Georgian Weekly Digest 4 September 2017

Economy

Georgia’s real GDP growth rate was 3.8% in July 2017 while average real GDP growth 7M 2017 was 4.4%. The rapid estimates for GDP growth are calculated by GeoStat based on VAT numbers, together with fiscal and monetary statistics.

Commercial banks’ loan portfolio increased 0.8% m/m to GEL 19.0bn in July 2017 according to the NBG (increased 1.0% m/m excluding exchange rate effect). GEL-denominated loans increased 2.7% m/m while foreign currency denominated loans decreased 0.5% m/m (excluding exchange rate effect - decreased 0.2% m/m). Larisation ratio for total loan portfolio stood at 41.75% in July 2017.

Non-banking deposits increased 0.6% m/m (increased 0.8% m/m excluding exchange rate effect) to GEL 16.9bn in July 2017. Larisation ratio for total deposits stood at 34.49% in July 2017. Average interest rate on GEL-denominated term deposits stood at 8.3% while average interest rate for foreign currency denominated term deposits was 3.0%. Out of foreign currency denominated deposits 84.8% were in US$ and 12.2% were in EUR.

 

Debt and Money Market

Eurobonds: during the week Georgia’s Sovereign Eurobond (GEORG 4/21) price was up 0.2% w/w to 112.3 (YTM 3.2%). BGEO Group JSC (BGEOLN 7/23) price was up 0.4% w/w to 103.2 (YTM 5.4%), Georgian Oil & Gas Corporation (GEOROG 4/21) price was up 0.2% w/w to 106.3 (YTM 4.8%), while Georgian Railway (GRAIL 7/22) price was up 0.3% w/w at 110.6 (YTM 5.2%).

 

Equity Market

On Friday’s trading session, TBC Bank Group PLC (TBCG LN) shares closed at GBP 16.18, up 0.8% w/w. During the week 101.7 thousand shares traded on the London Stock Exchange.

During the week 257.6 thousand of BGEO Group PLC (BGEO LN) shares traded, closing at GBP 34.66 (down by 0.4% w/w) on Friday’s trading session.

Georgia Healthcare Group PLC (GHG LN) shares were down by 2.0% w/w closing at GBP 3.48 on Friday. During the week 63.9 thousand GHG shares changed hands on the LSE.

On Georgian Stock Exchange 360.0 thousand Liberty Bank (BANK GG) shares were traded at 0.03 GEL per share (unchanged from previous trade).

 

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