BAKU, Azerbaijan, June 24
By Tamilla Mammadova - Trend:
The Construction Cost Index (CCI) decreased by 4.3 percent in the first quarter of 2020 compared to the previous quarter in Georgia, Trend reports referring to National Statistical Office (Geostat).
The change was mainly due to a 16.3-percent decline in average monthly nominal wages of employees in the construction sector, which contributed -5.01 percentage points to the total index change.
Compared to the first quarter of 2019, the CCI increased by 5.1 percent, said Geostat.
The latter was largely caused by the 9.5-percent increase in average monthly nominal wages of employees in the construction sector and the 3.3-percent increase in the prices for construction materials, which contributed 2.58 and 1.93 percentage points to the annual index change, respectively.
Meanwhile, 2,285 permissions were issued from January through March 2020 (11,4 percent more compared to the same period of previous year) for construction of 1.5 million square meters of buildings in Georgia. According to Geostat, 78.3 percent of the total number of the permits were issued in four regions of the country: 54.9 percent for construction works in Tbilisi, 10 percent - in Kvemo Kartli region, 6.7 percent - in Adjara and Imereti regions.
In 1Q2020, permissions were issued for the construction of multifunctional residential complexes, hotels, trade facilities, industrial enterprises, agricultural objects and other buildings, with a relatively large share of the permissions accounting for the multifunctional residential complexes.
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