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Business images of Georgia

Economy of Georgia

The economy of Georgia is an emerging free market economy. Georgia's economy is supported by a relatively free and transparent atmosphere in the country. According to Transparency International's 2018 report, Georgia is the least corrupt nation in the Black Sea region, outperforming all of its immediate neighbors, as well as nearby European Union states. Since 2014, Georgia is part of the European Union's Free Trade Area, with the EU continuing to be the country's largest trading partner, accounting for over a quarter of Georgia's total trade turnover. Following the EU trade pact, 2015 was marked by further increase in bilateral trade, whereas trade with the Commonwealth of Independent States (CIS) decreased precipitously.

Top Sectors in Georgia

Energy in Georgia

In recent years Georgia has fully deregulated its electricity sector, and now there is free and open access to the market. Georgia has a sizable hydroelectric capacity, a factor that has become an increasingly important component of its energy supplies and policies. The country's topography and abundance of hydro resources give it serious potential to dominate hydroelectric markets in the Caucasus region. The Georgian Ministry of Energy estimates that there are around 26,000 rivers within Georgian territory, with approximately 300 of those rivers being significant in terms of energy production. The Ministry also claims that current projects for hydroelectric power plants total around US$2.4 billion. Alexander Khetaguri, the former Georgian Minister of Energy, proposed new hydroelectric projects worth well over 22,000 megawatts of capacity, which would cost over US$40 billion and would be privately funded. These projects alone would transform Georgia into the world's second-largest hydropower producer.

Agriculture in Georgia

Currently, about 55% of the total labor force is employed in agriculture, though much of this is subsistence farming. Approximately 7% of the Georgian GDP (2011) is generated by the agrarian sector. Viticulture and winemaking are the most important fields of Georgia's agriculture. Over 450 species of local vine are bred in Georgia, and the country is considered as one of the oldest places of producing top-quality wines in the world.

Tourism in Georgia

Tourism in Georgia is one of the fastest growing sectors of the local economy, which has high potential for further development. During recent years the number of visitors to Georgia increased significantly contributing to the growth of other tourism related sectors. To foster the development of the tourism sector the Government of Georgia invests heavily in the development of the transportation and basic infrastructure, renovation and development of tourism destinations, which is a stimulus for the private investment generation. In 2018 tourism generated 3.4 billion dollars in tax revenue for Georgia. According to data from Georgia's National Tourism Administration, TASS reported that Armenia is third on the list of countries with the most visits from citizens in 2021. Turkey leads the pack in terms of trips made by visitors to Georgia last year, with 326 thousand, 2.7% fewer than in the previous year. With more than 212 thousand tourist visitors, 2.1% more than in 2020, Russia comes in second. Georgia received over 1.8 million international visits in total in 2021, an increase of 7.7% from the previous year.

Logistics in Georgia

Georgia is one of the key members in international TRACECA programme due to its important geographical and political location. Since it is situated right in between of Europe and Asia, the country is supposed to become a busy transitional hub of a modern Silk Road in the near future. On March 11 of 2015, Georgian media declared that the Chinese and Georgian companies have reached an agreement in Beijing concerning the developing of the deep-water port at Anaklia, which existence is crucial for the TRACECA route. The port will be constructed on a plot of over 1,000 hectares and have access to a deep sea canyon. US-Based SSA Marine was later finally chosen to Invest in and Operate Container Terminal of Anaklia Deep Sea Port in Georgia by signing an agreement with Anaklia Development Consortium on 1 August 2017.

Finance in Georgia

Like most other post-soviet countries, Georgia's finance sector is dominated by banks. As of 2015, there were 21 commercial banks, of which 5 large banks controlled most of financial assets. There are some major challenges facing the banking sector. For instance, banks play a limited role in financing the real economy and in investing in activities that are required to stabilize the country's persistent trade.


Georgia - Key Economic Indicators

Exports and Imports

Georgia's main exports include copper, ferroalloys (used in steel production), agricultural products like citrus fruits, hazelnuts, and wine, and mineral water. They import a variety of goods, including machinery, fuels, and vehicles.

Balance of Trade

Georgia typically runs a trade deficit, meaning the value of imports surpasses the value of exports. This is because they import many essential goods they don't produce domestically. However, the deficit has narrowed in recent years due to strong export growth.

Infrastructure Development

Georgia has made significant strides in infrastructure development in recent years. The total road network is estimated to be around 21,000 kilometers, with a focus on improving major highways connecting cities and ports. Other infrastructure projects include upgrades to airports, railways, and energy grids.

Fiscal Policy

The Georgian government aims to maintain a balance between promoting economic growth and fiscal responsibility. They spend on public services like healthcare and education, while also trying to keep the national debt under control.

Monetary Policy

The National Bank of Georgia's primary objective is to maintain price stability by managing inflation. They use tools like setting interest rates and managing foreign exchange reserves to achieve this goal.

Trade Agreements

Georgia benefits from free trade agreements with the European Union, the Commonwealth of Independent States (CIS), and other countries. These agreements eliminate or reduce tariffs on goods traded, boosting exports and economic activity.

Environmental Regulations

Georgia recognizes the importance of environmental protection for its tourism industry and natural resources. The country has established environmental regulations to address issues like air and water pollution, deforestation, and waste management.

Tax System in Georgia

Capital Gains Tax: Capital gains are taxed at a flat rate of 20%, regardless of the holding period.
Corporate Tax Rate: Georgia boasts a competitive flat corporate tax rate of 15% for most businesses.
Sales Tax: A Value Added Tax (VAT) is applied at a standard rate of 18% on most goods and services.
Property Tax: Property taxes are levied on real estate. Rates can vary depending on the property type, location, and value.
Payroll Tax: Social contributions function similarly to payroll taxes. Employers and employees contribute a combined rate of around 20.5% to fund social security and other programs. Specific rates might differ based on the category (employee, self-employed, etc.).
Tax Deductions and Credits: Georgia offers various tax deductions and credits to incentivize specific activities. These can include: (i) Investment deductions for businesses in certain sectors. (ii) Tax breaks for individuals investing in new businesses or specific industries. (iii) Simplified tax regimes for small and medium-sized enterprises (SMEs).
Tax Compliance: Georgia has implemented reforms to improve tax collection efficiency in recent years. However, some challenges remain, particularly in the informal sector.
Tax Burden: The overall tax burden in Georgia is considered moderate compared to some other countries. The flat corporate tax rate and the lack of income tax for individuals contribute to this. However, VAT and social contributions still play a role in the overall tax burden for businesses and residents.

1203 Live Notices for Georgia ....

Showing 1 to 20

Glass Washing And Cleaning Services For The Administrative Building Located At Meskheti Street #5 In Borjomi And The Tourist Information Center Building Located Near Rustaveli Street #105.
country Georgia
posting date20 Jan 2025
deadline28 Jan 2025
Washing Of 6 (Six) Vehicles And Purchasing Similar Services On The Balance Sheet Of The Lepl Cyber ​​Security Bureau.
country Georgia
posting date20 Jan 2025
deadline28 Jan 2025
Rehabilitation Works Of The Access Road To The Village Of Kvedi (Asphalt-Concrete Pavement) Phase I
country Georgia
posting date20 Jan 2025
deadline10 Feb 2025
Electrodes
country Georgia
posting date20 Jan 2025
deadline31 Jan 2025
State Procurement Of Preliminary (Prior To Employment) And Subsequent Periodic Medical Examination Services (Hereinafter Services) For Persons Employed At Night (Night Time - Period From 10 P.M. To 6 A.M.) (Hereinafter Referred To As Night Work) Of "Gardabni Tbostaguri 2" Llc In Accordance With Clause 1.2 Of The Tender Documentation.
country Georgia
posting date20 Jan 2025
deadline28 Jan 2025
Procurement Of Renovation Works For The Tianeti Municipality City Hall Building
country Georgia
posting date20 Jan 2025
deadline11 Feb 2025
State Procurement Of Construction Works For The Installation Of A Fence With Metal Profiles On The Territory Of The Administrative Building Of The Lepl Security Police Department Of The Ministry Of Internal Affairs
country Georgia
posting date20 Jan 2025
deadline03 Feb 2025
Purchase Of A Lifting Pallet Cart.
country Georgia
posting date20 Jan 2025
deadline31 Jan 2025
Providing Nutritional Services To Students Of The Inclusive Education Center Of The Vakhtang Papunidze Daba Keda Public School Of Lepl
country Georgia
posting date20 Jan 2025
deadline31 Jan 2025
Object Of Procurement - Repair And Maintenance Of Compressors Registered On The Balance Sheet Of Lepl State Military Scientific And Technical Center "Delta".
country Georgia
posting date20 Jan 2025
deadline29 Jan 2025
The Object Of The Purchase Is Traumatological Endoprostheses.
country Georgia
posting date20 Jan 2025
deadline31 Jan 2025
State Procurement Of Photographic And Related Services By Lepl Ivane Javakhishvili Tbilisi State University
country Georgia
posting date20 Jan 2025
deadline03 Feb 2025
Purchase Of Lighting Fixtures And Eco-Light Bulbs
country Georgia
posting date20 Jan 2025
deadline28 Jan 2025
Taking Into Account The Interests Of Kindergarten Children, In Order To Ensure Their Right To Receive Preschool Education, Their Safe And Timely Transportation From Their Place Of Residence To The Preschool Institution And Back. Route: 1. From Pantsulaia Street - To Kindergarten #12 (Kostava Street #6) And Back; 2. From The Village Of Chkhirauli And The Village Of Tkemlovani - To The Village Of Mandaeti Kindergarten And Back; 3. From The Village Of Tsasri And The Village Of Merevi - To The Village Of Usakhelo Kindergarten And Back; 4. From The Village Of Kalauri And The Village Of Shukruti - To The Village Of Perevisi Kindergarten And Back; Transportation Of Kindergarten Administration Employees Within The Municipality (Within The City, Villages) And Outside The Municipality (Travel Between Cities) As Needed; Route: The Route Cannot Be Determined In Advance, It Is Planned If Necessary, Which Will Be Agreed With The Supplier At Least 1 Calendar Day In Advance;
country Georgia
posting date20 Jan 2025
deadline28 Jan 2025
1. Vehicle Name Mersedes Benz Atego 1018 (7 M/Cubic) State Number Xq-483-Qx 2. Vehicle Name Benz Axor 1824 (13 M/Cubic) State Number Xq-783-Qx 3. Vehicle Name Jcb 3Cxs14M2Nm State Number Ab-046-B 4. Vehicle Name Renault Maxity State Number Bx-622-Xb 5. Vehicle Name Honda Cr-V Ad-317-Dd State Number
country Georgia
posting date20 Jan 2025
deadline03 Feb 2025
Queue Regulation System And Queue Regulation System Board.
country Georgia
posting date20 Jan 2025
deadline31 Jan 2025
Cartridge Restoration And Refilling Services For Municipal Council And City Hall Services.
country Georgia
posting date20 Jan 2025
deadline31 Jan 2025
Purchase Of Stationery For Chokhatauri Municipality City Hall And City Council
country Georgia
posting date20 Jan 2025
deadline31 Jan 2025
Procurement Of Passenger Transport Rental Services With A Driver For The Needs Of The Chokhatauri Municipality City Hall
country Georgia
posting date20 Jan 2025
deadline30 Jan 2025
Purchase Of Cartridges For The Chokhatauri Municipality City Hall And City Council
country Georgia
posting date20 Jan 2025
deadline30 Jan 2025

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