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employees.
World Bank economists also point out that while Georgia has made considerable progress putting business-friendly policies in place — the country soared to ninth place on the latest Doing Business index — “political instability remains a significant challenge for firms”.
4.4.2 Retail sector dynamics
Retail sales climbs 21% y/y in 4Q17
Retail sales in Georgia soared 21% y/y in the fourth quarter of 2017, compared to a rise of 17.1% in the third 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 16.6% from 2000 to 2017.
21 GEORGIA Country Report July 2018 www.intellinews.com