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Geostat has published its rapid estimate of the real GDP growth for the fourth quarter of 2022, and its estimated growth stands at 9.5%, which is 2.5 percentage points below the ISET-PI’s most recent forecast.
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In December 2022, Georgian power plants generated 1,116 mln. kWh of electricity. This represents a 6% decrease in the total generation compared to the previous year (in December 2021, the total generation was 1,192 mln. kWh). The decrease in the generation on a yearly basis comes from a decline of 39% in hydropower, while wind power and thermal power generation increased by 50% and 38%, respectively.
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Georgia’s new insolvency law – the Law of Georgia on rehabilitation and the collective satisfaction of creditors’ claims – became effective on 1 April 2021. Under which, if a business operating in Georgia has reached a low ebb and is no longer able to meet its financial obligations, it has the opportunity to regulate relations with creditors based on new legislative instruments – effectively, it is able to rehabilitate and return to the market in a viable manner, or, if necessary, it might declare bankruptcy and exit the market.
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For the first quarter of 2023, business confidence in Georgia increased (by 8.4 index points) and reached 20.1. The highest business confidence is observed in the financial (35.6) sector.
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The Government of Georgia (GoG) started the process of institutionalizing RIA as an integral part of policymaking almost a decade ago. These efforts culminated with the realization of Ordinance No. 35, Tbilisi, 17 January 2020 (“ordinance” from here on).