Category: NEWS

Double-digit growth in turnover and production value in Georgia’s business sector is reported in Q2

As the National Statistics Office of Georgia said on Tuesday, a growth by 11.6 percent year-on-year was shown by the total turnover of the business sector in Georgia in the second quarter of 2024 (₾53.6 billion ($19.93bln) and a 12.5 percent year-on-year increase was reached by the production value (₾20.5 billion ($7.62bln).
66.5 percent of the total turnover were constituted by large businesses as key drivers of the sector’s growth. 15.1 percent were made up by medium-sized businesses and 18.4 percent were contributed to small businesses.
Nevertheless, production value was distributed in a slightly different way: 46 percent were accounted for large businesses, 24.3 percent for medium-sized businesses and 29.7 percent for small businesses.
The total purchases of goods and services carried out by enterprises rose by 8.3 percent year-on-year and amounted to ₾28.3 billion ($10.52bln).
The average number of individuals employed in the business sector reached 769,900 employees (an increase by 4.4 percent). 43.6 percent of the total workforce were female and 56.4 percent were male.
According to the statistics office, large businesses employed the majority of people (43.6 percent), small business employed 36.5 percent and medium-sized businesses employed the remaining 20 percent.
A 3.4 percent increase compared to the same quarter of 2023 was shown by the total number of employees (724,000).
According to analysis of the distribution of employees by region, the highest percentage of employed individuals (65.7 percent) was in Tbilisi, then followed the Black Sea region of Adjara at nine percent and western Imereti region at 6.7 percent.
The average monthly remuneration reached ₾2,105.5 ($782.71) (an increase by ₾190.7 ($70.89) in the second quarter compared to the previous year.
Employed women earned ₾1,636.3 ($608.29) after an increase of ₾153.8 ($57.17) y/y.
The size of business influences average monthly salaries. For example, it is ₾2,538.1 ($943.53) in medium-sized businesses, ₾2,224 ($826.77) in large businesses and
₾1,653.6 ($614.72) in small businesses.
The leader in total turnover is the trade sector, including areas for repair of motor vehicles and motorcycles. Its share is 34.5 percent, closely followed by arts, entertainment and recreation (33.9 percent).
The leading sectors in terms of production value were manufacturing, trade, construction, transportation and storage (20.3 percent, 19 percent, 18.1 percent, and 9.1 percent, respectively). A 33.5 percent share was held by the rest of the sectors collectively.
The top three sectors for employment also included trade (wholesale and retail trade, repair of motor vehicles and motorcycles), manufacturing, and human health and social work activities with 28.4 percent, 11.8 percent, and 9.6 percent share of employees, respectively.

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