We started forecasting the annual growth rate at the beginning of 2014 (see our January 2014 and February 2014 publications for a note on methodology). Based on this month’s data, we expect annual growth in 2016 to be 2.0% in the worst-case or “no growth” scenario, and 4.5% in the best-case or “average long-term growth” scenario.

In March 2016, the average cost of cooking one standard Imeretian Khachapuri stood at 3.27GEL, which is 5% lower month-on-month (m/m, that is compared to the previous month), but 6.9% higher year-on-year (y/y, that is compared to the same month of last year).

In August 2015, the average cost of cooking one standard Imeretian Khachapuri was 3.49 GEL, which is 11.4 % higher month-on-month (m/m, that is compared to the previous month), and 7% higher year-on-year (y/y, that is compared to the same month of last year).

It is easy to understand what it means for an economy to be weak or strong. We know that a strong economy is characterized by low unemployment and high growth rates. Other desirable traits are, for example, low levels of poverty and income inequality, when all citizens enjoy reasonable standards of living.

The lari depreciation caused a significant decrease in sale and rental prices in dollar terms. Rental prices slightly increased in August and September before the start of the new academic year. The commercial market turned out to be more resistent to the effects of currency depreciation.