Business Sector Turnover Increased by 18.1% in Q4 2022

GeoStat has reported that in the fourth quarter of 2022, the volume of business sector turnover increased by 18.1% to 51.7 billion GEL compared to the same period the previous year.

The report shows that the production value of the business sector is on the rise, with a volume of 19.8 billion GEL in Q4 2022, a year-on-year increase of 22.1%.

Large and medium businesses accounted for 62.0% and 15.6% of total turnover, respectively, while small businesses received 22.4%. In contrast, large businesses contributed 43.7% of total production value, medium businesses contributed 23.8%, and small businesses contributed 32.5%.

Enterprises purchased goods and services worth 30.4 billion GEL in Q4 2022, up 21.8% year-on-year. Goods and services purchased for resale amounted to 18.4 billion GEL, an increase of 21.0% year-on-year.

The average number of employed persons in Q4 2022 was 741.0 thousand, a year-on-year increase of 6.9%. Females accounted for 43.1% of the total number of employees, while males accounted for 56.9%. Large, medium, and small businesses employed 41.7%, 21.8%, and 36.4% of the total number of persons employed, respectively, with a total of 699.5 thousand employees, up 5.3% year-on-year.

The total personnel costs of enterprises in Q4 2022 amounted to 4,086.8 million GEL, up 25.5% year-on-year. The average monthly remuneration for employed persons in the quarter was 1,911.1 GEL, an increase of 313.2 GEL year-on-year. Female employees received an average monthly remuneration of 1,487.0 GEL, up 244.4 GEL year-on-year.

The average monthly remuneration of employed persons by the size of enterprises was as follows: Large Business – 2,007.2 GEL; Medium Business – 2,165.3 GEL; Small Business – 1,602.1 GEL.

The trade sector (including repair of motor vehicles and motorcycles) accounted for the highest share (38.9%) of total turnover in the business sector in Q4 2022, followed by arts, entertainment and recreation (30.2%), manufacturing (8.0%), construction (6.7%), transportation and storage (4.9%), electricity, gas, steam and air conditioning supply (2.8%), and other sectors (8.7%).

The top four sectors in terms of business sector production value in Q4 2022 were manufacturing (20.5%), construction (20.3%), trade (19.9%), and transportation and storage (9.2%). The remaining sectors accounted for a 30.1% share.

In Q4 2022, the trade sector (wholesale and retail trade, repair of motor vehicles and motorcycles), manufacturing, and human health and social work activities had the highest number of employees, with 27.8%, 12.6%, and 9.9% shares, respectively. Construction activities (8.5%), enterprises engaged in transportation and storage (8.0%), information and communication (5.7%), and accommodation and food service activities (5.0%) also had significant shares.