COVID-19: Tracking the Recovery

3 Jul, 2020
  • ​​​​​​At +11%, newly issued mortgages surpassed the Jan-Feb weekly average, turning positive for the first time since the beginning of the COVID-19 outbreak
  • Recovery in apartment sales registrations in NAPR significantly accelerated from -41% the week before to -26% YoY as of 25th June
  • Currently at +34% YoY, non-cash spending in apparel maintains stable growth rate, after skyrocketing in the first week of June
  • Growth rate of non-cash spending continues to cool-down for construction materials and consumer durables
  • Stable recovery progressing further for non-cash spending in restaurants, with the change currently at -29% YoY
  • July occupancies up by 4 pp from last week in regional hotels on the back of domestic tourism; current bookings for July indicate a 4% forward occupancy rate in Tbilisi, 6% in Batumi, and 11% in regions
  • Of total bookings in July, post-COVID-19 bookings account for c. 75% for surveyed regional hotels, up to 50% for Batumi, and less than 20% for Tbilisi
  • Adjusted for FX, remittance inflows in TBC remaining at positive growth territory at +2% YoY in the fourth week of June
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