Nominal wages up 10.9% y/y in 3Q24
In 3Q24, average monthly nominal wages in Georgia increased by 10.9% y/y (+9.6% in real terms) to GEL 2,057, after growing by 11.1% y/y in 2Q24, according to Geostat.
By economic activity, the highest monthly average wages were recorded in the following sectors: information and communication (GEL 3,977, +0.5% y/y), construction (GEL 3,198, +5.4% y/y), financial and insurance (GEL 3,187, +13.5% y/y) and professional and scientific activities (GEL 3,063, +17.1% y/y). The lowest average monthly wages were in education (GEL 1,255, +20.9% y/y), water supply (GEL 1,284, +11.7% y/y) and agriculture (GEL 1,437, +16.5% y/y) in 3Q24.
NBG kept its key rate unchanged at 8.0%
On December 18, 2024, the Monetary Policy Committee of the NBG decided to maintain its key interest rate at 8.0%. This decision was influenced by high uncertainty in the economic outlook, with potential inflationary pressures arising from domestic factors and geopolitical tensions. The NBG also emphasized the rising volatility in global oil and food prices in international markets. The next committee meeting is scheduled for January 29, 2025.
Money transfers amounted to US$ 266.7mn in Nov-24
Money transfers decreased by 9.6% y/y to US$ 266.7mn in Nov-24, after a 1.5% y/y decline in previous month. Among the top countries, money transfers increased from the EU (+8.2% y/y, 45.9% of total), the USA (+21.6% y/y, 18.8% of total) and Israel (+15.3% y/y, 8.0% of total) in November. In contrast, transfers reduced from Russia (-60.6% y/y, 11.2% of total) and Kazakhstan (-56.0% y/y, 3.0% of total).
Overall, in 11M24 money transfers decreased by 19.8% y/y to US$ 3.1bn. We expect money transfers at US$ 3.4bn for the full year of 2024, down from US$ 4.1bn in 2023.
Producer price index increased by 6.6% y/y in Nov-24
Annual PPI for industrial goods increased by 6.6% in Nov-24, after a 6.8% y/y rise in previous month. The annual growth was mainly driven by a rise in prices in the manufacturing sector (+4.7% y/y), followed by mining (+23.7% y/y) and electricity supply (+10.8% y/y) sectors.
