The volume of construction output increased by 4% compared to the corresponding indicator of 2014 and amounted to 4,254 mln GEL.
Foreign Direct Investments in the construction sector declined by 59% compared to the previous year.
The number of individuals employed in the construction sector increased by 4.6% and equaled 64,613. Their average monthly remuneration amounted to 1,531 GEL.
In the first quarter of 2016:
The volume of state budget tax revenues increased (8.4%) compared to the corresponding period in 2015.
The indicator of tax revenue compliance compared to the annual plan is 25.7%.
The structure of tax revenues is as follows: VAT (35.5%), income tax (20.2%), profit tax (10%), excise tax (11.1%) and import tax (1.2%).
The revenues increased from import (34.3%) and excise (28.2%) taxes, while the revenues decreased from profit tax (-35.5%), income tax (-10.3%) and VAT (-14.2%).
In the first quarter of 2016:
The volume of registered trade turnover in goods was US$2 146 mln. The share of registered import of goods in total turnover was 79.4% and the share of registered export of goods was 20.6%.
The trade balance has improved by 2.5%, while exports declined by 11.9%, and imports declined by 5.1%.
The top three exported commodities from Georgia are: copper ores (19%), motor cars (8.5%) and nuts (7.4%), while the top three imported commodities to Georgia are: medicaments (15.8%), gases (7.3%) and motor cars (5.8%).
Georgia’s top three export partners are: Turkey (12.4%), China (12.3%) and Russia (9.6%), while the main import partners are: Turkey (17.4%), Ireland (12.3%) and Russia (8.6%).
In 2015, according to the preliminary data, the real GDP growth rate of Georgia amounted to 2.8%.In this period, the largest sectors according to production outputs were trade (16.6%) and industry (16.5%), but compared to the previous year their added value declined (-0.3% and -1.1%, respectively). In 2015, the highest growth rate (15.2%) was observed in construction sector.
In 2015, according to the preliminary data, the volume of Foreign Direct Investment (FDI) amounted to US$1 351 mln in Georgia, which is US $407.4 mln less than the adjusted indicator of 2014. This indicator is an important gauge of the stability of the economic environment and exchange rate.
In this period, the biggest investors in Georgia by country were Azerbaijan (40.1%), United Kingdom (14.1%) and Netherlands (8.2%). According to sectors, the highest proportion of FDI was in the transport and communications sector (44%), while the most attractive location for investors was still Tbilisi (81%).
In December 2015, compared to the same month of the previous year 2014, the volume of total deposits increased by 24.8% (3 080 mln GEL), while the volume of total loans to the national economy increased by 23.5% (3 074 mln GEL). Taking exchange rates into consideration, the growth rate of the deposits is 5.4% and the growth rate of the loans is 5.8%. In this period, the average interest rate on deposits denominated in foreign currency declined by 0.6 percentage point and on deposits denominated in the national currency increased by 1.1% percentage. Regarding loans, interest rates on loans denominated in foreign currencies declined by 1.1 percentage point and on loans denominated in GEL declined by 0.6% point.The share of the deposits denominated in foreign currencies in total deposits increased by 10.0%, while the share of the loans denominated in the foreign currencies increased by 3.7%. However, taking exchange rates into consideration, the change in these indicators are 4.5 percentage point and -2.2 percentage point, respectively. Therefore, the level of the dollarization of the deposits increased, while the level of dollarization of loans declined.
On February 2, 2016, based on the official exchange rate, the value of 1 USD is 2.47 GEL.
During January 2016, GEL depreciated towards USD by 0.08 point (3.1%) compared to the previous month and by 0.5 point (25.5%) compared to January 2015.
This issue reviews the dynamics of the key indicators, which maintain the inflow and outflow of the foreign currency in Georgia, such as: International Trade (Export and Import), Remittances, Visitors in Georgia, Foreign Direct Investments (FDI) and Public External Debt.
According to the preliminary data, in the first three quarters of 2015, the volume of Foreign Direct Investment (FDI), an important source of economic growth, amounted to US$1019.0 mln in Georgia.
In this period, the largest investors by country were Azerbaijan (38.5%), Netherlands (14.2%) and Turkey (10.8%). The highest proportion of FDI was in the transport and communications sector (56.1%), while the most attractive location for investors was still Tbilisi (78.0%).
The current publication of newsletter gives an overview of four important New Year products, such as walnut, honey, pork and cheese. According to the diffused opinion, the prices of almost every product increases during the New Year time. However, the overall price level declined (-0.6%) in December 2015, compared to November, the same year. The prices have been declined on walnut (-4.7%), honey (-2.8%), pork (-0.7%) and on cheese (-1.0%).In December 2015, compared to corresponding period in 2014, the overall price level increased (4.9%). In this period, prices on walnut (-2.8%), pork (-1.7%) and on cheese (-3.5%) declined, while the price on honey increased (3.8%).
According to the preliminary data of 2015, state budget revenues as well as state budget expenditures will be complied. Specifically, state budget revenues are expected to be executed by 101.4%, while budget expenditures will reach 99.5% of the planned level.
In 2015, compared to the previous year, spending from the state budget was more balanced which reduced the negative effect of the fiscal policy on exchange rate and inflation in the fourth quarter.