Q2 2022: Georgian businesses report $41.7 bln in turnover, employ 695,200 people

The turnover received by the Georgian business sector increased by 19.2 percent (y/y) and amounted to ₾41.7 billion (about $14.53 bln) in the second quarter of 2022, the latest data published by the National Statistic Office of Georgia said.

The value of production generated by the business sector also increased by 25.3 percent (y/y) and amounted to ₾16.5 billion (about $5.63 bln).

The trade sector (including repair of motor vehicles and motorcycles) had the highest share (38.5%) in the total turnover in the business sector, followed by:

• Arts, entertainment and recreation - 28% share
• Manufacturing – 10.3%
• Construction – 5.7%
• Transportation and storage – 5.3%
• Electricity, gas, steam and air conditioning supply – 3.3%
• Other sectors - 8.9% 

Large businesses made up the majority of total turnover (61.5 percent), followed by small businesses (21.1 percent), and then medium-sized businesses (17.5 percent).

A small difference is in case of total production value: 48 percent comes on large, 28.5 percent - on small and 23.5 percent – on medium businesses.

In the second quarter of 2022, manufacturing (24.3%), trade (19.3%), construction (15.7%) and transportation and storage (9.6%) were in the top four in business sector production value.

How many people are employed in the business sector?

Georgian businesses employed about 695,200 people in the second quarter of 2022, which is year-on-year 5.4 percent increase, said Geostat.

Out of the total number of employees, 42.8 percent were female and 57.2 percent were male.

The majority of people (42.2%) worked in large businesses, 37.7 percent were employed in small business, and the remaining 20.2 percent worked in medium-sized businesses, said the statistics office.

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 second quarter of 2022 was ₾1,625.8 (about $566.48). This was an increase of ₾236.2 ($82.30) y/y.

The remuneration of employed women made up ₾1,267 ($441.46), which was increased by ₾168.2 ($58.61) y/y.

• Average monthly salaries based on the size of business:
• Medium-sized businesses: ₾1,920.6 ($669.20)
• Large businesses: ₾1,718.1 ($598.64)
• Small businesses: ₾1,320.8 ($460.21)

In the second quarter of 2022, trade (27.7%), manufacturing (13%) and human health and social work activities (10.5%) are leading in business sector by number of employees, said Geostat.