In the first quarter of 2015, the production in business sector increased by 11.9%. in comparison with the first quarter of 2014. In this period the average monthly remuneration of employed individuals increased by 72.6 GEL and the number of employees in the business sector increased by 49 661 unit.
In the first quarter of 2015, the volume of registered trade in goods is 2,277.7 mln. USD. The share of registered import of goods in total turnover is 77.9% and the share of registered export of goods is 21.1%. During this period, the export (-28.0%) and import (-7.1%) volume declined. Export to CIS countries decreased by -55% (-216.4 mln. USD) while to EU countries increased by 21% (29.6 mln. USD). The major contribution in the reduction of export to CIS is a significant decline of export to the following countries: Azerbaijan (-82 mln. USD), Ukraine (-42 mln. USD), Armenia (-41 mln. USD) and Russia (-40 mln. USD). This supports the argument that export diversification remains an important issue.
Export (-21%) and import (-19%) volume continues to decline in April 2015, but the rate of decline of imports is increasing and the rate of decline of exports is decreasing in comparison with the previous months 2015.
In 2014, the share of education expenditure as % to GDP is 2.9% and its share in total public expenditure is 9.2%.
The planning of the education reforms started in 2005 and their active implementation phase started in 2007. In 2014, the indicator of education expenditure increased by 8.4% compared to 2013 and by 92.6% compared to 2007.
In the first quarter of 2015, the state budget revenues increased (14.6%) compared to the first quarter in 2014. Among them, tax revenues increased by 11.5% (189.1mln. GEL), grants by 6 times (48.7 mln. GEL) and the other receipts by 21.4% (11.4 mln. GEL). In this period the revenues increased from profit (26.5%), value added (11.8%), income (4.5%) and excise (11.3%) and declined from import (-22.6%) taxes.
In the first quarter of 2015, the state budget expenditures also increased (8.8%) in comparison with the indicator of the same period in 2014. Among them, expenditures on percent increased by 40.5%, on payments of employees by 10.1%, on social protection by 9.6%, on subsidies by 8.1%, on grants by 4.5%, on goods and service by 2.6% and on other expenditures by 7.1%.
In 2007-2013, the average monthly incomes and expenditures, which are one of the indicators of standard of living, has increasing trend. The corresponding indicators for 2014 have not published yet *.
In 2014, the average monthly nominal salary of employees in business as well as in non-business sectors increased by 9% and by 7% respectively compared to 2013.
The preliminary estimates of the real GDP growth rate in January 2015 is 0.5% and in February - 4.9%.
In 2014, the indicator of the real GDP growth rate was 4.8%, which exceeds (1.5 percent point) to the corresponding indicator in 2013 (3.3%).
In 2014, the volume of foreign direct investment increased significantly (35.1%) compared to 2013.
In 2014, the volume of the registered trade turnover is 11 457 mln. USD. The share of import in total registered turnover is 75% and the share of export is 25%. In 2014, the volume of export decreased (-1.6%) and the volume of import increased (7.1%) compared to 2013.
The indicator of export decreased significantly in IVQ 2014 compared to IVQ 2013 and continued to decrease (-26.9%) in the period of January - February 2015 compared to the corresponding period in 2014. The volume ofthe registered import also decreased (-2.2%) in January-February 2015.
In 2014, both the volume of the internal generation (2.9%; 292.9 mln.kvt.hr) as well as consumption of power (5.1%; 507 mln.kvt.hr) increased compared to 2013. In mentioned period, the power consumption exceeds the power generation, hence, the negative balance was satisfied by the import of electricity (793.2 mln.kvt.hr).
In 2014, the value added in energy sector increased (5.2%) compared to 2013.
In the first three quarters of 2014, the volume of investments in energy sector declined (-52.9%) compared to corresponding period in 2013.
In 2014, the volume of the deposits increased (20.8%) compared to 2013. In this period the volume of the loans to the national economy also increased (23.4%).
In 2014, the share of the deposits denominated in the foreign currency (60.2%) remains the same compared to 2013, which points that the level of dollarization did not change. In this period, the share of the loans denominated in foreign currency is 60.8%, which is lower (-1.2% point) than the indicator of 2013.
In this period, the profit of the commercial banks increased (22%; 85.8 mln. GEL) compared to 2013.
Since July 2014, the world price of the crude oil per barrel has started to decline significantly. In January 2015, the price on per barrel (116 liter) of crude oil decreases by 57.45 USD compared to July 2014 and equals 45.7 USD. Hence, in this period, the world price of the crude oil decreased by 55.7%, while the price of premium type gasoline in Georgia decreases only by 20.3%.
In 2014, the daily world oil supply increases by 2.1% compared to 2013. In this period, the daily world oil demand also increases (0.7%), but the growth of demand is lower compared to the growth of supply, hence, on average the daily world crude oil supply exceeds the daily world crude oil demand by 0.8 mb.