For the period of 2014 to 2017, in every first quarter of each year compared to the first quarter of the previous year, the nominal exchange rate of the Georgian Lari (GEL) against the US Dollar (USD) depreciated. This trend stopped this year though as in the first quarter of 2018, compared to the first quarter of 2017, the GEL appreciated by 4.5% and the value of 1 USD was equal to 2.49 GEL (average exchange rate in the first quarter of 2018).
Giorgi Khishtovani, Director at PMC research, and Mariam Saghareishvili, Researcher at PMC Research, discussing about financing model of Georgian higher education system and its unintended implications.
The 3-star, 4-star and 5-star hotel price index increased by 2% in May 2018 compared to April 2018;
For guesthouses, the price index decreased by 1.8% in May 2018 compared to April 2018;
According to Airbnb, in May 2018, looking at the self-governing cities of Georgia the highest average cost of an apartment was recorded in Batumi-US$48;
In the first quarter of 2018, compared to the first quarter of 2017, the number of inbound visitors increased significantly in Imereti (by 67%) and Mtskheta-Mtianeti (by 47%).
According to preliminary data, the Georgian economy is characterized by a 5.0% growth in 2017, which is the highest annual real growth rate for the country since 2012. A trend analysis of GDP is useful in comprehending the indicator relative to previous years. Furthermore, a sectorial analysis of Georgia’s GDP enables us to understand the reasons behind the country’s economic growth in 2017. The three sectors which recorded the most significant growth in 2017, namely hotels and restaurants, construction, and financial intermediation, have been selected for further examination.
Georgian Economic Climate is a joint product of PMC Research Center and the ifo Institute for Economic Research. In this bulletin, we discuss Georgia’s economic climate as assessed by Georgian economists. PMC Research is a regional partner of the ifo Institute, one of the leading economic research institutesin Europe,specializing in applied economic research, policy advising and other services for governments, businesses, researchers and the public.
The 3-star, 4-star and 5-star hotel price index increased by 3.4% in April 2018, compared to March 2018;
The prices for guesthouses increased by 6% in April 2018, compared to March 2018;
According to Airbnb, in April 2018, looking at the capital cities of Georgia and its neighboring countries1 the cheapest apartments were found in Ankara (on average US$35 per night), while the most expensive were found in Moscow (on average US$130 per night);
On Airbnb, in April the average price of an apartment in Tbilisi was US$44 per night, while in Georgia as a whole it was US$45 per night;
According to the Georgian National Tourism Administration, during 2016-2017 the highest number of accommodation units2 in Georgia were opened in Guria, with a total of 30 units.
High-quality education is one of the main determinants of economic growth. According to the “Government Program 2016-2020”, education is one of the main priorities for the Government of Georgia. Since 2013, the allocated budget of the Ministry of Education and Sciences of Georgia and its share in GDP has been increasing annually. These dynamics can affect, both directly and indirectly, on economic indicators such as productivity, competitiveness, unemployment and welfare. In this regard, the review of different aspects of higher and vocational education is worthwhile.
The 3-star, 4-star and 5-star hotel price index increased by 9% in March 2018, compared to February 2018;In March 2018, the daily rates for 3-star, 4-star and 5-star standard double hotel rooms increased significantly in Tbilisi (15.5%), while the daily rates decreased the most in Mtskheta-Mtianeti (-10.6%);During the last five months (November 2017-March 2018), in terms of regions, the most expensive 3-star and 4-star hotels were in Mtskheta-Mtianeti; In March 2018, 292,017 tourists visited Georgia, which is 64% more compared to February.
In this bulletin, we discuss: hotel prices in February across different regions of Georgia; the hotel price index in February 2018 compared to January 2018; monthly hotel price changes during the November 2017-February 2018 period.