Page 21 - GEORptFeb21

Georgia’s unemployment rate at 18.3% in Q3
Georgia’s unemployment rate was at 17% in the third quarter of 2020, inched downwards from 18.3% in the first and second quarters.
The unemployment rate in 2019 was 17.6%, continuing the downtrend of the last ten years,​ ​data​ from the state statistics office Geostat shows. Unemployment remained highest among young people, reaching over 25% for 20-24 year olds, even though it declined for this age group compared to 2017.
The unemployment rate declines steadily as ages increase though, as Geostat points out, the low level for the 65+ age group is due to the high inactivity rate in this age group.
The average monthly nominal earnings in Georgia amounted to GEL1,239.5 in the third quarter of 2020, up from the previous quarters.
2014
2015
2016
2017
2018
2019
Q1’ 20
Q2’20
Q3’20
Active population (labour force), thousand persons
1629.0 1675.6 1653.8 1641.4 1605.2 1572.8 1545.2 1515.0 1528.9
Employed, thousand persons
1197.8 1255.0 1308.5 1294.5 1286.9 1296.2 1295.9 1262.7 1237.6
Unemployed, thousand persons
374.0 367.2 359.2 354.5 309.0 276.9 282.6 277.4 259.8
Unemployment rate, percentage
23.0 21.9 21.7 21.6 19.2 17.6 18.3 18.3 17.0
Source: Geostat
4.4.2​ Retail sector dynamics
Retail sales increases 13.5% y/y in 1Q20
Retail sales in Georgia increased 3.4% y/y in the third quarter of 2020, after facing a significant plunge of 14.5% in the previous quarter, according to Geostat.​ The second quarter of 2020 was by far the largest decline in retail trade recorded at -14.5% brought on by the coronavirus pandemic.
In 2017, retail trade turnover reached GEL9,929.8mn, up from GEL8,101.9mn in 2016. Retail sales, which has been growing at a strong double-digit pace for several years, grew by only 8-9% in 2015-16 as wage growth slowed and unemployment rose.
Retail sales y/y in Georgia averaged 16% from 2000 to 2019.
21​ GEORGIA Country Report​ February 2021 ​ ​www.intellinews.com