Georgia 33rd in world, in Europe’s top 3 for low price level, says World Bank programme
Georgia is 33rd in the world and in the top three in Europe with the low price level, according to the international comparison programme of the World Bank that examines indicators of 188 countries and territories according to purchasing power.
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Georgia is 33rd in the world and in the top three in Europe with the low price level, according to the international comparison programme of the World Bank that examines indicators of 188 countries and territories according to purchasing power.
In Europe, the Caucasus and the Black Sea region, only North Macedonia and Turkey are ahead of Georgia, while the country has advanced by 18 places in the ranking compared to 2012.
The programme compares price levels of various countries, as expressed in a single currency at a specific point in time. The index in a given country indicates the amount of money needed to purchase the same set of products in that country. The lower the price level index, the less money is needed to buy the same products.
Georgian Economy Minister Levan Davitashvili on Wednesday said inflation in the country was “under control” and had been “significantly reduced” after “stabilising” effects in the past year.
Prices of certain food products, including oils and fats, vegetables, bread and cereals, milk, cheese and eggs, decreased year-on-year across Georgia in January, the National Statistics Office said on Friday.
Deputy Economy Minister Vakhtang Tsintsadze on Wednesday said Georgia had managed “not only to maintain a high economic growth rate but also became one of the first countries in the wider region and in Europe” with related indicators over the past year, curbing inflation and bringing the numbers below the target three percent mark.
Prices of clothing, footwear and transport decreased month-on-month across Georgia in February, the National Statistics Office said on Monday in its update of inflation-related figures.