Currently, providing computer services is the fastest-growing sector of the Georgian economy. According to the National Bank, in 1Q2023, Georgia received USD 231 million in revenue from the creation of software and the provision of computer services. This is 322% higher than the result of the same period last year.
According to Geostat, the highest increase is in the field of information and communication, which includes the IT industry. The sector-wide increase is 44% in 1Q.
The boom in IT sector revenues in Georgia is due to two factors, the first of which is the entry of international companies into the country, the trend of which has been fixed in the market for the last 3-4 years. As a result of this, the scope of outsourcing services in the country has increased dramatically.
The second factor is migration because the increase in the turnover of this sector directly coincides with 2022 when thousands of Russians; Ukrainian and Belarussian IT specialists entered the country. For example, if in 1Q2022 the sector's foreign income was USD 53.5 million, as of the second quarter, it increased to USD 93.3 million, and in 3Q - to USD 179 million. Therefore, the increasing trend is in direct agreement with the increase in migration.
This is also shown by the number of employees. If in 2021, 30 thousand people worked in the IT, communication and telecommunications sector, already in 4Q2022, the size of the workforce exceeded 41 thousand. If in 2021 the average salary in the field of information and communications was equal to GEL 2000, by the end of 2022 it reached GEL 3,800.
