Sectors

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FMCG sector revenue is expected to reach GEL 23.3bn in 2024, reflecting a 9.5% y/y increase. Revenue growth is primarily driven by increased demand, with minimal impact from price changes. Notably, branded retail chains are growing at a faster pace (+14.9%y/y to GEL 9.5bn in 2024E) compared to other formats (+6.1%y/y to GEL 13.8bn in 2024E). Branded retail chains currently hold 40.7% of the market share, up from 38.8% in 2023, with dynamic growth expected to continue. 

In November 2024:

Brent oil price was down 0.3% m/m. Oil has been trading in a tight range since mid-October, driven by opposing bullish and bearish factors outweighing each other. Middle East conflict, Chinese demand, Trump’s policies, and OPEC meeting remained the top themes of the market in November.

In October 2024,

Brent oil price was up 1.9% m/m. Over the month traders assessed potential effects of Middle East conflict, OPEC+ supply cuts, and US elections on the oil price.

Natural gas price was down 6.9% m/m. Gas prices in Europe fell sharply after a Bloomberg report suggested that European buyers were close to a deal with Azerbaijan to maintain gas flows through Ukraine. However, other sources later denied this information.

In September 2024:

Brent oil price was down 8.9% m/m. Despite the few bullish factors, prices continued declining amid oversupply and underconsumption concerns. The month’s decline was quickly overturned by sudden surge of prices in the beginning of October, following the significant escalation between Israel, Hezbollah, and Iran.

In August 2024:

Brent oil price was down 2.4% m/m. The month saw sharp price volatility with bullish and bearish sentiments swapping dominance.

Natural gas price was up 13.1% m/m. The rally was driven by several key factors including the war in Russia, increasing demand in Egypt, and maintenance in Norway, all potentially affecting the supply of Europe.

In July 2024:

Brent oil price was down 6.6% m/m. There were quite a few bullish events during the month, but oil maintained a consecutive 4-week decline, closing the month at US$ 80.7 per barrel. Falling US inventories and escalating tensions in the Middle East failed to counter the bearish sentiment of sluggish demand from key consumers.

In June 2024:

Brent oil price was up 5.9% m/m. Fears of a wider Middle East conflict turned some traders bullish. Along with the geopolitical risks, potential cataclysmic events inflate prices.

Natural gas price was down 5.3% m/m. Despite some minor ups and downs in the price, there were a few important political events for the industry during the month. The news primarily came from Russia, EU, and United States.

In May 2024:

Brent oil price was down 7.1% m/m to US$ 81.6 per barrel. Sell-off in April and early May was driven by the concerns over health of the global economy and oil demand. Other key topics for the traders included OPEC+ meeting and any early signs of oil demand due to summer driving season.

Information and communication technology sector (ICT) has been the fastest-growing industry in Georgia since 2022, driven primarily by the IT sub-sector. The sector is focused on exports, which amounted to US$ 892mn in 2023. 

Turnover of the IT sector increased to GEL 2.4bn in 2023, of which GEL 2.1bn was generated by services export. The largest share of exports (26%) was directed to the USA, followed by UK (15%) and Malta (11%).