2021: Georgian businesses report $53.25 bln in turnover, employ 744,300 people

The turnover received by the Georgian business sector increased by 31.5 percent (y/y) and amounted to ₾150.4 billion (about $53.25 bln) in 2021, the latest data published by the National Statistic Office of Georgia said.

The value of production generated by the business sector also increased by 24.6 percent (y/y) and amounted to ₾57.6 billion (about $20.39 bln).

The trade sector (including repair of motor vehicles and motorcycles) had the highest share (36.4%) in the total turnover in the business sector, followed by:

• Arts, entertainment and recreation - 32% share
• Manufacturing – 9.8%
• Construction – 5.5%
• Transportation and storage – 4.6%
• Electricity, gas, steam and air conditioning supply – 3.2%
• Other sectors - 8.5% 

Large businesses made up the majority of total turnover (65.3 percent), followed by small businesses (18.5 percent), and then medium-sized businesses (16.2 percent).

A small difference is in case of total production value: 46.8 percent comes on large, 28.7 percent - on small and 24.4 percent – on medium businesses.

Last year manufacturing (24.4%), trade (18.4%), construction (15.8%) and transportation and storage (8.8%) were in the top four in business sector production value.

How many people are employed in the business sector?

Georgian businesses employed about 744,300 people in 2021, which is year-on-year 5.7 percent increase, said Geostat.

Out of the total number of employees, 42 percent were female and 58 percent were male.

The majority of people (38.2%) worked in large businesses, 42.1 percent were employed in small business, and the remaining 19.7 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 2021 was ₾1,347.6 (about $477.10). This was an increase of ₾124.7 ($44) y/y.

The remuneration of employed women made up ₾1,064.3 ($376.80), which was increased by ₾112.3 ($39.76) y/y.

Average monthly salaries based on the size of business:

• Medium-sized businesses: ₾1,616.9 ($572.44)
• Large businesses: ₾1,515.4 ($536.51)
• Small businesses: ₾1,008.4 ($357.01)

In 2021, trade (28.6%), manufacturing (12.5%) and human health and social work activities (10.3%) are leading in business sector by number of employees, said Geostat.