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As the National Statistics Office said on Wednesday, the Georgian economy grew 8.3 percent year-on-year in December and by seven percent in 2023.
According to the Office, estimated real growth in construction, manufacturing, financial and insurance sectors, information and communication mainly drew last month’s growth, although energy and real estate sectors declined.
As Deputy Economy Minister Vakhtang Tsintsadze said, the domestic economy’s stability and growth at a “high rate” was maintained and continued despite the “geopolitical tensions” and “external shocks” created in the wider region.
According to him, one of the highest economic growth rates for 2023, both in the European region and among [EU membership] candidate countries, has been shown by Georgia, and this trend is expected to continue in the coming years.
“Record” results of the previous year were also pointed to by The Deputy Minister. He added that external trade turnover had exceeded $6.1 billion, while revenues from international tourism had crossed the $4.1 billion mark.
A growth trend also characterized investment activity in the country.
Tsintsadze said that all of the above-mentioned gives positive optimism that economic growth will continue at this rate and that 2024 will be impressive in economic growth, and higher economic growth than all forecasts [by various international financial organizations] during 2023 will be achieved.
According to the January edition of the World Bank’s Global Economic Prospects report, the Georgian economy would grow 4.8 percent in 2024.
As The National Bank of Georgia has said, economic activity is expected this year to “gradually normalize” in line with the growth rate of the potential gross domestic product, estimated at five percent.
NH Logistics GEO has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Georgia and Eurasia, supporting many clients with their import/export shipments.

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The total amount of the exports of Georgia (excluding non-declared exports) reached USD 6 090.6 million in 2023 (9.1 percent higher year-on-year). A 24.4 percent decline was shown by share of the domestic exports in total exports (45.8 percent, USD 2 791.5 million).
The top ten trading partners by domestic exports in the total domestic exports of Georgia had the share of 73.1 percent in 2023. Russia (USD 541.7 million), Türkiye (USD 343.8 million) and China (USD 270.0 million) were the top partners.
The first place in the list of top export items, equaling USD 474.2 million, or 17.0 percent of total exports, was claimed by copper ores and concentrates in 2023. The share of the exports of wine of fresh grapes totaled USD 257.7 million and amounted to 9.2 percent of the total exports. The third place, standing at USD 180.7 million and constituting 6.5 percent of the total exports, was occupied by the exports of ferro-alloys.
NH Logistics GEO has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Georgia and Eurasia, supporting many clients with their import/export shipments.

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Open Balkan member states – Serbia, North Macedonia and Albania – signed two protocols that will enable establishing a free labour market in Skopje yesterday.
The State Secretary at the Ministry of Finance Gojko Stanivuković signed a protocol on the implementation of an agreement on conditions for free access to the Western Balkans labour market and a protocol on connecting an electronic identification scheme for citizens of the region on behalf of Serbia.
Full liberalisation of the labour market in the Open Balkan states starting from March 1 was announced by Serbian President Aleksandar Vučić earlier in the day.
According to him, a common labour market would help to create a better business environment for both local and foreign companies and to overcome the problem of workforce shortages.
As Vučić told the press in Skopje, the Growth Plan for the Western Balkans had been discussed with American and European representatives, as well as a common European market and Serbia’s participation in it. He said that green lines for Serbian trucks, [allowing them] to cross EU state borders are most important, because they mean strengthening of the country’s commerce and industrial production.
The prime ministers of Albania, Montenegro and Kosovo – Edi Rama, Milojko Spajić and Albin Kurti respectively – as well as by Bosnian and Herzegovinian Finance Minister Srdjan Amidžić, NEAR Director-General Gert Jan Koopman and U.S. Assistant Secretary of State James O’Brien attended the conference aside from Vučić.
NH Logistics SER has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Serbia and Eurasia, supporting many clients with their import/export shipments.

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The State Agency for the Restoration and Development of Infrastructure of Ukraine reports that work on launching of two new cargo checkpoints on the border between Ukraine and Romania is being carried out.
The issue of building checkpoints on the common border was discussed by representatives of the Restoration Agency and the State Customs Service of Ukraine with the Ambassador Extraordinary and Plenipotentiary of Romania to Ukraine Alexandru Victor Micula. The opening of new checkpoints was one of the topics of discussion.
The statement said that Ukraine and Romania are working on new projects for the Bila Krynytsia-Climăuți and Bila Tserkva-Sighetu Marmației cargo checkpoints.
Two checkpoints on the border with Romania – Solotvyno-Sighetu Marmației in Zakarpattia region and Porubne-Siret in Chernivtsi region are currently operated by the State Agency.
A strategically important role of checkpoints for the development and support of export and import potential during the war was noted in the institution. So, a priority for the Agency in 2024 is increasing capacity, reconstruction of the checkpoints themselves and the infrastructure around them.
According to the reports, 20 of Ukraine’s 42 road, rail, and port checkpoints on the border with Moldova, Poland, Slovakia, and Romania have already been inspected by the team of the USAID Economic Support to Ukraine Project and rapid upgrades have begun at four priority checkpoints.
NH Logistics UA has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Ukraine and Eurasia, supporting many clients with their import/export shipments.

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The Ministry of Economy preliminary estimates that the increase of the volume of gross domestic product attained about 5% last year.
First Deputy Prime Minister – Minister of Economy Yulia Svyrydenko reported this data during the discussion “Economy in 2023: Overview of Key Figures” organized by the Center for Economic Strategy in cooperation with the German Economic Team.
The rapid adaptation of Ukrainian business to the current extremely difficult conditions was emphasized by Svyrydenko. Operations of more than 90% of enterprises that had shut down at the beginning of the war have already been resumed.
She says that the field of public administration and defense showed the largest growth. Military salaries and funding for defense programs are primarily concerned by this.
Svyrydenko said that construction also developed at a fairly high pace. Damaged critical infrastructure was actively restored due to investment demand, which was formed due to significant budget funding. Favorable weather conditions had a positive impact on agriculture: 80 million tons of grains and oilseeds were harvested by farmers. The recovery in consumer demand and supply of goods drew the growth in domestic trade, and the growth in demand for investment products drew the manufacturing industry.
Simultaneously, the rhythmic flow of international financial assistance played a key role in ensuring the stability of the Ukrainian economy. It reached $75 billion over the two years of the full-scale war.
The Deputy Prime Minister said that 67% of the funds came from Ukraine’s main partners, the EU and the U.S. Due to this, the country’s priority needs of the budget were covered, social spending was ensured and financial stability was maintained, even the preconditions for macroeconomic stability were created this year. It resulted in the domestic GDP increase by about 5% in 2023, according to preliminary estimates, while in 2022 the economic decline reached 28.8%. This is the so-called recovery growth.
According to the reports, the Ukrainian economy’s growth by 3.2% this year and in 2025 – by 6.5% has been predicted by the World Bank. The WB estimated last year’s growth more pessimistically than the Ministry of Economy’s – at 4.8%.
NH Logistics UA has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Ukraine and Eurasia, supporting many clients with their import/export shipments.

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Serbia’s one-year presidency over the Central European Free Trade Agreement (CEFTA) has been assumed. The consolidation and boosting of the implementation of the agreement, the facilitation of the trade of goods and services between the parties to the agreement and digitization will be in its focus, among other things, in the next year.
When it comes to the volume of the trade, the CEFTA market is the second biggest partner for the Serbian economy, right behind the EU. The amount of EUR 5.4 billion was reached by Serbia’s trade with the CEFTA member-countries in the first 11 months of 2023. According to the acting director of the CEFTA Secretariat, Danijela Gacevic, the presiding over the CEFTA will be a good opportunity for Serbia to prove itself as a constructive and reliable partner. Serbia will not only preside over a joint committee as the most important decision-making body, but also have the opportunity to head other subcommittees, that is, technical bodies, in which discussions important for certain aspects of the agreement will be had.
Several aspects make the presidency important. The first one is the ability of the party that presides and runs the processes to prepare the agenda and to have questions which are important at that moment. The second one is the opportunity for the presiding country to show itself as a constructive and reliable partner, which has adequate capacities to run regional processes from the aspect of European and regional integration. The last one is the ability of the presiding party to show itself as a good host.
Gacevic adds that that Serbia will also preside over the subcommittee for non-tariff measures, the subcommittee for the trade of services and the committee for trade facilities in addition to presiding over the joint committee as the most important decision-making body within the agreement.
NH Logistics SER has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Serbia and Eurasia, supporting many clients with their import/export shipments.

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According to the Ministry of Economy, one of the lowest levels in the last decade was reached by export revenues last year due to logistics problems.
Minister of Economy Yulia Svyrydenko said that export revenues reached one of the lowest levels in the last decade last year as a result of logistics problems. To solve them, an alternative corridor in the Black Sea has been launched and river transportation on the Danube is being developed. Negotiations with the Polish side to unblock the border are being carried out.
Yulia Svyrydenko explained by this the fact that Ukrainian export overpassed $3 billion in December for the first time in the second half of the year and 10 million tons for the first time since March.
According to the Ministry of Economy, by the end of 2023, Ukraine’s exports increased and amounted to almost 100 million tons of goods (112,000 tons more than in 2022), but in value terms, it was a decrease by 18.7% or $35.8 billion.
A significant trade deficit in goods worth $26.4 billion experienced by Ukraine last year was noted by Svyrydenko. Two key factors – problems in logistics and defense needs in 2023 – caused it. The work of the Government aimed at strengthening export logistics with air defense systems and searching for new ways to export goods and services will be continued in 2024. The localization of defense industry enterprises in Ukraine will also be promoted.
According to the reports, goods worth $32.8 billion were exported by Ukraine in January-November 2023. Goods worth $44.1 billion were exported by Ukrainian business in 2022.
NH Logistics UA has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Ukraine and Eurasia, supporting many clients with their import/export shipments.

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The rapid estimates released by the National Statistics Office of Georgia on December 28 report that Georgia’s estimated real Gross Domestic Product (GDP) growth rate amounted to 5.9% for November 2023 compared to the corresponding period of the previous year.
Geostat reports that financial and insurance activities, construction, professional, scientific-technical activities and trade contributed significantly to the growth.
Manufacturing, energy, transportation and storage declined.
As Geostat reports, the average real GDP growth for January-November 2023 reached 6.9%.
NH Logistics GEO has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Georgia and Eurasia, supporting many clients with their import/export shipments.

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As Zurab Pataradze, the Georgian Ambassador to Azerbaijan, said on Friday, negotiations on the Black Sea submarine cable project intended to connect the grids of the South Caucasus and European Union member states are in an “active phase”.
According to him, the talks will end very soon, and involvement in this project will become evident. Georgia’s position will not only be the one of a transitory country, but primarily the position of an electricity exporting country.
As Pataradze added, a “great emphasis” was put by the Government on the development of renewable energy. It was doing “its best” to move the project to the next stage “on time”.
Trade relations between the two countries were characterized by the Ambassador as “unprecedented”.
He said that the trade turnover between the countries will exceed one billion [US dollars] this year due to the great potential of the trade corridor in terms of transit and a number of important projects that are being implemented in this direction.
The Middle Corridor [a logistics route connecting China with Europe through the South Caucasus region] is being strengthened and promoted in order to attract more cargo to the region and to complete the Baku-Tbilisi-Kars [railway] project.
According to Pataradze, the expansion of the railway route would be completed early next year, enabling rail transportation of about five million tons of cargo.
NH Logistics GEO has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Georgia and Eurasia, supporting many clients with their import/export shipments.

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A number of protocols have been signed by Prime Minister of Ukraine Denys Shmyhal and Prime Minister of Moldova Dorin Recean to simplify the crossing of the Ukrainian-Moldovan border for citizens and cargo.
Shmyhal said that agreements on joint control at border crossing points continue to be implemented by Ukraine and Moldova. He signed a number of protocols during an online meeting with Prime Minister Dorin Recean to simplify and reduce the time for citizens and cargo to cross the Ukrainian-Moldovan border.
According to him, trade and economic cooperation between Ukraine and Moldova will be intensified by this and the efficiency and effectiveness of border crossing capacities will be increased due to the best European practices.
Shmyhal emphasized on special importance of the latter in the context of Ukraine’s movement towards the European Union.
Ukrinform reported that Prime Ministers of Ukraine and Moldova Denys Shmyhal and Dorin Recean had discussed joint work on the path to the European Union during a phone call in November.
NH Logistics UA has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Ukraine and Eurasia, supporting many clients with their import/export shipments.

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