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Georgian FDI down by 6.3 per cent in first quarter

According to the National Statistics Office of Georgia, Geostat, the country attracted 281 million US dollars in foreign direct investment during January-March 2019, 6.3 per cent less compared the same period of 2018.

The statistics office found that 75 per cent of all FDI during the first quarter went to three sectors. The highest share, 139.8 million US dollars was invested into social and personal services, followed by the financial sector (42.7 million US dollars) and the transport sector (28.6 million US dollars).

Georgia’s hospitality industry attracted 25.4 million US dollars while the manufacturing industry received 21 million US dollars.

During the first quarter, almost half, 47.2 per cent, of FDI came from Ireland (133.2 million US dollars), followed by the UK (15.1 per cent; 42.4 million US dollars) and the US (eight per cent; 22.5 million US dollars). Japan and Panama came next with 18.2 million and 16.7 million US dollars, followed by Azerbaijan (15.4 million US dollars), Russia (14.4 million US dollars) and Denmark (11 million US dollars).

“The main reasons for decreasing the FDI included completion of a pipeline project and transferring of ownership in some companies from non-resident to a resident units,” Geostat officials said in a statement on June 10.