The latest Employment Tracker publication offers insights into recent developments in Georgia’s labor market. Following a temporary year-over-year decrease of vacancies in December 2023, in the beginning of 2024, the trend of an increasing number of vacancies resumed. In January 2024, the share of people receiving a monthly salary of 2400 GEL or more continued to increase (+8pp). Over the past 6 months (from August 2023 to January 2024), the fastest growing number of vacancies category was administration and management.

In Georgia, the average cost of a room in a 3-star hotel was 143 GEL per night in January 2024, while the average cost of a room in a 4-star hotel in Georgia was 248 GEL per night and the average cost of a room in a guesthouse was 125 GEL per night. The average cost of a room in a 5-star hotel in Georgia in January 2024 was 418 GEL per night. In Kakheti, the average price was 639 GEL, followed by Tbilisi – 498 GEL, Guria – 538 GEL, and Adjara – 328 GEL.

The war in Ukraine has significantly altered trade dynamics in the Black Sea region. Firstly, it has created security challenges and increased tensions between countries. On the other hand, it has also unlocked opportunities to utilize the potential of the Black Sea as a strategic location and international transport route. With this context in mind, it is important to analyze intra-Black Sea countries’ trade, to identify the patterns and volumes of goods exchanged among these countries, and to determine the dynamics of regional economic cooperation and transportation networks. This bulleting provides analysis of the trade data of Black Sea countries and present the main trends in trade in and among Black Sea countries and provides some recommendations on how to both address existing challenges and realize opportunities.

For the first time in 2 years, the number of published vacancies on jobs.ge showed a year-over-year decline. The share of persons receiving a monthly salary of 2400 GEL and more doubled in December 2023, compared to December 2022, reaching 39.4%. In 2023, from July to December, the fastest growing number of vacancies category was finance and statistics.

In Q1-Q3 of 2023, the number of outbound visits made by Georgian residents reached 1.6 million, marking a 42% rise compared to Q1-Q3 of 2022. Notably, the number of outbound visits almost recovered to the pre-pandemic level, reaching 95% of the corresponding period of 2019. In Q1-Q3 of 2023, a significant proportion of outbound visitors chose Türkiye (44%) as their destination, followed by the EU (15%), Armenia (15%), and Russia (12%). Throughout Q1-Q3 of 2023, the number of visits to Russia was the most pronounced since Q2, following Russia’s decision to reinstate the visa-free regime for Georgian citizens and lifting the flight ban in May 2023. The expenditure of outbound visitors in Q1-Q3 of 2023 reached GEL 1.5 billion, which is 6% lower than in Q1-Q3 of 2019. A shift in expenditure distribution was observed in the covered period, with a significant increase in the share spent on shopping (+10 pp) and a decline in the share assigned to food and drink (-6 pp).

In Georgia, the average cost of a room1 in a 3-star hotel was 157 GEL per night in December 2023, while the average cost of a room in a 4-star hotel in Georgia was 253 GEL per night and the average cost of a room in a guesthouse2 was 123 GEL per night. The average cost of a room in a 5-star hotel in Georgia in December 2023 was 407 GEL per night. In Kakheti, the average price was 547 GEL, followed by Tbilisi – 529 GEL, Guria – 409 GEL, and Adjara – 325 GEL.

The Business Association of Georgia (BAG) Index is a joint product of the Business Association of Georgia, PMC Research, and the ifo Institute for Economic Research. The BAG Index summarizes the BAG Business Climate, BAG Employment Barometer, and BAG Investment Environment, which are calculated according to the assessments of the top managers of BAG member businesses and companies in their corporate group. In Q4 of 2023, the surveyed businesses assess their present business situation and expectations for the next six months positively.  For the previous reports of the BAG Index, please visit the following link: https://bag.ge/ge/bag-index

In November 2023, the number of persons receiving a monthly salary increased by 3.9% compared to the corresponding period of 2022. In November 2023, the share of persons receiving a monthly salary up to 600 GEL amounted to 17.7%, which was 3.5 percentage points less than the corresponding period of 2022. In November 2023, the share of persons receiving a monthly salary of 9,600 GEL and more amounted to 2.0%, which was 0.4 percentage points more than the corresponding period of 2022. In 2023, from June to November, the total number of vacancies published on jobs.ge amounted to 44,936, which was 3.7% higher compared to the corresponding period of 2022.

During the first three quarters of 2023, turnover in the Georgian accommodation sector reached 823.9 million GEL, representing a 10.2% increase compared to the same period of 2022. This significant growth can be directly linked to record-high income from international visits in 2023 so far. In Q1-Q3 of 2023, both the average number of persons employed and the average monthly salary in the Georgian accommodation sector rose compared to Q1-Q3 of 2022 by 5.7% and 11.4%, respectively. Notably, in Q3 of 2023, total salary fund in the sector reached an all-time high, amounting to 26.6 million GEL. In November 2023, compared to November 2022, the Hotel Price Index (HPI) in Georgia decreased by 13.2%, with the yearly HPI at its lowest under the “guesthouses” category (-21.5%). Meanwhile, compared to October 2023, the HPI in November 2023 dropped by 6.6%.

In Georgia, the average cost of a room in a 3-star hotel was 143 GEL per night in November 2023, while the average cost of a room in a 4-star hotel in Georgia was 221 GEL per night and the average cost of a room in a guesthouse was 117 GEL per night. The average cost of a room in a 5-star hotel in Georgia in November 2023 was 386 GEL per night. In Kakheti, the average price was 553 GEL, followed by Tbilisi – 541 GEL, Guria – 358 GEL, and Adjara – 299 GEL.