2020: Georgian businesses report 114.3 bln GEL in turnover, employ 703,900 people

The turnover received by the Georgian business sector increased by 4.9% (y/y) and amounted to 114.3 billion GEL in 2020, says the National Statistic Office of Georgia (Geostat).

The trade sector (including repair of motor vehicles and motorcycles) had the highest share (37.9%) in the total turnover in the business sector, followed by:

• Arts, entertainment and recreation - 28.1% share
• Manufacturing – 9.5%
• Construction – 7.1%
• Transportation and storage – 5.1%
• Electricity, gas, steam and air conditioning supply – 3.1%

The value of production generated by the business sector increased by 2.7% (y/y) and amounted to 46.2 billion GEL.

Large businesses made up the majority of total turnover (58.3%), followed by small businesses (23.8%), and then medium-sized businesses (17.9%).

A small difference is in case of total production value: 40.3% comes on large, 32.5% - on small and 27.1% – on medium businesses.

In 2020, manufacturing (23%), construction (19.6%), trade (17.6%) and transportation and storage (9%) were in the top four in business sector production value.

How many people are employed in the business sector?

Georgian businesses employed about 703,900 people in 2020, which is year-on-year 7% less, said Geostat.

Out of the total number of employees, 41.5% were female and 58.5% were male.

The majority of people employed in the business sector (66%) worked in Georgia’s capital of Tbilisi.

The majority of people (37.2%) worked in large businesses, 41.2% were employed in small business, and the remaining 21.7% worked in medium-sized businesses, said the statistics office.

Trade (wholesale and retail trade, repair of motor vehicles and motorcycles), manufacturing and human health and social work activities were leading in the business sector by number of employees, with 28%, 12.7% and 10.7% shares accordingly. 

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

The average monthly salary for a person employed in the business sector in 2020 was 1,222 GEL. This was an increase of 61.2 GEL (y/y).

The remuneration of employed women made up 952 GEL (y/y increase by 87.4 GEL).

Average monthly salaries based on the size of business:

• Medium-sized businesses: 1,419.6 GEL
• Large businesses: 1,322.9 GEL
• Small businesses: 991.6 GEL