NPLs at 3.6% in April 2016
In April 2016, the loan portfolio grew 6.6% y/y, excluding the exchange rate effect (+4.2% y/y and -3.0% m/m in unadjusted terms), to GEL 15.5bn (US$ 6.9bn). Deposits grew 14.2% y/y, excluding the exchange rate effect (+11.4% y/y and +1.1% m/m in unadjusted terms), reaching GEL 14.4bn (US$ 6.5bn). On a monthly basis, loan growth was down due to GEL appreciation, lowering FX-denominated loan nominal value in GEL terms. NPLs remain under control at 3.6% in April 2016, unchanged y/y and up 0.4ppts m/m.
Property registration up 32.4% y/y in April 2016
Property registration (commercial and residential real estate) increased 32.4% y/y (-7.4% m/m), reaching 55,882 units in April 2016, according to the National Agency of Public Registry. Registration increased for primary (+66.1% y/y, 23.9% of total), as well as secondary (+24.5% y/y, 76.1% of total) properties.
Company registration up 10.6% y/y in April 2016
In April 2016, company registration increased 10.6% y/y (-16.9% m/m) to 4,081 units, according to National Agency of Public Registry. Out of newly registered companies, 97.3% were business legal entities, while 2.7% comprised non-entrepreneurial (non-commercial) legal entities.
Unemployment rate at 12 year low
In 2015, the annual unemployment rate in Georgia fell by 0.4ppts y/y to 12.0% (12 year low), according to GeoStat. Out of employed persons, the share of hired labor increased by 2.7ppts and accounted for 42.5% of total (753.4 thousand persons, highest number since record started), while share of self-employed persons declined to 57.5% of total (1.0mn persons).
