In the third quarter of 2024, compared to the same period in the previous year, the turnover of the business sector grew by 13.7%, reaching 58.8 billion GEL. This growth was also reflected in the production value of the sector.
The production value in the third quarter of 2024 amounted to 23.1 billion GEL, showing a 16.3% increase year-on-year.
Large businesses accounted for 66.4% of the total turnover in the third quarter of 2024, while medium-sized businesses contributed 15.4%, and small businesses generated 18.2%.
The distribution of production value showed a slightly different pattern: large businesses generated 45.6%, medium businesses contributed 24.2%, and small businesses accounted for 30.2%.
In the third quarter of 2024, enterprises made total purchases of goods and services amounting to 30.8 billion GEL, which is 8.7% more than the previous year. Of this, 17.7 billion GEL was spent on the purchase of goods and services for resale, reflecting a 2.4% increase year-on-year.
The average number of employees in the business sector during this period was 788.4 thousand, marking a 4.0% increase compared to the previous year. Of the total workforce, 43.3% were women and 56.7% were men.
Large businesses employed 42.7% of the total workforce, medium-sized businesses employed 20.4%, and small businesses accounted for 36.9%.
The total number of employees in the business sector reached 743.2 thousand, which is 3.1% more than the same period last year. The total personnel costs amounted to 4.97 billion GEL, showing a 12.6% increase year-on-year.
In the third quarter of 2024, the average monthly salary for employees in the business sector was 2,190.1 GEL, which is an increase of 182.9 GEL compared to the previous year. Specifically, the average salary for women was 1,702.3 GEL, reflecting an increase of 165.2 GEL. The average monthly salaries by business size were as follows:
- Large businesses: 2,233.9 GEL
- Medium businesses: 2,565.0 GEL
- Small businesses: 1,885.8 GEL
The trade sector, which includes motor vehicle and motorcycle repairs, accounted for the largest share (34.0%) of the total turnover in the business sector. This was followed by arts, entertainment, and recreation with 33.6%, manufacturing with 8.2%, construction with 7.0%, transportation and storage with 4.8%, and other sectors contributing 12.5%.
In terms of production value, the leading sectors were manufacturing (19.6%), construction (19.5%), trade (18.6%), and transportation and storage (9.3%). The remaining sectors accounted for 33.0% of the production value.
By employment numbers, the trade sector (including wholesale and retail trade, as well as motor vehicle and motorcycle repairs), manufacturing, and human health and social work activities were the largest employers in the business sector, with respective shares of 28.6%, 11.6%, and 9.4%. Other sectors such as construction (8.6%), transportation and storage (8.1%), information and communication (6.3%), and accommodation and food services (5.5%) also contributed significantly to employment.
