Deputy Economy Minister credits “positive” growth for rise in salaries

Georgian Deputy Economy Minister Vakhtang Tsintsadze on Monday said increases in nominal monthly earnings across the country in the third quarter of 2023 were reflecting “positive” domestic economic growth trends.

Tsintsadze said average monthly nominal earnings in the country had increased by 16.3 percent in the quarter compared to the same period of the previous year and reached ₾1,855.4 ($689.83).

Significant growth is recorded in the construction, information and communications, financial and insurance sectors, and this list is quite large. We expect that the positive economic trends in the country will continue in the coming years as well, which will be reflected in the increase in wages and the purchasing power of the population”, he noted.

The National Statistics Office of Georgia on Friday said the highest monthly earnings were observed in the following sectors:

• Information and communication – ₾3,958.1 ($1,471.60)
• Construction – ₾3,033.4 ($1,127.80)
• Financial and insurance sector – ₾2,806.7 ($1,043.51)
• Professional, scientific and technical sector – ₾2,615.6 ($972.46)

Average earnings for women reached ₾1,459.1 ($542.48), while men earned ₾2 233.9

($830.55). The statistics body said the average monthly earnings of men were higher than those of women in most sectors of the economy.

In the third quarter of the year, earnings of hired employees in the business sector equalled ₾2,007.2 ($746.26), marking a 17.1 percent increase year-on-year. The highest monthly earnings were in the information and communication as well as arts, entertainment and recreation sectors, the Office said.

In non-business and financial sectors, average monthly earnings increased by 14.4 percent and reached ₾1,579.5 ($587.25). The highest earnings were observed in the financial and insurance areas.

The capital city of Tbilisi and Mtskheta-Mtianeti region of the country were the leading regions for average earnings, the figures also showed.