Georgia’s businesses enjoy 71.7b GEL turnover in 2017, employ 708,200 people

The turnover enjoyed by Georgia’s business sector is increasing, reaching 71.7 billion GEL in 2017. This was 12 per cent more year-on-year (y/y).

The value of production generated by the business sector also grew to reach 38.2 billion GEL. This was 11.9 per cent higher y/y, said the National Statistic Office of Georgia (Geostat).

Large businesses made up the majority of total turnover (44.9 per cent), followed by small businesses (32 per cent), and then medium-sized businesses (23.1 per cent).

Additionally large businesses made up 40.8 per cent of total production value, small business generated 33.8 per cent of total production value and medium-sized businesses made up 25.4 per cent of total production value.

How many people are employed in the business sector?

Georgian businesses employed about 708,200 people in 2017, of which 39.8 per cent were women and 60.2 per cent were men.

The number of people employed in the Georgian business sector increased by 6.2 per cent compared to 2016.

The majority of people employed in the business sector (61.8 per cent) worked in Georgia’s capital of Tbilisi, which is regarded as the country’s economic hub.

The majority of people (46.5 per cent) worked in small businesses, 33 per cent were employed in large business, and the remaining 20.5 per cent worked in medium-sized businesses, said the statistics agency.

What is the average monthly salary in Georgia’s business sector?

The average monthly salary for a person employed in the business sector 2017 was 1,019.7  GEL. This was an increase of 81.4 GEL y/y.

Meanwhile, the average monthly salary for women in the business sector was 764.4 GEL, which is 48 GEL more compared to 2016.

The amount of money businesses earned depended on the size of their enterprise, with people therefore receiving a larger salary if they were employed in a larger business compared to their smaller business counterparts.

Average monthly salaries based on the size of business:

• Medium-sized businesses: 1,196.9  GEL per month
• Large businesses: 1,195.9 GEL
• Small businesses: 776.1 GEL