman Bokeria, the former director of Georgian Airways, is working to find a new investor for the airline.
Airways is in the process of insolvency/rehabilitation since December 31, 2021 and owes a debt of more than GEL 175 million towards dozens of parties, while its assets amount to GEL 21 million.
7. How much did electricity consumption/ import amount in 2021;
Electricity consumption in Georgia is going to rise up to 4% this year, compared to the 2021 - Ministry of Economy reports. Estimated level of consumption is around 14 billions and 300 millions kwh this year. As long as local generation is not enough to cover our demand, the government already has projected 2.3 billions kwh of electricity imports from neighboring countries.
8. Statistics of money remittances in 2021;
In December 2021, the volume of money transfers from abroad constituted USD 229 million, which is 14.9% more than the amount in December 2020, - the National Bank of Georgia (NBG) reports.
In 2021, remittances to Georgia increased by USD464 million (24.6%) to USD 2.35 billion.
9. How Much Was Profitability of Georgian banks in 2021?
In 2021, the net profit of 14 commercial banks operating in Georgia amounted to GEL 2.08 billion, with a total revenue of GEL 5.97 billion, which is 22% more compared to the previous year. The size of assets of the banking sector is GEL 59.6 billion.
10. Metro Avrasya terminates partnership with Dimitri Kumsishvili
Holding Metro Avrasya Georgia, founded by Turkish businessman Galip Ozturk, issued a statement on termination partnership with Green Insurance Georgia.
Metro Avrasya was the investor company of Green Insurance Georgia, while former Minister of Economy Dimitri Kumsishvili was the Chairman of the Supervisory Board of the company.
According to Metro Avrasya Georgia, Dimitri Kumsishvili did not meet his partnership obligations and took part in the suspicious deal for the holding due to which Metro Avrasya Georgia was terminating its partnership with him.
