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ISET Economist Blog

A blog about economics in the South Caucasus.
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Namakhvani HPP – Threat or Opportunity?
In recent months, the Namakhvani hydro power plant has become one of the most discussed topics in Georgian society.
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How Can Georgia Deal with its Plastic Waste?
ISET-PI's Executive Director Lasha Labadze summarized results of Real Estate market research data of June 2015 – June 2016. The report is produced on a monthly basis in partnership with TBC Bank and Jumpstart. TV1’s Business Contact programme invited representative of ISET-PI and TBC Bank to discuss the findings of the first joint report. The report analyses real estate data from Tbilisi based on two different sources: online advertisements and public registry data. About 130,000 unique online advertisements were analyzed during the year. The report discusses price dynamics by districts of Tbilisi, and by the type of real estate. In addition to descriptive statistics, the report presents the index of real estate which shows pure price effect of changes. The index is based on international methodology According to the main findings, the prices of residential as well as commercial property are declining, mainly due to seasonal factors and a slowdown in economic growth. Watch the video from TV 1 to learn more.
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Labor Market Reform: Is the Glass Half Full or Half Empty?
ISET-PI has updated its forecast of Georgia’s real GDP growth rate for the fourth quarter of 2016 and the first quarter of 2017. Here are the highlights of this month’s release: • Geostat has updated its GDP growth estimate for the third quarter of 2016. The Q3 growth rate stands at 2.2%, which was 1.3% below the ISET PI’s forecasted value. • As a result of the update, the growth forecast for Q4 of 2016 was revised downward to 2.9% from the 4.1% projected in October. • ISET-PI’s first forecast for Q1 of 2017 puts GDP growth at 3.5%. Download the full report.
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Seasonal Effects and COVID Lockdown Combined Close the Generation-Consumption Gap in April
The average cost of cooking one standard Imeretian Khachapuri in November 2016 stood at 3.46 GEL, which is 1.9% higher month-on-month (compared to October 2016). The Khachapuri Index is down by 5.6% year-on-year (compared to November 2015), suggesting annual deflation as measured by the index. Khachapuri’s main ingredient is Imeretian cheese, and naturally, its price is the main driver of our Khachapuri Index. In November 2016, cheese was the main contributor of the year-on-year decrease in Khachapuri prices; cheese price dropped by 6.5% compared to the same month of the last year.
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The Implications of COVID-19 on the Georgian Power Market
The average cost of cooking one standard Imeretian Khachapuri varied across Georgian cities in November 2016, from 3.34 GEL, the minimum, observed in Batumi, to 3.55 GEL, the maximum, observed in Telavi. The average price was 3.46 GEL, which is 1.9% higher month-on-month (compared to October 2016). The Khachapuri Index is down up by 5.6% year-on-year (compared to November 2015), suggesting annual deflation as measured by the index.
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The Generation-Consumption Gap Keeps Increasing. What Could or Should Be Done About It?
Teimuraz Gogsadze, a graduate of ISET's Class of 2011, joined the International Taxation Division of the Tax Policy Department at the Ministry of Finance of Georgia in May 2011. He worked on such interesting projects as the double taxation avoidance agreement and agreements on mutual administrative assistance in customs matters, gaining invaluable experience at the Ministry of Finance. Having spent almost a year at the Ministry and inspired by the experience regarding taxation matters, Teimuraz decided to continue his studies with a PhD program. In April 2012, he joined the PhD program in Economics at the University of Leicester, where his supervisors were Professors Sanjit Dhami and Ali al-Nowaihi.
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