Employment Tracker (May, 2023)
In April 2023, the number of persons receiving a monthly salary increased by 3.7% compared to the corresponding period of 2022.
In April 2023, the share of persons receiving a monthly salary of 2,400 GEL and more amounted to 21.8%, which was 5.7 percentage points more compared to the corresponding period of 2022.
From November 2022 to April 2023, the total number of vacancies published on jobs.ge amounted to 38,330, which was 18.7% higher compared to the corresponding period of 2021- 2022.
Issue 144: Georgia - Labor Market Overview
Notwithstanding the recent positive tendencies, considerable challenges persist in the Georgian labor market. In this bulletin, we address several of these pressing concerns and provide a comprehensive overview of the labor market including:
Labor market key indicators
The Beveridge curve analysis
Employment by economic sectors and employed foreign nationals
Salaries of paid employees
Vacancies published on Jobs.ge
Monthly Tourism Update (April, 2023)
In Q1 of 2023, the number of international visits to Georgia reached a total of 1.1 million, which amounts to 79.9% of the corresponding quarter of 2019 (i.e. the pre-pandemic level).
In Q1 of 2023, Russia was the biggest source country of visitors to Georgia, amounting to 256,787 visits (exceeding the pre-pandemic level by 1.1%).
In Q1 of 2023 the income from international travel reached USD 795.4 million, which is 38% higher compared to the pre-pandemic number.
In terms of nationality, the income from Russian travelers was the highest in Q1 of 2023 and amounted to USD 266.4 million - 29% higher than in Q1 of 2019.
Notably, according to the National Bank of Georgia, as of 31 March 2023, 35.5% of Russian citizens, 23.7% of Ukrainian citizens, and 44% of Belarusian citizens residing in Georgia were estimated to have been living in the country for one year or intending to stay for more than one year, and their expenditure is not included in the calculations of income from travel.
Hotel Price Index (April, 2023)
In Georgia, the average cost of a room in a 3-star hotel was 157 GEL per night in April 2023, while the average cost of a room in a 4-star hotel in Georgia was 247 GEL per night and the average cost of a room in a guesthouse was 115 GEL per night.
The average cost of a room in a 5-star hotel in Georgia in April 2023 was 373 GEL per night. In Kakheti, the average price was 548 GEL, followed by Tbilisi – 452, Samtskhe-Javakheti – 354, and Guria – 328.
Honey Production Sector in Georgia
The global demand for honey is increasing, driven by consumers' growing preference for natural and organic sweeteners over sugar and other health-damaging artificial substitutes and the global honey market is expected to grow from $8.53 billion in 2022 to $12.69 billion by 2029, at a CAGR of 5.83%.
Considering that Georgia is known as the land of the oldest honey discovered, and has suitable natural conditions and biodiversity for high-quality honey production, the development potential for the honey production sector in Georgia is high.