BAKU, Azerbaijan, June 14
By Tamilla Mammadova – Trend:
The average cash inflow to Georgia from May 30 to June 5 decreased by 0.5 percent compared to the same period of last year, Trend reports with reference to TBC Research Group at Georgian TBC Bank.
Inflows from Ukraine and Middle East have increased, whereas inflows from Azerbaijan have more than doubled during the reporting week year-on-year, while the decline rates of inflows from Russia and other CIS have slowed down.
Inflows from European Union and United Kingdom, which make up the largest share in the remittances, displayed double digit growth.
The report said that the growth in total inflows dropped by 0.5 percent year-on-year during the reporting seven days.
Foreign direct investments (FDI) to Georgia amounted to $165.4 million in 1Q2020, down by 41.7 percent compared to 1Q2019. The shares of FDI by major foreign direct investor countries were distributed as follows: the UK (44.2 percent), the US (17 percent) and Panama (11.9 percent).
The largest share of FDI accounted for the financial sector, reaching $94.9 million in 1Q2020, the real estate sector was the second with $34 million, followed by the hotels and restaurants sector with $15.8 million.
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