According to the National Statistics Office of Georgia the annual inflation rate fell to 10.0% in June 2011. This alteration has caused an expectation of reduction of the inflation rate in society.
Insurance Company GPI Holding:"High quality of service means high quality of the claims handling process"
Monday, June 13, 2011
The FINANCIAL
"When an accident happens, that's when we are most needed. That's why we are always focused on the constant improvement of our claims handling process"
Banking Sector will Sustain and Support Economic Growth in 2011,” NBG
Written by Keti Chkhikvadze
Monday, June 13, 2011
The FINANCIAL
“The Georgian banking sector is in a good shape to support further economic growth in the country,” said Giorgi Kadagidze, Governor of the National Bank of Georgia.
Tbilisi will host the 2015 European Youth Olympic Festival after the European Olympic Committee (EOC) general assembly took a respective decision on November 27. Besides Tbilisi, a Czech town of Brno also pretended for hosting the festival in 2015.
Georgian President Mikheil Saakashvili and U.S. President Barack Obama have held their first ever bilateral meeting on the sidelines of the NATO summit in Lisbon and talked about the two countries' strategic partnership, Tbilisi's NATO aspirations, and the U.S. reset with Russia.
This page shows summary Doing Business 2011 data for Georgia. The first table lists the overall "Ease of Doing Business" rank (out of 183 economies) and the rankings by each topic. The rest of the tables summarize the key indicators for each topic and benchmark against regional and high-income economy (OECD) averages.
The world financial crisis is not yet over, largely affecting foreign and local investments in Georgia, CEOs of key companies interviewed by The FINANCIAL believe. There are still some obstacles to overcome while investing, such as problems with lending and political risks. However, as the CEOs declare, the procedures and government regulations are quite supportive and in Georgia it is quite easy to do business.
Israel Tries to Switch Tourists from Turkey to Georgia
Monday, September 13, 2010
The FINANCIAL
Number of tourists from Israel to Georgia was more than double last year”, Yehiel Bar, City Council Member, Tourism and Foreign relationships Portfolio Holder at Jerusalem Municipality told The FINANCIAL. “We are marketing Georgia in Israeli media especially after diplomatic crisis we had with Turkey so we want Israelites who go to Turkey to switch to Georgia and visit Georgia,” he said.
Minister of Economy and Sustainable Development of Georgia Soon in Israel
August, 2010
Economy Today
The Contest Commission at the Ministry of Economy and Sustainable Development has made a decision after a month's intense consideration - Maia Sidamonidze has been named as the head of the Department of Tourism and Resorts.
SOCAR Announces Plans for Acquiring Georgia's Main Gas Pipeline Stake
Monday, July 19, 2010
Georgian Business Week
The State Oil Company of Azerbaijan (SOCAR) has showed interest in acquiring a stake in Georgia’s trunk gas pipeline, SOCAR Energy Georgia director general Mahir Mammedov said.
According to Georgian tour operators, France, Holland, Germany, the Czech Republic, Italy and Spain are considered the most popular European destinations. As the Department of Tourism and Resorts of Georgia’s officials say, 140,000 foreigners visited Georgia in May 2010.
US Secretary of State Hillary Clinton reassured Georgia on Monday with a pledge of steadfast support and called on Russia to end its "occupation" of two breakaway Georgian regions.
There will be 12 McDonald's Restaurants in Georgia
Monday, May 31, 2010
The FINANCIAL
There will soon be 12 McDonald's restaurants in Georgia. According to Tengiz Kapanadze, General Director of the restaurants, the profit of McDonald's has significantly risen relative to the last few years.
Opinions and predictions
The Wall Street Journal has hailed the business environment in Georgia as exemplar to even Great Britain. Taking into account the importance of similar statements, Georgian Business Week has interviewed heads of all major business associations in Georgia. Our respondents such as Giorgi Isakadze, vice president of the business association of Georgia, Jemal Inaishvili, president of the Georgian chamber of commerce and industry (GCCI), and Fady Asly, president of the international chamber of commerce and industry (ICC), provide interesting appraisals for the current economic processes and investment environment in Georgia.
Economic Recovery Signs and Frozen Investment Projects
Monday, May 31, 2010
Fitch Ratings, an international rating company, has congratulated the government and people of Georgia upon the independence day in the most efficient way – by raising its bond rating. The agency has upgraded the county's long-term issuer default rating to the level of B+ and improved the Georgia’s GDP growth rate forecast to 6 percent for 2010. According to the Fitch Ratings website, Georgia’s short-term issuer default rating is fixed at the level of B and the country ceiling rating shows the level of BB with the forecast of stable.
NEW YORK, April 12 (Reuters) - Standard & Poor's on
Monday raised its foreign long-term sovereign credit
rating on the government of Georgia by one notch to B
plus from B, citing its relative economic strength and
growth prospects. The outlook on the new rating is
stable, the firm said in a statement. S&P's move brings
it in line with Fitch Ratings, who has a B-plus rating on
the credit.
1 Billion USD Israeli Investments in Georgia over Last Few Years
More than 1 billion USD was invested by Israeli businessmen in Georgia during the last 5 years, according to Itzhak Gerberg, Ambassador of Israel to Georgia. He says that Georgia has a lot of potential and advantages in terms of attracting investors. At the moment Israel and Georgia are about to sign an economic agreement.
Georgia Expresses Condolences At Death Of President Lech Kaczynski
The Georgian Government has expressed its condolences to the Polish people following the death of President Lech Kaczynski. "Kaczynski was a great friend of the Georgian people and we express our condolences to the Polish people, friends and relatives of the president" - Georgian Prime Minister Nika Gilauri.
ECONOMIC GROWTH IN 2010 MAY EXCEED THE CONSENSUS
FORECAST OF 2%
On February 2, 2010, Nika Gilauri, Prime Minister of Georgia, indicated that economic growth in 2010 may exceed the consensus forecast of 2%. The Prime Minister’s view is based on the positive trends of selected fiscal indicators.
Georgia's economic freedom score is 69.8, making its economy the 32nd freest in the 2009 Index. Its overall score is 0.5 point higher than last year due to improvements
in business freedom, trade freedom, and freedom from corruption. Georgia is ranked 19th out of 43 countries in the Europe region, and its overall score is higher than the world average.
Visiting Republican Senator, John McCain, said in Batumi on January 11, that Georgia and the United States were 'confronted by common challenges' and remained bound by common interests and democratic values.John McCain arrived in Georgia with two other Republican Senators, John Barrasso and John Thune. Before meeting with President Saakashvili, the delegation met in Batumi, Ajara Autonomous Republic, with some opposition leaders, including Davit Usupashvili, leader of Republican Party, part of Alliance for Georgia; MP Giorgi Targamadze, leader of Christian-Democratic Movement and of parliamentary minority and Levan Gachechiladze, a co-founder of public movement Defend Georgia.
In 2009 the Value of Agricultural Production Export in the EU Countries made 63.6 Million USD
Agricultural exports in Georgia have increased while imports have declined. That's according to recently release Ministry of Agriculture figures from 2008 and 2009. Exports reportedly increased by 25.4 percent between 2008 and 2009 while imports fell by 19 percent. The government estimates that last year the total value of exports at 286 million USD while 228 million USD were imported.
Significant Changes in Creating a New View of Tbilisi
The FINANCIAL
Tbilisi, the capital of Georgia will soon have a new face. In 2010 significant architectural changes are planned, among them the Glass Bridge on Rike, connecting the left and right banks of Mtkvari.
