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At the end of January, ISET’s Retail Food Price Index increased by 5.2% y/y (compared to January 2017). On a monthly basis (compared to December 2017), food prices in Tbilisi’s major supermarkets decreased slightly by 0.3%. According to data from the last two weeks of January, prices dropped the most for buckwheat (-6%), rice (-6%), and bananas (-2%).
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Based on November 2017 data, the forecast for GDP growth in the fourth quarter of 2017 remained at 4.6%. Real GDP growth rate reached 3.7 % y-o-y in November 2017. As a result, estimated real GDP growth for the first eleven months of 2017 was 4.8%.
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Geostat updated its preliminary estimate of real GDP growth for the first and second quarters of 2017. The Q1 and Q2 GDP growth estimates were revised upward by 5.3% and 4.9%, respectively (0.2% higher than initial estimates). The third quarter estimates remained unchanged so far.
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At the end of October, food prices maintained an upward trend; ISET’s Retail FPI gained 2.6% m/m (compared to the last week of September). On an annual basis (compared to October 2016), we recorded a significant 11.3% increase in food prices. According to data from the last two weeks of October, the biggest increase in price was recorded for tomatoes (99%), for which the price almost doubled due to seasonality.
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On 26 September, the World Economic Forum published The Global Competitiveness Report 2017–2018. The full report contains detailed profiles and rankings for 137 countries based on 2016 data.