Hotel Price Index (December, 2023)
18-Jan-2024
In Georgia, the average cost of a room1 in a 3-star hotel was 157 GEL per night in December 2023, while the average cost of a room in a 4-star hotel in Georgia was 253 GEL per night and the average cost of a room in a guesthouse2 was 123 GEL per night. The average cost of a room in a 5-star hotel in Georgia in December 2023 was 407 GEL per night. In Kakheti, the average price was 547 GEL, followed by Tbilisi – 529 GEL, Guria – 409 GEL, and Adjara – 325 GEL.
BAG Index (Q4, 2023)
15-Jan-2024
The Business Association of Georgia (BAG) Index is a joint product of the Business Association of Georgia, PMC Research, and the ifo Institute for Economic Research. The BAG Index summarizes the BAG Business Climate, BAG Employment Barometer, and BAG Investment Environment, which are calculated according to the assessments of the top managers of BAG member businesses and companies in their corporate group. In Q4 of 2023, the surveyed businesses assess their present business situation and expectations for the next six months positively.  For the previous reports of the BAG Index, please visit the following link: https://bag.ge/ge/bag-index
Employment Tracker (November, 2023)
21-Dec-2023
In November 2023, the number of persons receiving a monthly salary increased by 3.9% compared to the corresponding period of 2022. In November 2023, the share of persons receiving a monthly salary up to 600 GEL amounted to 17.7%, which was 3.5 percentage points less than the corresponding period of 2022. In November 2023, the share of persons receiving a monthly salary of 9,600 GEL and more amounted to 2.0%, which was 0.4 percentage points more than the corresponding period of 2022. In 2023, from June to November, the total number of vacancies published on jobs.ge amounted to 44,936, which was 3.7% higher compared to the corresponding period of 2022.
Monthly Tourism Update (November, 2023)
15-Dec-2023
During the first three quarters of 2023, turnover in the Georgian accommodation sector reached 823.9 million GEL, representing a 10.2% increase compared to the same period of 2022. This significant growth can be directly linked to record-high income from international visits in 2023 so far. In Q1-Q3 of 2023, both the average number of persons employed and the average monthly salary in the Georgian accommodation sector rose compared to Q1-Q3 of 2022 by 5.7% and 11.4%, respectively. Notably, in Q3 of 2023, total salary fund in the sector reached an all-time high, amounting to 26.6 million GEL. In November 2023, compared to November 2022, the Hotel Price Index (HPI) in Georgia decreased by 13.2%, with the yearly HPI at its lowest under the “guesthouses” category (-21.5%). Meanwhile, compared to October 2023, the HPI in November 2023 dropped by 6.6%.
Hotel Price Index (November, 2023)
15-Dec-2023
In Georgia, the average cost of a room in a 3-star hotel was 143 GEL per night in November 2023, while the average cost of a room in a 4-star hotel in Georgia was 221 GEL per night and the average cost of a room in a guesthouse was 117 GEL per night. The average cost of a room in a 5-star hotel in Georgia in November 2023 was 386 GEL per night. In Kakheti, the average price was 553 GEL, followed by Tbilisi – 541 GEL, Guria – 358 GEL, and Adjara – 299 GEL.
Georgian Economic Climate (Q4, 2023)
12-Dec-2023
The main findings of the survey of Georgian economists conducted in the fourth quarter of 2023 are: Georgian economists have a positive assessment of Georgia’s present economic situation. Though their predictions for Georgia’s economic situation for the next six months are also positive. 64% of the surveyed economists identified a labor shortage as the most significant threat to the Georgian economy. All of the surveyed economists either agreed or completely agreed with the IMF’s concerns regarding the independence of the NBG. Overall, 76% of the surveyed economists believed that the recent developments surrounding the NBG posed a high or very high threat to the continuation of the IMF’s support program in Georgia.
Issue 21: Ukraine’s Monetary Stability: Monetary and Exchange Rate Policy
05-Dec-2023
Since Russia’s invasion of Ukraine on 24 February 2022, Ukraine has adopted various measures and policies to support business and economic activities in the country. Alongside fiscal policies as well as business and labor support programs, monetary regulations have played a crucial role in ensuring the resilience of its wartime economy. The National Bank of Ukraine (NBU) has been efficiently responding to monetary developments, implementing effective actions to maintain the country’s monetary stability. This bulletin provides an overview of some of the most recent monetary and exchange rate policies adopted in Ukraine and analyzes their effectiveness by looking at three key monetary stability indicators: exchange rate, inflation, and reserves. UKRAINIAN PUBLICATION
Hazelnut Production Sector in Georgia
30-Nov-2023
Georgia is a significant contributor to the global hazelnut industry, ranking among the world’s leading countries in both shelled and in-shell hazelnut exports. Nearly all (97.9%) Georgian hazelnuts are produced in the following five regions: Samegrelo (42.2%); Guria (20.7%); Kakheti (12.9%); Adjara (12.0%); and Imereti (10.5%). Among these regions, the price of hazelnuts is highest in Kakheti, followed by Samegrelo and Imereti. Most of the hazelnuts produced in Georgia are exported. The leading importer countries of Georgian hazelnuts are Italy and Germany.
Employment Tracker (October, 2023)
27-Nov-2023
In October 2023, the number of persons receiving a monthly salary increased by 5.1% compared to the corresponding period of 2022. In October 2023, the share of persons receiving a monthly salary up to 600 GEL amounted to 17.9%, which was 4.6 percentage points less than the corresponding period of 2022. In October 2023, the share of persons receiving a monthly salary of 9,600 GEL and more amounted to 1.9%, which was 0.3 percentage points more than the corresponding period of 2022. In 2023, from May to October, the total number of vacancies published on jobs.ge amounted to 45,954, which was 5.1% higher compared to the corresponding period of 2022.  
Issue 146: Emigration and the Effect of Remittances on the Georgian Economy (2013-2022)
20-Nov-2023
Georgia is considered a country of emigration. Since the mid-1990s, emigration from the country has been largely defined as labor migration, with Georgian citizens seeking better prospects abroad to ease persistent socio-economic challenges at home, including high unemployment, widespread poverty, and low wages.  A distinctive feature of this trend is that a significant proportion of Georgian labor emigrants choose to reside and work illegally in their host countries. Meanwhile, for Georgians who opt to emigrate, their primary motivation for doing so is to earn enough to support their families back in Georgia to whom they send remittances to alleviate economic hardships. This bulletin discusses Georgia’s emigration trends and the role of remittances in the Georgian economy at macro and micro levels over the last decade.