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IT Sector Of Georgia Received A Record Foreign Earned Income Of USD 430 MLN In 1H2023

IT

The National Bank of Georgia reports, that Georgia received USD 430 million in revenue from software development and computer services in 1H2023. This is 194% higher compared to the same period of the previous year.

According to Geostat, economic growth was 44% in the field of information and communication in the first quarter, while in the second quarter, the growth amounted to 20%. Overall, the increase in the sector is expected to reach 30% later this year. As for the foreign earned income, it stood at USD 231 million in 1H2023, while in 2H2023 - USD 198 million.

The sharp increase in the revenues of the IT sector in Georgia is due to two factors: the entry of international companies into the country is the first, while the second factor is migration because the increase in the turnover of this sector directly coincides with 2022, when thousands of Russians in the country; Ukrainian and Belarussian IT specialist entered.

The number of employees in the sector is also increasing. If in 2021, 30 thousand people worked in the IT, communication and telecommunications sector, the size of the workforce exceeded 41 thousand in 4Q2022, and currently up to 43 thousand people are employed in the sector.

As for the wages, if in 2021 the average salary in the field of information and communications was equal to GEL 2 2,000 by the end of 2022 it reached GEL 3,800 and in the second quarter of 2023 the average salary amounts to GEL 3,900.