Forecasters, professionals and amateurs alike, all got it wrong. The Brexit came as a surprise because the bookmakers (people who organize bets on developments in politics, economics, and sports) reported that about three times more money was put on the event that Britain would stay in the EU than on its alternative. With poll results being inconclusive in the weeks before the referendum, this led many pundits to believe that Britain would stay in the EU.

APRC is evaluating training programs for agricultural cooperatives in Georgia and is preparing report on the findings, conclusions and recommendations for revision of training program.

While gradually increasing since June, in line with its seasonal trend (driven by a gradual decline in the production of fresh milk), the Khachapuri Index remains almost 10% below its level exactly one year ago. Constructed as a weighted average of the prices of various khachapuri ingredients, the Index is particularly sensitive to changes in the price of Imeretian cheese, its most expensive ingredient. The recent spell of annual deflation in the Khachapuri Index is thus a reflection of a peculiar sagging in the price of cheese (see table).

Based on the latest data, the updated annual GDP growth projection is 3.4%. It is noteworthy that the model starts to provide the most accurate annual estimate in September when seven months of data is available on core explanatory variables.

Supported by the German Federal Ministry for Economic Cooperation and Development (BMZ) and the Chamber of Commerce and Industry for Munich and Upper Bavaria, and working in partnership with the Georgian Chamber of Commerce and Industry (GCCI), this project aims at strengthening entrepreneurship education in Georgian Vocational Education and Training (VET) institutions.