Page 19 - GEORptJul19

4.4 Labour and income
4.4.1 Unemployment, income dynamics
Georgia’s unemployment rate inched down in 2018
Georgia’s unemployment rate dropped by 1.2 of a percentage point (pp) to 12.7% in 2018, continuing the downtrend of the last nine 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.
Georgia’s unemployment rate is higher than the rates of most EU countries, though below the rates of crisis-hit Spain and Greece, most of the Western Balkan countries, and neighbouring Armenia.
Geostat made fundamental changes to how it compiles its labour force statistics in 2017, after new data in the population dynamics and the population’s geographic distribution in the country were revealed by the 2014 census. At the same time, new measures were taken with support from the World Bank and other international organisations and partners to improve the labour indicators.
The average monthly nominal earnings in Georgia amounted to GEL1,124.1 in 2018, up from GEL999.1 a year ago.
4.4.2 Retail sector dynamics
Retail sales rises at a slower rate of 5.6% y/y in 4Q18
Retail sales in Georgia increased 9.6% y/y in the first quarter of 2019, accelerating from a 5.6% y/y rise in the fourth quarter of last year, as compared to the 12% y/y rise in the third quarter, according to CEIC data. The fourth quarter of 2018 was the lowest growth in retail trade since the second quarter of 2016 at 4.4%.
In 2017, retail trade turnover reached GEL9,929.8mn, up from GEL8,101.9mn
19 GEORGIA Country Report July 2019 www.intellinews.com