Q1 2020: Georgian businesses report 26 bln GEL turnover, employ 684,400 people

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.

Large businesses made up the majority of total turnover (60 per cent), followed by small businesses (23.4 per cent), and then medium-sized businesses (16.6 per cent).

Additionally large businesses made up 44.3 per cent of total production value, small business generated 31.3 per cent of total production value and medium-sized businesses made up 24.4 per cent of total production value.

How many people are employed in the business sector?

Georgian businesses employed about 684,400 people in the the first quarter of 2020, of which 41.8 per cent were women and 58.2 per cent were men.

The number of people employed in the Georgian business sector increased by 3.1 per cent compared to the same period of 2019.

The majority of people employed in the business sector (64 per cent) worked in Georgia’s capital of Tbilisi, which is regarded as the country’s economic hub.

The majority of people (39.9 per cent) worked in large businesses, 39.4 per cent were employed in small business, and the remaining 20.7 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 in the first quarter of 2020 was 1,227 GEL. This was an increase of 75.2 GEL y/y.

Average monthly salaries based on the size of business:

• Medium-sized businesses: 1,404.9 GEL per month
• Large businesses: 1,293.7 GEL
• Small businesses: 1,035.2 GEL