Georgia’s businesses enjoy 22.9b GEL turnover in Q1 of 2019, employ 663,800 people
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Georgian businesses employed about 663,800 people in the Q1 of 2019, of which 42.3% were women and 57.7% were men. Photo: Nino Alavidze/Agenda.ge.
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The turnover enjoyed by Georgia’s business sector is increasing, reaching 22.9 billion GEL in the first quarter (Q1) of 2019. This was 2.7.5% more year-on-year (y/y).
The value of production generated by the business sector also grew to reach 9.5 billion GEL. This was 9% higher y/y, said the National Statistic Office of Georgia (Geostat).
Large businesses made up the majority of total turnover (54.5%), followed by small businesses (28.1%), and then medium-sized businesses (17.4%).
Additionally large businesses made up 41.3% of total production value, small business generated 33.9% of total production value and medium-sized businesses made up 24.8% of total production value.
How many people are employed in the business sector?
Georgian businesses employed about 663,800 people in the Q1 of 2019, of which 42.3% were women and 57.7% were men.
The number of people employed in the Georgian business sector increased by 4.2% compared to the same period of 2018.
The majority of people employed in the business sector (64.6%) worked in Georgia’s capital of Tbilisi, which is regarded as the country’s economic hub.
The majority of people (46.9%) worked in small businesses, 42.5% were employed in large business, and the remaining 20.6% 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 Q1 of 2019 was 1,151.9 GEL. This was an increase of 45.5 GEL y/y.
Average monthly salaries based on the size of business:
- Medium-sized businesses: 1,291.2 GEL per month
- Large businesses: 1,205.6 GEL
- Small businesses: 1,017 GEL
Meanwhile, the average monthly salary for women in the business sector was 934.2 GEL, which is 93.1 GEL more compared to the same period of 2018.
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Georgian businesses employed about 684,500 people in the fourth quarter (Q4) of 2018, of which 40.6% were women and 59.4% were men.The number of people employed in the Georgian business sector increased by 3.7% compared to the same quarter of 2017, shows the latest data by the Geostat.
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The average monthly salary for a person employed in the business sector in the third quarter (Q3) of 2018 was 1,186.7 GEL. This was an increase of 43.2 GEL year-on-year (y/y), said the National Statistic Office of Georgia (Geostat).
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13.3% of enterprises in Georgia introduced new or significantly improved goods on the market, while the share of enterprises that introduced new or significantly improved service in 2017 was 14%.
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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).
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Georgian businesses employed about 687,900 people in the second quarter of 2019, of which 41.1 per cent were women and 58.9 per cent were men.
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Georgian businesses employed about 696,000 people in the third quarter of 2019, of which 40.9 per cent were women and 59.1 per cent were men.
The priority of the Georgian government is to develop small and medium size businesses in order to strengthen the private sector, create jobs, promote innovation, increase exports and create modern entrepreneurial culture, said Minister of Economy Natia Turnava at the seminar ‘From Access to Finance towards Inclusive Growth’ organized by the European Investment Bank (EIB).
European Investment Bank (EIB) is allocating €65 million in total to support Georgian small and medium size businesses.
The turnover enjoyed by Georgia’s business sector has increased by 13.5 per cent and reached 26 billion GEL in the first quarter of 2020, says the National Statistic Office of Georgia (Geostat). The value of production generated by the business sector also grew to reach 10.3 billion GEL. This was 8.4 per cent higher y/y.
The turnover enjoyed by the Georgian business sector has decreased by 11.5 per cent (y/y) and amounted to 22.3 billion GEL in the second quarter of 2020, says the National Statistic Office of Georgia (Geostat).