MARKETS

The article is based on the information of PMCG (Policy and Management Consulting Group). Positions in international rankings are an important indicator of how a country is performing with regard to its economic, social and political environment. In this bulletin, Georgia’s positions in international rankings and their dynamics will be reviewed based on recent data. Georgia was ranked 67th among 137 countries in the World Economic Forum’s Global Competitiveness Index in 2017, 9th among 190 countries in the Ease of Doing Business ranking in 2017, 68th among 127 countries..

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In January – December, 2017 the number of international arrivals in Georgia amounted to 7,554,936, showing an increase of 18.8% compared to the same period of previous year. Out of the total number of visits, 3,478,932 lasted longer than 24 hours (+ 27.9%). The majority of foreign travelers were Armenian (+14.8%), Azerbaijanian (+11.2%), Russian (+34.1%), Turkish (-0.8%)  and Iranian (+118.3%). A positive trend in arrivals was also observed among citizens of the European Union countries. A notable increase was registered of British +39.9%...

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In 2011, the ALCP (Alliances Caucasus Programme) linked it’s access to finance output with its access to nutrition output (i.e. the hay making machinery equipment needed by SSLP’s to remove a key nutritional constraint to dairy and meat production). High costs and limited or expensive credit meant difficulties in replacing outdated machinery inputs which performed poor and costly hay making services for farmers. Many farmers could not take loans for purchasing livestock, farm inputs, machinery and land due to the high interest rates.

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In June 2014 the Ministry of Economy and Sustainable Development, together with the Ministry of Agriculture, launched a new government program "Produce in Georgia”. The program is directed towards the entrepreneurship development through establishing new enterprises, advancing existing ones and promoting entrepreneurial culture in the country. The program also focuses on increasing the competitiveness of the private sector and enhancing country’s export potential.

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There were 16 licensed insurance companies working in Georgia by the end of the 2nd quarter of 2017. In total, they attracted insurance bonuses in amount of 247,382,801 GEL in 18 different types of insurance (including  58% of the full bonus on the first three ones). According to insurance types, medical insurance has 50% of the market share (81% of the attracted bonus was on the three leading types of insurance). In the first two quarters of 2017, insurance companies reimbursed 116,297,224 GEL.

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Economic growth of Georgia in 2016 was 2.7 percent, in which the main contributor (3.5%) was investment. Growth was positively affected by the consumption, but its contribution was 1.1%. Real consumption was increased by only 1.2 percent compared to the last year, due to increased costs of debt service given high dollarization level in the country. Net export influenced to the economic growth negatively (-0.9%), that can be explained by external demand shock. Economy has started recovery from 2017.

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The World Economic Forum has, for the past 11 years, engaged leaders in travel and tourism to carry out an indepth analysis of the Travel and Tourism competitiveness of 136 economies across the world. The Travel and Tourism Competitiveness Index measures “the set of factors and policies that enable the sustainable development of the travel and tourism sector, which in turn, contributes to the development and competitiveness of a country”. According to the Travel and Tourism Competitiveness report, Georgia has improved its ranking in 2017...

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The EU and Georgia signed an Association Agreement on 27 June 2014. It has entered into force since 1 July 2016. The agreement introduces a preferential trade regime – the Deep and Comprehensive Free Trade Area (DCFTA). This regime increases market access between the EU and Georgia based on having better-matched regulations. In …

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Price of raw tea was around 2.50 GEL / kg. in 2016. As of June 2017, the following products were presented on the market: 25-100 packages of teabags, 50-75-100-grams of loose tea packs. Assortment of black tea is bigger than green tea. Assortment of teabags is bigger than loose tea packs (the number of leaf tea is the smallest). Black tea is the best selling tea, than the green tea. Loose tea packs are the best selling items after the teabags. Number of Georgian and foreign producers are approximately the same. The varieties of tea produced by foreign producers are presented in more shops than Georgian ones. 

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3,978,657 international tourists entered Georgia in January-July 2017, and the total number of domestic visitors has made up around 3 million in the first quarter of the year. In total, 1,927 accommodation facilities for tourists and internal visitors were operating by the end of July 2017 with 26,869 rooms and 65,124 beds. 45 new hotels have been opened in Georgia in the first seven months of 2017, and 201 hotels have been under construction...Number of hotels opened in the first seven months of 2017 according to the regions is as follows:

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