For the third quarter of 2022, business confidence in Georgia increased (by 2.6 index points) and reached 17.7. The highest increase in business confidence is observed in the construction (+13.8) sector. The positive change in BCI for Q3 2022 was driven by significantly improved past performance.
The Past Performance Index, which considers the business sector's assessment of their own economic performance in the previous quarter, increased by 16.2 points compared to Q2 2022 and reached 6.7 for Q3 2022, with service (+38.7), and construction (+30.8) sectors showing the greatest improvement.
Expectations Index, which reflects business optimism, decreased, amounting to 25.6 index points. Expectations for Q3 2022 decreased for all sectors, except for the construction and service sectors.
The Sales Price Expectations Index decreased by 11.6 index points and settled at 29.8, indicating a decrease in the share of businesses that anticipate charging higher prices on their products over the next three months. The Sales Price Expectations Index has decreased for all sectors except for the trade sector.
Lack of qualified labour force and limited access to financing are the most significant obstacles for large companies. Meanwhile, lack of demand and limited access to financing are indicated as major constraints by SMEs.