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.

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.

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.

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.

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).