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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.
The average monthly nominal earnings in Georgia amounted to GEL1,068.3 in 2018, up from GEL999.1 a year ago.
4.4.2 Retail sector dynamics
Retail sales increases 15.3% y/y in 4Q19
Retail sales in Georgia increased 15.3% in the fourth quarter of 2019, easing from 19.1% y/y in the third quarter, according to Geostat. The fourth quarter of 2018 was the lowest growth in retail trade since the second quarter of 2016 at 5.6%.
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.
23 GEORGIA Country Report May 2020 www.intellinews.com
