BAG Index (Q4, 2022)
28-Dec-2022
The Business Association of Georgia (BAG) Index is a joint product of the Business Association of Georgia, PMC Research Center 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 2022, additional questions regarding the need for labor resources were integrated into the survey. BAG and PMC Research Center publish the BAG Index on a quarterly basis from Q4 2019. For the previous reports of the BAG Index, please, visit the following link: https://bag.ge/ge/bag-index
Monthly Tourism Update (November, 2022)
27-Dec-2022
Since 2021, international visits to Georgia have been showing signs of significant recovery. The recovery accelerated in Q3 of 2022, when the number of international visits reached 69% of the corresponding figure in Q3 of 2019. The average expenditure per visit tripled in Q3 of 2022 compared to the corresponding period of 2019, and reached GEL 2,440. Meanwhile, the total expenditure exceeded the pre-pandemic (Q3 of 2019) value by 41%, reaching GEL 4.6 billion. The average nights spent per visit increased significantly (42%) in Q3 of 2022, compared to the corresponding period of 2019, reaching 6.8 nights per visit, similar to the first half of 2022.
Hotel Price Index (November, 2022)
27-Dec-2022
In Georgia, the average cost of a room in a 3-star hotel was 155 GEL per night in November 2022, while the average cost of a room in a 4-star hotel in Georgia was 233GEL per night and the average cost of a room in a guesthouse was 114 GEL per night. The average cost of a room in a 5-star hotel in Georgia in November 2022 was 419 GEL per night. In Kakheti, the average price was 575 GEL, followed by Tbilisi - 554, Guria - 381 and Adjara - 344.
Employment Tracker (November, 2022)
22-Dec-2022
In November 2022, the number of persons receiving a monthly salary increased by 1.4% compared to the corresponding period of 2021 and by 5.4% compared to the corresponding period of 2020. Overall, in Q4 of 2022, the BAG Employment Barometer amounted to 29.1 points, which is 1 point more than in Q3. In Q4 of the 2022 year, the Employment Barometer was positive for all sectors. Overall, in Q4 of 2022, according to the BAG Index Survey 35% of surveyed companies increased their number of employees, 7% recorded a decrease, and 58% reported no change. In 2022, from June to November, the total number of vacancies published on jobs.ge amounted to 43,323, which was 27.7% higher compared to the corresponding period of 2021 and 154.3% higher compared to the corresponding period of 2020. In 2022, from June to November, a total of 12,702 vacancies were published in the field of sales/procurement, which was 48% higher than the corresponding period of 2021 and 162% higher compared to the corresponding period of 2020. According to the Beveridge Curve, labor market efficiency decreased in the post-pandemic period (Q3 2022), compared to the pre-pandemic period (Q4 2019).  The latter trend could be attributed to different factors, including labor force migration, the flow of personnel to adjacent sectors, and increased wage expectations of job-seekers (i.e., the minimum wage that candidates are prepared to work for).
Georgian Economic Climate (Q4, 2022)
07-Dec-2022
The main findings of the survey of Georgian economists conducted in the fourth quarter of 2022 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 negative. Almost 90% of surveyed economists think that high inflation currently represents the highest threat to the Georgian economy. 94% of surveyed economists think that among other policy approaches tighter fiscal policy is likely to be the most effective in tackling inflation in Georgia. Similarly, 89% believe in the effectiveness of imposing a tighter monetary policy. The majority of Georgian economists (44%) think that the Estonian model for profit tax should be applied to the financial sector in Georgia from 2023.
Issue 17: Ukraine’s Maritime Trade and Port Infrastructure
01-Dec-2022
Russia’s war in Ukraine has stifled the latter’s maritime industry. It has disrupted 15 of Ukraine’s 18 seaports as well as its inland water navigation facilities. As the maritime industry usually plays a crucial part in Ukraine’s external trade, the abovementioned disruptions have hampered the country’s exports markedly. To portray the effects of the halting of operations at Ukrainian ports on both domestic and international markets, it is essential to analyze the significance of Ukraine’s maritime industry and its role in the country’s external trade, the Black Sea, and beyond.
Issue 141: Youth Employment in Georgia
29-Nov-2022
The successful participation of youth in the Georgian labor market is crucial for not only their own personal wellbeing, but also the prosperity of the country as a whole. Although the broad topic of employment is one of the most discussed issues at the national level in Georgia, the more specific matter of youth employment is afforded relatively little attention. Seeking to address this shortcoming, this bulletin focuses on changes in the Georgian labor market and relevant indicators for the age group of 15-24 in the period of 2017-2021.
Monthly Tourism Update (October, 2022)
24-Nov-2022
In Q2 of 2022, international visits to natural attractions amounted to 62% of the pre-pandemic (Q2 of 2019) value, while domestic visits exceeded the pre-pandemic value by 54%, which could be explained by changing behavioral trends among domestic visitors and specifically their increased demand for local tourism destinations. By the end of the first nine months of 2022, the number of visits to Protected Areas had already recovered to 66% of the total number of visits in 2019. During the covered period, most of the international visitors to Protected Areas were from Russia (83 286 visitors) and Belarus (48 422). Meanwhile, the most visited destinations were Martvili Canyon, followed by Prometheus Cave and Tsalka Canyon.
Hotel Price Index (October, 2022)
24-Nov-2022
In Georgia, the average cost of a room in a 3-star hotel was 163 GEL per night in October 2022, while the average cost of a room in a 4-star hotel in Georgia was 255 GEL per night and the average cost of a room in a guesthouse was 121 GEL per night. The average cost of a room in a 5-star hotel in Georgia in October 2022 was 428 GEL per night. In Kakheti, the average price was 570 GEL, followed by Tbilisi - 564, Guria - 531 and Adjara - 378.
Employment Tracker (October, 2022)
22-Nov-2022
In October 2022, the number of persons receiving a monthly salary decreased by 0.4% compared to the corresponding period of 2021 and increased by 3.7% compared to the corresponding period of 2020. In 2022, from May to October, the total number of vacancies published on jobs.ge amounted to 43,751, which was 32% higher compared to the corresponding period of 2021 and 164% higher compared to the corresponding period of 2020. In 2022, from May to October, a total of 12,962 vacancies were published in the field of sales/procurement, which was 58% higher than the corresponding period of 2021 and 209% higher compared to the corresponding period of 2020.