Q4 2017: Georgia’s businesses enjoy 21.1b GEL turnover

The turnover enjoyed by Georgia’s business sector is increasing, reaching 21.1 billion GEL in the fourth quarter (Q4) of 2017. This was 21.5 percent more year-on-year (y/y).

The value of production generated by the business sector also grew to reach 10.5 billion GEL. This was 19.5 percent higher y/y, said the National Statistic Office of Georgia (Geostat).

Large businesses made up the majority of total turnover (44.3 percent), followed by small businesses (34 percent), and then medium-sized businesses (21.7 percent).

Additionally large businesses made up 38.8 percent of total production value, small business generated 35.9 percent of total production value and medium-sized businesses made up 38.8 percent of total production value.

How many people are employed in the business sector?

Georgian businesses employed about 660,100 people in Q4 of 2017, of which 40.1 percent were women and 59.9 percent were men.

The number of people employed in the Georgian business sector increased by 6.3 percent compared to the same quarter of 2016.

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

The majority of people (41.9 percent) worked in small businesses, 35.7 percent were employed in large business, and the remaining 22.4 percent 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 in Q4 of 2017 was 1,241.5 GEL. This was an increase of 111.1 GEL y/y.

Meanwhile, the average monthly salary for women in the business sector was 909.3 GEL, which is 90.3 GEL more compared to Q4 of 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: 1,378.6 GEL per month
• Large businesses: 1,270 GEL
• Small businesses: 1,132.7 GEL