Page 17 - bne IntelliNews Georgia country report November 2017

International Bank for Reconstruction and Development (IBRD), signed an agreement with the Georgian government for a €44.6mn line of credit to support the country's business-oriented reforms and the competitiveness of the private sector.
4.4 Labour and income
4.4.1 Unemployment, income dynamics
Unemployment at 12% in 2016
Unemployment is an important challenge for Georgia, where 11.8% of the population was unemployed at the end of 2016. Of those who were employed, 57.5% were self-employed, many believed to be working in agriculture and to experience underemployment as a result.
Georgia’s monthly average gross salary rose by 5.4% y/y to GEL1,065.92 at end-2016. The monthly average salary stood at GEL989.40 in the first quarter of this year, up 8.4% y/y.
4.4.2 Retail sector dynamics
Retail sales in Georgia increased by 14% y/y in the second quarter of 2017, compared to a rise of 19.5% in the first quarter, according to CEIC data. In 2016, retail turnover totalled GEL28,283.3mn, an increase of 8.3% y/y.
The largest sectors of the economy - retail trade and manufacturing - increased by modest rates of 3.6% and 1.4% y/y, respectively, in 2016. Retail sales, which had 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 16.4% from 2000 to 2017.
17 GEORGIA Country Report November 2017 www.intellinews.com