In September 2022, the number of persons receiving a monthly salary increased by 3.5% compared to the corresponding period of 2021 and by 6.3% compared to the corresponding period of 2020. Overall, in Q2 of 2022, the BAG Employment Barometer amounted to 27.7 points, which is 2.8 points more than in Q1. In Q2 of 2022 year, the Employment Barometer was positive for all sectors. Overall, according to the BAG Index Survey, in Q2 of 2022, 32.1% of surveyed companies increased their number of employees, 6.3% recorded a decrease, and 61.6% reported no change. In 2022, from April to September, the total number of vacancies published on jobs.ge amounted to 42,523, which was 37% higher compared to the corresponding period of 2021 and 194% higher compared to the corresponding period of 2020. In 2022, from April to September, a total of 12,628 vacancies were published in the field of sales/procurement, which was 63% higher than the corresponding period of 2021 and 263% higher compared to the corresponding period of 2020.

Since the outbreak of the war in Ukraine, the border crossing statistics have shown significant differences in the number of entries and exits by Russians, Belarusians, and Ukrainians. From January to September 2022, the difference between entries and exits of citizens of Russia was equal to 58.6 thousand unique persons. Despite only a partial recovery in the number of international visits, in Q1 of 2022, the total expenditure of international visitors exceeded the pre-pandemic (Q1 of 2019) value by 21%, while in Q2 of 2022, the total expenditure was only 6% lower than Q2 of 2019. The average expenditure per visit tripled in Q1 of 2022 and almost doubled in Q2 of 2022, compared to the corresponding periods of 2019. This could be explained by the fact that in the first half of 2022, the average length of stay almost doubled as it increased from 3.8 to 6.4 nights.

In Georgia, the average cost of a room in a 3-star hotel was 177 GEL per night in September 2022, while the average cost of a room in a 4-star hotel in Georgia was 287 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 September 2022 was 440 GEL per night. In Kakheti, the average price was 580 GEL, followed by Adjara - 489, Guria - 454 and Tbilisi - 434.

International rankings and indicators help us to understand and assess how countries are performing in different areas. In this bulletin, Georgia’s positions in international rankings and the dynamics therein are reviewed based on the latest data. Georgia’s positions will also be compared with other Eastern Partnership (EaP) countries (Armenia, Azerbaijan, Moldova, Ukraine, and Belarus).

According to a survey of Georgian economists, the economic climate in the country in the third quarter of 2022 has improved compared to both: the second quarter of 2022 and the third quarter of 2021. In the third quarter of 2022, the surveyed Georgian economists positively assessed Georgia’s present economic situation. Their assessment of the present economic situation has significantly improved compared to both - the second quarter of 2022, as well as third quarter of 2021 when the assessment of the economic situation of the respective quarter was negative. The surveyed economists’ predictions for Georgia’s economic situation for the next six months were also positive. Though, their expectations have slightly worsened compared to the predictions made for the next six months in the second quarter of 2022, but have significantly improved compared to the third quarter of 2021, when the economists had negative expectations for the next six months of the respective quarter.

In August 2022, the number of persons receiving a monthly salary increased by 3.5% compared to the corresponding period of 2021 and by 7.7% compared to the corresponding period of 2020. In 2022, from March to August, the total number of vacancies published on jobs.ge amounted to 39,984, which was 37% higher compared to the corresponding period of 2021 and 197% higher compared to the corresponding period of 2020. In 2022, from March to August, a total of 11,757 vacancies were published in the field of sales/procurement, which was 64% higher than the corresponding period of 2021 and 258% higher compared to the corresponding period of 2020.

In the third quarter of every year between 2016 and 2020, the number of international visits to Adjara, on average, amounted to 42% of total international visits to Georgia, while contributing up to 14.9% of all domestic visits. Throughout the past few months, in Adjara in particular and Georgia in general, significant hotel price increases have been evident due to a combination of factors, such as the marked recovery of international tourism, the rapid inflow of Russians, Belarusians, and Ukrainians since the beginning of the Russia-Ukraine war, higher demand for Georgian tourist destinations among domestic visitors, and a rise in prices for essential goods for hotel maintenance. In the summer of 2022, a significant increase has been observed in average hotel prices compared to the pre-pandemic level in Georgia. Specifically, price increases have been especially apparent in Adjara. Average hotel prices there increased by 16% compared to 2019 and by 25% compared to 2021. Meanwhile, in Batumi, average summer prices compared to the same two years increased by 17% and 23%, respectively.

In Georgia, the average cost of a room in a 3-star hotel was 182 GEL per night in August 2022, while the average cost of a room in a 4-star hotel in Georgia was 284 GEL per night and the average cost of a room in a guesthouse was 122 GEL per night. The average cost of a room in a 5-star hotel in Georgia in August 2022 was 510 GEL per night. In Guria, the average price was 727 GEL, followed by Kakheti - 569 GEL, Adjara - 547 and Tbilisi - 538.

Georgia is a country of emigration. Since the mid-1990s, Georgian migration patterns have been characterized as labor emigration driven by socio-economic challenges (high unemployment, poverty, and low salaries). As different studies have indicated, the significant proportion of Georgian labor emigrants reside and work illegally in their host country. The primary motivation for Georgian emigrants is to be able to send money back to their families in Georgia to support them. This bulletin discusses Georgia’s emigration trends and the role of remittances in the Georgian economy on macro and micro levels over the last decade.

Since the spread of COVID-19 at the end of 2019, the ensuing pandemic has caused an economic crisis impacting global food availability and food security. The effects of the pandemic have been aggravated by the war between Russia and Ukraine, two prominent players in global food and agriculture. In Georgia, since July 2021, the YoY price increase for both wheat flour and wheat bread has shown a dramatic increase. The YoY price increase for wheat flour reached an all-time maximum of 36.5% in July 2022, while for wheat bread, it peaked in June 2022 at 36.3%. Finally, considering Georgia’s high dependence on imports from Russia and low self-sufficiency in terms of domestic wheat production, it is crucial that the dialogue between potential trade partners, such as Kazakhstan and Turkey, be intensified in the long run to diversify the wheat market and ensure food security for Georgia.