
In August 2023 the number of transactions in new projects decreased by 6%. The figure for old flats features a 18% decrease compared to August 2022.In August 2023 the number of transactions of newly built economy flats in Tbilisi decreased by 9%, while 1% decline was observed in the medium segment. As for the premium segment, the figure stayed the same.As of August 2023, the weighted average price of newly-built flats in Tbilisi has increased by 8% in the suburbs, while 3% decrease was observed in the wide and city centre.As of August 2023 in Tbilisi the weighted average price of old flats has slightly increased in all types of districts.As of August 2023, the number of transactions of residential flats in Batumi has decreased by 11% to 1,422 units. The market size has decreased by 17% standing at USD 56 millions.In August 2023, the number of transactions of newly-built flats has declined by 8% year over year, while a 41% YoY decrease has been observed in the case of old flats.In August 2023, the number of transactions decreased by 29% in the case of medium newly-built flats. The figure for the premium and economy segments experienced a slight decrease.In August 2023, the weighted average price of newly-built flats in Batumi increased by 20% equaling USD 984 per sq m, while the figure for old flats recorded a 3% increase up to USD 728 per sq m.In July 2023, in Tbilisi the number of transactions of residential flats amounted to 3,540 units, reflecting 7% YoY decrease. Market size also decreased by 7% standing at USD 189 millions.In July 2023 the number of transactions in new projects increased by 3%. The figure for old flats features a 27% decrease compared to July 2022.In July 2023 the number of transactions of newly-built medium flats in Tbilisi has increased by 10%, while a 2% growth was observed in the economy segment. As for the premium segment, the figure has decreased by 7% recording 191 units.
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Significant contributions to the real GDP growth in Q2 2023 is related to increase of valueadded of the following activities: Wholesale and retail trade; repair of motor vehicles and motorcycles - 14.6%, Construction - 22.7%, Education - 19.6%, Information andcommunication - 20.2%, Public administration and defence; compulsory social security - 11.1%, Transportation and storage - 6.8%, Administrative and support service activities - 42.8%.A decrease in the real value-added occurred in Agriculture, forestry and fishing (-7.1%), Manufacturing (-2.8%), Electricity, gas, steam and air conditioning supply (-7.0 %).The largest share in GDP by activity is held by Trade (15.5 percent) and Real estate activities - 10.6%, followed by Manufacturing - 8.9%, Construction - 7.7%, Agriculture, forestry and fishing - 7.7%, Public administration - 6.9%, Transportation and storage - 6%, Education - 5.3%.Revised data will be published by November 15, 2023.
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The still high local inflation is caused by the annual increase in the price of services (8.7%). The contribution of service inflation to local inflation is 5.1 pp. On the other hand, banking services have a high contribution to service inflationThe increase in prices (1.6%p in service inflation) and the increased cost of apartment rent as a result of the sharp increase in the number of foreigners last year (0.9%p in service inflation).
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Bitadze said geologists had inspected the disaster zone earlier during the day and ruled out the threat of a repeat occurrence of landslide.The lawmaker claimed the disaster, which has also left at least 35 missing after it hit the Shovi resort in the municipality, had been caused by a “coincidence of several natural events”, including heavy rainfalls and climate change-related erosion.She noted floods and landslides had been observed across the country and in the region over the past several weeks. Rescue crews have been working using special hardware in the affected area since the landslide hit the resort, with 210 people evacuated.
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The monthly inflation rate was mainly influenced by price changes for the following groups:Miscellaneous goods and services: the prices for the group increased by 11.1 percent, contributing 0.59 percentage points to the overall index. Within the group, the prices were higher for the following subgroups: financial services n.e.c. (27.9 percent) and personal care (9.0 percent); Housing, water, electricity, gas and other fuels: the prices for the group posted a 4.9 percent increase, which contributed 0.51 percentage points to the annual inflation rate. The prices were higher for the following subgroups: maintenance and repair of the dwelling (12.3 percent), actual rentals for housing (10.3 percent); Alcoholic beverages and tobacco: the prices increased by 6.3 percent, contributing 0.43 percentage points to the overall index. Within the group, the prices were higher for both alcoholic beverages (7.5 percent) and tobacco (5.0 percent); Transport: the prices for the group decreased by 12.1 percent, contributing -1.53 percentage points to the overall index. Within the group the prices decreased for operation of personal transport equipment (-18.6 percent). At the same time, prices increased for transport services (3.8 percent);Health: the prices for the group decreased by 6.9 percent, with the relevant contribution of -0.67 percentage points to the annual inflation rate. Within the group, the prices were lower for medical products, appliances and equipment (-17.3 percent). At the same time, prices increased for outpatient services (12.5 percent) and hospital services (6.4 percent).
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In June 2023, compared to the same period of the previous year, activities in Construction, Trade and Finance, and Insurance contributed to the estimated real growth.The declines were observed in Transportation and Storage and Electricity, Gas, Steam and Air Conditioning supply activities.
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The decline in hydro generation was primarily due to a 14.0% y/y decrease in the generation of the Enguri and Vardnili cascade. Wind generation accounted for only 0.6% of the grid's supply. Thermal generation (21.9%) and direct imports (7.8%) covered the remaining 29.8% of the demand.The import share was unexpectedly low this year, for comparison share of electricity imports in the first half of the each year during 2019-21 was 16.7% on average.Thermal generation increased by 12.8% y/y, while electricity imports decreased by 48.9% y/y in 1H23. This shift from import to thermal generation happened due to the cost difference: the price of commercial import was in the range of USc 7.0-7.5/kWh, whereas price of thermal generation ranged between USc 3.4 and USc 5.4/kWh depending on TPP. Notably, the thermal generation prices were unaffected by global price spikes due to the availability of "social gas," a cheap gas supplied to Georgia for transit via the South-Caucasus Pipeline from Azerbaijan to Turkey. Moreover, this supply mix facilitated start of electricity exports earlier this year from April. This "social gas" is limited and used for residential use and by thermal power plants. These boundaries also limit the volume and period of electricity exports.
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The number of outpatient facilities was 2 284. Number of visits in medical institutions equaled to 15.2 million, which is 1.3% more compare to the corresponding indicator of 2021. According to the data of 2022, the number of doctors employed in medical institutions amounted to 23.9 thousand, and the number of nursing staff - 22.0 thousand.Compared to the previous year, the number of diseases registered for the first time with a diagnosis has increased in the following groups: diseases of the ear and mastoid process increased by 41.7%, diseases of the respiratory system - 36.0%, infectious and parasitic diseases - by 12.5%, diseases of the eye and adnexa - by 11.3%, diseases of the skin and subcutaneous tissue – by 9.0%. During the last ten years, the highest rates were recorded in 2015.From main disease groups the most common in the population are diseases of the respiratory system, diseases of the circulatory system, diseases of the genitourinary system, diseases of the musculoskeletal system and connective tissue, and diseases of the eye and adnexa. In 2022, the number of new cases of AIDS amounted to 617 units, which is 16.4 percent more than the corresponding indicator of 2021, and the total (cumulative) number of people living with HIV/AIDS amounted to 9 779. There were 140 deaths from HIV/AIDS during the 2022 year.In 2022, morbidity with tuberculosis increased by 7 unit and amounted to 1 654. The number of new cases decreased by 3.5 percent. During the last ten years, the highest rate of tuberculosis was recorded in 2013 (4 318 persons).In 2022, emergency care provided to approximately 1.2 million people, of which 98.9 percent of cases were related to sudden illness
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For economic agents engaged in organization of markets most frequent legal form can be considered a limited liability company which holds 77.2 percent share from total number of active markets in 2022. The Individual entrepreneur holds 19.8 percent share. Other markets hold legal forms of joint stock companies (1.5 percent), cooperatives (1.0 percent) and Joint liability companies (0.5 percent). 95.4 percent of total markets are under private ownership while rest of 4.6 percent under governmental ownership.In 2022 all of Economic agents engaged in organization of markets were located on 2.1 mln sq. m area. The all markets are ensured with 67 unit of vet laboratory, 1296 unit of storage facilities with total area of 27.2 thousand sq. meters and 361 unit of cold refrigerators 0.7 thousand tone total capacity.In 2022 35.5 percent from total active markets were roofed (a trade process is carried out inside of building), 35.0 percent is open type markets (a trade process is carried outside of building) and 29.5 percent semi roofed (a trade process is carried as inside as outside of building). In 2022 on a territory of active markets in Georgia trade of food and nonfood goods is carried out by sellers.30.5 percent of markets trade only nonfood goods. Single market trades only with food goods, two market - with cars also, while five markets trade as poultry as livestock. On a territory of markets in Georgia the trade is carried out in several days per week: in 152 markets a daily trade is carried out, while Sunday trade is organized in 22 markets. The trade except Sunday is carried out in three markets. In rest of markets one day, two or three day trade process is carried out during different days of week.The number of trade places in markets reaches 52.8 thousand where averagely 38.6 thousand seller trades per day.In 2022 number of employed persons in administration units of economic agents engaged organization of markets was amounted 2.8 thousand 33.4 percent of which female. 47.1 percent of employed persons are provided in Tbilisi and rest of it is distributed through the other regions. In 2022 income of economic agents engaged organization of markets amounted 170.7 mil. GEL, from where issuance of license for trade right (one-time payment) have been amounted 13.1 mil. GEL (7.7 percent), income from rent of trade stands amounted 149.5 mil. GEL (87.6 percent), while 8.1 mil. GEL (4.7 percent) belongs to other income. In the same period total expenditures of economic agents engaged organization of markets amounted 99.5 mil.GEL, of which 30.8 mil. GEL is a salary for employed persons.The average monthly salary of employees in markets and fairs amounts to 917 GEL.
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Electricity import volume and price were unexpectedly low. The sole consumer of such electricity was Abkhazian region, receiving electricity from Russia at special price (USc 0.1/kWh). The rest of Georgia replaced commercial imports with comparatively cheap thermal generation, enabled by the availability of social gas, making thermal generation in Georgia cost-effective compared to global standards.Georgia became net exporter of electricity in 1H23. Increased prices in Turkey surged demand for electricity exports and therefore export revenues. The changes in supply and demand made the 21.4% y/y growth in export volume possible. Although export price dropped by 19.6% y/y, export revenues were still high at US$ 53.3mn (-2.4% y/y). As electricity imports were insignificant in value, net export was close to total export value and stood at US$ 51.6mn, which is 2.7x times above the last year’s figure.
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