Blog Archive: July 2014

African Union GDP Per Capita 2013

31 July, 2014 | Macroeconomics | 53 seen

The African Union (AU) is a continental union consisting of 55 member states located on the continent of Africa.  The AU's future goals include a customs union, a single market, a central bank, and a common currency, thereby establishing an economic and monetary union.

The African Union has been created a while ago actually in 2001. The African Union consists of 54 countries (52 states and 2 Kingdoms).

Update: African Union GDP Per Capita 2022

Although African Union is not so integrated so closely as European Union, with common parliament, money e.t.c. - I do believe that there might be some future prospects by doing it so.

Anyway - I decided to measure GDP per capita in African Union this time.

GDP per Capita in African Union 2012/2013

Data source: World Bank

• Although Africa is home for about 900 millions people, their overall economy is pathetic modest - making average GDP per capita $2.883 thousands in 2013.
• The highest GDP per capita is observed in Equatorial Guinea - $20.572 thousands, and it's the only one country in African Union with GDP per capita higher than $20 thousands
• There are 3 more countries which GDP per capita is higher than $10 thousands -Seychelles, Libya and Gabon
• The lowest GDP per capita - Malawi - modest $226 in 2013.
• There are 24 states in African Union having less than $1 thousand GDP per capita

Map of African Union / GDP per capita 2013

Compared to average median GDP per capita in EU, African Union is about 10 times bellow EU.

Speaking of future forecasts - I believe that African continent once will leave in peace and prosperity, but I doubt that it will be by this decade, for sure. There might be some improvements in next (2020-2030) decade, for which fundamentals are layed in already today. Personally speaking - I have observed (on news portals) that China is making huge investments in African countries. So huge, that China is considered the largest Foreign Investor in China.

What's your thoughts? Do you believe that peace and prosperity is possible in Africa, or it's just like in the feature film - Blood Diamond (2006) with Leonardo Di Caprio - TIA (This is Africa - nobody cares about Africa)

Another interesting feature film what arises in my head - Lord of War, with Nicolas Cage - and again - This is Africa, the ammo truck is been formed as Umbrella's truck.

What's the main problem in poor African countries? Their own government or their own corrupt government? Maybe I'm wrong. Please share your thoughts!

BRICS: An Overview of the Five Developing Economies (2013)

30 July, 2014 | Emerging Markets | 28 seen

The BRICS countries, which include Brazil, Russia, India, China, and South Africa, are a group of developing economies that are expected to have a significant impact on the world economy in the coming years. This acronym was created in 2010 to represent the economies of these five countries, which have a combined population of over three trillion and represent about 40% of the world's population. The BRICS countries are also all G20 countries, making them a significant economic force in the world.

The Gross Domestic Product (GDP) of BRICS countries in 2013 was $15.8 trillion, making it the third largest economy in the world after the European Union and the United States. This is despite the fact that Brazil was in recession in 2013 with a GDP growth of -0.13%, and South Africa was experiencing greater economic troubles with a decrease of 8.9% in its economy.

China is the largest economy in the BRICS group, making up 58% of the total GDP. There have been predictions that China will soon become the largest economy in the world, with some predicting that this could happen in the current decade. On the other hand, Russia was slightly behind Brazil in the GDP rankings, but has the potential to outperform Brazil in the near future. India has great potential, but remains a relatively poor country despite being in the top 10 largest economies in the world. South Africa, the smallest economy in the BRICS group, makes up only 2.2% of the total GDP.

In terms of GDP per capita, Russia holds the highest GDP per capita in the BRICS group, followed by Brazil. China, South Africa, and India have a GDP per capita of less than $10,000. The future growth potential in these countries is significant, and much will depend on their future developments.

In conclusion, the BRICS countries are a significant economic force in the world, and their potential for growth is immense. It will be interesting to see how their economies develop in the coming years and what impact they will have on the world economy.

Opening a Bank Account in Republic of Georgia

29 July, 2014 | Living in Georgia | 77 seen

In this article, I'm sharing notes on how I opened a bank account at ProCredit Georgia Bank back in 2014.

Since I originally wrote this article, I have opened several additional bank accounts in Georgia - at Bank Republic for check redemptions (Sold to TBC bank) and Bank of Georgia.

If you need consultancy or help with opening a bank account in Georgia, visit the Terramatris website: Opening Bank Account in Georgia

There was a law- asking foreigners to register for temporary residence in Georgia, and there was a requirement from the Georgian government when submitting documents for temporary residence in Public Service Hall to show a bank statement that you have about 3000 GEL on it - 

Here in Georgia are many banks to choose from - like Bank of Georgia, TBC Bank, Liberty Bank, ProCredit bank, and many others. Bank of Georgia (Sakartvelos banki) probably is the most popular here in Georgia and the next popular choice might be TBC Bank.

Both Bank of Georgia and TBC bank. are proud of being listed on London Stock Exchange. 

In 2014, for opening my personal bank account in the Republic of Georgia - I opted for ProCredit bank - as far as my understanding reaches it has some HQ in Germany and operates in so-called developing countries - Eastern Europe, Africa, and South America, they do offer some grants for agriculture. This bank offers pretty good service and pretty good terms. They do have Visa and Maestro cards and it doesn't cost much.

Here I have copied/pasted some of the Fees from their official webpage

1. An account opening commission fee is paid by a client upon opening a first multicurrency account; in case of opening of several multicurrency accounts in the same currency, the commission fee will be accrued for every multicurrency account separately. Employees participating in a salary project are exempt from the commission fee payment.
2. Deposit transit account is opened for term deposits. Standard rates apply to this type of account, except for the current account maintenance fee. 
3. Free if the client has: 
a. Any type of term deposits without current accounts
b. Only saving deposits and balance on any of such accounts during a calendar month is more/equal to Gel 200; USD/EUR 100 
4. An account is dormant (current, savings and/or card) if it shows no active transactions for the last 12 continual months. Service fee is deducted from every account with balance after the client"s all accounts go dormant.

ProCredit bank of course offers internet banking.

In total it cost me 30 GEL for opening this account, depositing money in it, and ordering a plastic card from it. I should now wait - for my plastic card to be made (seems in Germany) before it is delivered to me - 10 days.

It was enough with my passport to open this account. In total it took some 40 minutes - well the girl who served me was a kind of chatty person, and chatting with me - she made a misspelling in my surname, so I pointed her to fix this - if you don't have a fancy surname - it should save you some 20 minutes for opening a bank account in ProCredit bank.

If you are a foreigner here in Georgia - I'm highly recommending ProCredit bank.

If you need consultancy or help with opening a bank account in Georgia, visit the Terramatris website: Opening Bank Account in Georgia

Electric power consumption (kWh per capita) in Former Soviet Union 2011

28 July, 2014 | Macroeconomics | 5 seen

In the wake of the recent power outage in Tbilisi, I decided to delve into electric power consumption in the Former Soviet Union (FSU) space. In this article, I explore the kWh per capita consumption in various FSU countries, based on data from the World Bank. Surprisingly, Russia, with a minimum wage of $160 per month, has the highest kWh per capita consumption, followed by Estonia, which has a higher standard of living.

This article serves as a starting point to better understand the economy of a country by studying its electric power consumption.

Electric power consumption (kWh per capita) in Former Soviet Union 2011

Data source: World Bank

And here comes my largest surprise - Russia has the largest kWh per capita consumption in FSU space.  Why it's surprise for me? I was never thinking that in country where minimum wage is about $160 per month, the kWh consumption could be higher than in countries where minimum wage is $400 and more (Baltic States). Why? Because I believed that more consumption is in economically more developed countries. I was wrong!

So by saying this, I made an attribution issue - thinking that electricity can be consumed only by households - again-  wrong. Electricity in Russia, I believe is consumed in fabrics and factories as well, and some huge amount is spent for military needs -  taking in account that Russia spends 6.486 kWh per capita, there is no other explanation for me.

Estonia is second in former Soviet space in terms of consumption of electric power - and Estonia is close to Russia - 6,314 kWh per capita. Again - is it because they have higher standard of living or they are the same evil masterminds using electric power to power their military? 

The least consumption of electric power is in Moldova - 1,470 kWh.

Well - what can I more add to  this? To better understand some country's economy - consumption of electric power is one of the main indicators, right? Now it would be great to compare FSU countries by their producing sectors, measure their impact on GDP - to find out more precise information how electric power impacts it. But that's for another article.

Now, I'm still not sure - why Russia has the largest electric power consumption per capita in FSU - could you add you opinion?

EU Member States' GDP: A Closer Look at Europe's Economic Strength and Diversity (2014)

27 July, 2014 | Macroeconomics | 14 seen

The European Union (EU) is a massive economic force, with a combined GDP that would make it the world's largest economy if it were viewed as a single entity.

However, it is important to remember that the EU is made up of 27 independent member states (as of 20213) each have its own unique economic challenges and strengths.

In this article, we will examine the individual GDPs of each member state in the EU. The GDP of a country is a measure of its economic output and is calculated by adding up the value of all goods and services produced in that country over a specific period of time, usually a year.

It is important to note that the GDP of each EU member state is not necessarily a measure of its overall economic well-being or standard of living. There are other factors to consider, such as income inequality, poverty rates, and access to healthcare and education. However, GDP is still an important metric for assessing the overall economic strength of a country and its role in the global economy.

GDP in European Union 2013

Data source World Bank

In 2013 GDP in European Union totalled in $ 17.3 trillions what is 4.17% increase if compared with 2012.  Economy of EU now is the largest in world, the US cames second this year with $16.8 trillions.

In 2013 in EU there was 5 economies which was larger that $1 trillion - Germany, France, United Kingdom, Italy and Spain. Their total GDP amounts of about 70% of Total GDP in EU. Well, that's easy to explain, these are most populated countries in EU. In close future, my prediction are as follow - Netherlands and Poland could reach $1 trillion mark, and it could happen in less than 10 years. I strongly believe that.

The rest of 23 European countries have GDP of about 29% of Total GDP, leaving those 23 countries with about $5 trillions to divide between them. And again the lions share of it takes - Netherlands, Sweden and Poland. The rest 20 countries leaves with rest 19%. And so on and so on. To not make this as never ending loop, I will separately divide the smallest economies of EU.

I tried to define a "smallest economy" in EU last year already, then I chose to name a economy small if it's less than $100 bln, but this year I decided to use different approach - I will consider a small those economies which doesn't pass 1% border, now:

There are 11 countries in EU which GDP is less than 1% - Hungary, Slovakia, Luxembourg, Croatia, Bulgaria, Slovenia, Lithuania, Latvia, Estonia, Cyprus and Malta - total GDP in those countries amounts of 3.2% of total EU. 

Who has the most money in EU?

As you can see from map above, the least GDP has Eastern Europe, while West has solid GDP. Now taking in account that 2 (Slovenia and Cyprus) out of 3 (Greece) economies who had negative GDP growth, are from so called Small economy club - it makes me think, that small economies are more vulnerable than those who have large economies. And it's obvious - small is dependent from large.

If there is a recession in large economy - it's almost 100% sure, the recession will be in small economies as well. Although, if there will be recession in small economy it will not impact larger economy. So speaking of recessions in Slovenia, Cyprus and Greece (although Greece is not in the Small economy group, it's economy still amounts of modest 1.39% of total EU GDP)- I doubt there is need for panic. 

If you are willing to compare GDP per Capita in European Union, you might find interesting this article.

Another interesting observation - EU now is the Worlds largest economy, making me to think, what will be the future of EU. Will EU will go to more brick solid creation? What will be the US next move? EU is worlds largest and China is racing up. Should US needs to start to worry? Aren't they doing that already?

Top 5 Hotels in Trabzon for a Luxurious Stay

27 July, 2014 | Hotel reviews | 17 seen

Trabzon, located in the Black Sea region of Turkey, is a popular tourist destination known for its rich history, stunning landscapes, and diverse culture. Whether you're visiting for business or pleasure, Trabzon has a variety of hotels to suit your needs.

In this article, we will take a closer look at some of the top hotels in Trabzon.

Please note that some of the links in this article may be affiliate links to Booking.com. This means that we may earn a commission if you decide to make a booking or purchase through our links, at no additional cost to you.

The Zorlu Grand Hotel is a luxury hotel located in the city center of Trabzon. It offers stunning views of the Black Sea and is within walking distance of many local attractions. The hotel features spacious rooms, a fitness center, a spa, and a rooftop restaurant serving delicious Turkish cuisine.

The Novotel Trabzon is a modern and stylish hotel located on the seafront of Trabzon. It features spacious and comfortable rooms with stunning sea views, a fitness center, an indoor pool, and a restaurant serving delicious local and international cuisine.

The Ramada Plaza by Wyndham Trabzon is a luxury hotel located in the Yomra district of Trabzon. It offers a wide range of amenities, including an outdoor pool, a fitness center, a spa, and a restaurant serving delicious Turkish cuisine. The hotel also offers a free shuttle service to the city center.

The DoubleTree by Hilton Hotel Trabzon is a modern hotel located on the seafront of Trabzon. It features stylish and spacious rooms, a fitness center, an indoor pool, and a restaurant serving delicious local and international cuisine. The hotel also offers a free shuttle service to the city center.

The Radisson Blu Hotel Trabzon is a luxury hotel located in the city center of Trabzon. It offers stunning sea views, spacious and comfortable rooms, a fitness center, a spa, and a restaurant serving delicious local and international cuisine. The hotel is also within walking distance of many local attractions.

In conclusion, Trabzon has a variety of hotels to suit all budgets and preferences. The hotels listed in this article are some of the top-rated and most popular hotels in Trabzon, offering excellent amenities, services, and locations for travelers. Whether you're looking for a luxury hotel or a more affordable option, Trabzon has something to offer for every traveler.

Top Luxury Hotels in Yerevan: A Guide to the Best Accommodations in the Armenian Capital

25 July, 2014 | Travel guides | 17 seen

Yerevan, the capital of Armenia, is a city with a rich history, vibrant culture, and stunning architecture. It's also home to some of the best luxury hotels in the region, each offering its own unique blend of comfort, sophistication, and style. Whether you're visiting Yerevan for business or pleasure, there's no shortage of high-end accommodations to choose from.

In this guide, we'll take a closer look at some of the top luxury hotels in Yerevan and what makes them stand out.

Please note: Hotels listed in this article contains affiliate links to Booking.com, and if you will click on them and make an actual booking I will earn an affiliate income from that

The Alexander, a Luxury Collection Hotel

The Alexander is a Luxury Collection Hotel located in the heart of Yerevan. The hotel features a mix of modern and traditional Armenian design and offers a wide range of amenities, including a full-service spa, fitness center, and multiple dining options. Each of the 114 rooms and suites is elegantly decorated with plush furnishings and high-end amenities. The hotel's central location puts guests within easy walking distance of some of Yerevan's top attractions, such as the Cascade Complex and the Opera House.

Armenia Marriott Hotel Yerevan

The Armenia Marriott Hotel Yerevan is a classic hotel located in the heart of Yerevan. The hotel features 259 rooms and suites with stunning views of the city and Mount Ararat. The hotel's amenities include a fitness center, indoor and outdoor swimming pools, a spa, and several dining options, including the popular Cucina Italian restaurant. The Marriott is also home to the largest ballroom in Yerevan, making it a popular choice for events and weddings.

Grand Hotel Yerevan

The Grand Hotel Yerevan is a historic hotel situated in the heart of Yerevan. Originally opened in 1926, the hotel has recently undergone extensive renovations to restore its original grandeur. The hotel features 104 rooms and suites, each with its own unique design and decor. The hotel's amenities include a full-service spa, fitness center, and several dining options, including the popular "Grand Piano" restaurant. The hotel's central location puts guests within walking distance of Yerevan's top attractions, such as Republic Square and the National Gallery of Armenia.

The North Avenue Hotel

The North Avenue Hotel is a modern, boutique hotel located in Yerevan's city center. The hotel features 24 rooms and suites, each with a unique design and decor. The hotel's amenities include a fitness center, sauna, and a rooftop terrace with stunning views of the city. The hotel's location on North Avenue puts guests within easy walking distance of some of Yerevan's top restaurants, cafes, and bars.

Hyatt Place Yerevan

The Hyatt Place Yerevan is a modern hotel located in the heart of the city. The hotel features 95 rooms and suites, each with a sleek and modern design. The hotel's amenities include a fitness center, 24-hour dining options, and a rooftop bar with stunning views of the city. The hotel is also home to several meeting and event spaces, making it a popular choice for business travelers.

Paris Hotel Yerevan

The Paris Hotel Yerevan is a modern hotel located in the heart of the city. The hotel features 65 rooms and suites, each with a contemporary design and decor. The hotel's amenities include a rooftop bar and terrace with stunning views of Mount Ararat, as well as several dining options, including the popular "La Brasserie" restaurant. The hotel's central location puts guests within easy walking distance of Yerevan's top attractions, such as Republic Square and the Vernissage open-air market.

FAQs

What is the price range of luxury hotels in Yerevan?

Luxury hotels in Yerevan have a wide price range depending on the amenities and services they offer. Prices can range from around $150 to $1000 or more per night. However, most of the top luxury hotels in Yerevan are priced between $250 and $500 per night.

What are the most popular neighborhoods in Yerevan for luxury hotels?

The most popular neighborhoods in Yerevan for luxury hotels are the city center, Kentron, and Arabkir. These neighborhoods offer convenient access to many of the city's top attractions and are known for their luxurious and upscale accommodations.

What kind of amenities can I expect at a luxury hotel in Yerevan?

Luxury hotels in Yerevan offer a wide range of amenities to ensure that guests have a comfortable and enjoyable stay. Some of the amenities you can expect include:

• Spacious and well-appointed guest rooms and suites
• On-site restaurants offering fine dining and international cuisine
• Spa and wellness facilities with massage, sauna, and Jacuzzi
• Fitness centers with state-of-the-art equipment and personal training services
• Swimming pools, both indoor and outdoor
• Business centers and conference facilities for meetings and events
• Concierge services for arranging tours, transportation, and other activities
• 24-hour room service and front desk assistance

Can I book a luxury hotel in Yerevan online?

Yes, most of the top luxury hotels in Yerevan offer online booking through their official websites or through third-party booking sites. It is recommended to book in advance to ensure availability and to take advantage of any promotions or discounts that may be available.

In conclusion, Yerevan, the capital of Armenia, offers a range of high-end accommodations to choose from, including luxury hotels that are equipped with a variety of amenities and services to ensure guests have a comfortable and enjoyable stay. From modern and boutique hotels to classic and historic ones, Yerevan's luxury hotels offer a unique blend of comfort, sophistication, and style. Whether traveling to Yerevan for business or pleasure, visitors can choose from a range of neighborhoods, including Kentron and Arabkir, which offer luxurious and upscale accommodations in convenient locations with easy access to the city's top attractions. With the ability to book online through their official websites or third-party booking sites, visitors can plan their stay in advance and take advantage of any promotions or discounts that may be available.

GDP In Former Soviet Union 2013

24 July, 2014 | Macroeconomics | 12 seen

The GDP of the former Soviet Union countries has been a topic of interest for many economists, politicians, and individuals alike. The economic performance of these countries is seen as an indicator of their growth and development.

In 2013, the GDP of the former Soviet Union countries was a mixed bag of growth and decline. This article will take a look at the GDP performance of these countries in 2013.

Russia, the largest country in the former Soviet Union, had a GDP of $2.1 trillion in 2013. This was a slight increase from the previous year, with the country's economy growing at a rate of 1.3%. Despite the economic sanctions imposed on Russia by western countries due to its annexation of Crimea, the country's economy managed to grow, albeit at a slower rate.

Kazakhstan, the second-largest economy in the former Soviet Union, had a GDP of $221.8 billion in 2013. The country's economy grew by 6% in the same year, primarily due to its natural resources such as oil and gas. The government of Kazakhstan had also implemented several measures to promote economic growth and development.

Ukraine, the third-largest economy in the former Soviet Union, had a GDP of $179.3 billion in 2013. However, the country's economy was in a state of decline, with a negative growth rate of -1.2%. This was due to a combination of factors, including political instability and corruption.

Belarus, with a GDP of $74.4 billion in 2013, had a growth rate of 1.5%. The country's economy was largely dependent on the manufacturing sector, with exports of goods such as tractors and heavy machinery.

Azerbaijan, with a GDP of $72.3 billion in 2013, had a growth rate of 5.8%. The country's economy was largely driven by its oil and gas resources, which accounted for a significant portion of the country's exports.

Armenia, with a GDP of $10.5 billion in 2013, had a growth rate of 3.5%. The country's economy was largely driven by its services sector, with the tourism industry playing a significant role.

Georgia, with a GDP of $15.8 billion in 2013, had a growth rate of 3.4%. The country's economy was largely driven by its services sector, with the tourism industry and foreign investment playing a significant role.

In conclusion, the GDP performance of the former Soviet Union countries in 2013 was a mixed bag of growth and decline. While some countries, such as Russia and Kazakhstan, experienced growth, others such as Ukraine were in a state of decline. It is important to note that the GDP of these countries is just one indicator of their economic performance and that other factors such as social and political stability should also be taken into consideration.

If you found this article informative, you can follow my Twitter profile @Reinis_Fischer for more updates and insights on economic and financial topics.

GDP Per Capita in European Union 2013

23 July, 2014 | Macroeconomics | 50 seen

Back in 2013, the European Union (EU) was a political and economic union of 28 member states that were located primarily in Europe. 

While the European Union consists of 28 member states. Some would say  - Europe is United. Is it so? Let's figure out, who lives better and who does not. 

Update: GDP Per Capita in European Union 2022

GDP per Capita in European Union  2013

As we can see from Table above, GDP per capita has increased in almost every EU member state, with except - Cyprus (-5.7%), Greece (-2.2%) and Slovenia (-1.1%).

In overall GDP per capita in European union has raised by average 3.6% and totals in $32.345 thousands per capita.

By now I would like to divide this table in smaller units, those who receive the most and those who receive less.

• Lets take average GDP per capita in EU and divide those who are above and those who are bellow.
• In total 12 European economies has GDP per capita higher than average median in whole EU - Luxembourg, Denmark, Sweden, Austria, Netherlands, Ireland, Finland, Belgium, Germany, France, United Kingdom and Italy.
• The rest of member countries are bellow average median GDP per capita in EU in 2013.

I would like to Make another table dividing European states in groups:

I created this table to measure how much of population in European Union has GDP per capita higher than average median, as well to compare population of those countries dividing each group by 10K.

• In total in European Union lives about 509 million inhabitants, 65% of them lives in countries which GDP per capita is higher than average European Union in 2013 - $32.34 thousands. It is about 333 million people.
• The rest or about 35% of European Union population lives in countries which GDP per capita is less than EU average median. Total count is about 176 million people.

Speaking of my predictions for next (this 2014) year:

• I would forecast that Austria could probably join the 50K Club. Spain could join 30K club, but I doubt that Spain will reach average median GDP per capita in EU 2014.
• Probably Czech Republic and Estonia could leave 10K club and join 20K Club.
• While I would predict that Romania will left 0-10K club and join 10K club, leaving Bulgaria for couple of years alone in 0-10k club.

In overall last (2013) year showed a growth in GDP per Capita in almost every European Union member state, with Exception - Cyprus, Greece and Slovenia.

In 2013 in terms of GDP per capita growth there was one country reaching 2 digits number, and I would call it fastest growing economy in European Union for 2013 - Romania.

GDP per capita in European Union 2013/How divided is Europe?

GDP Per Capita In Former Soviet Union Countries 2013

22 July, 2014 | Macroeconomics | 61 seen

The collapse of the Soviet Union in 1991 marked the beginning of a new era for the countries of the former Soviet Union. With the fall of the Soviet regime, many of these countries were left to fend for themselves, struggling to build new economies and establish new political systems.

Today, the former Soviet Union countries are still grappling with the legacy of the Soviet era, and economic development remains a major challenge.

In this article, we will take a look at the GDP per capita of the former Soviet Union countries in 2013 and analyze the factors that have contributed to their economic development.

Disclaimer: The Baltic States (Estonia, Latvia, and Lithuania) have been excluded from this list due to their historical and political circumstances. While these countries were part of the Soviet Union, they do not consider themselves as part of the "former Soviet Union countries" and have since made significant progress in developing their own unique identities and economies. 

GDP per capita is a measure of the economic output of a country divided by the number of people living in that country. It is a commonly used indicator of the standard of living in a country.

In 2013, the average GDP per capita of the former Soviet Union countries was around $8,000, which is significantly lower than the average for the European Union countries.

The country with the highest GDP per capita in 2013 among the former Soviet Union countries was Russia, with a figure of $15,147. Russia is the largest country in the former Soviet Union and has a relatively diversified economy, with significant natural resources and a well-developed manufacturing sector.

However, the Russian economy has been heavily dependent on oil and gas exports, which has made it vulnerable to fluctuations in global commodity prices.

The second-highest GDP per capita among the former Soviet Union countries in 2013 was recorded in Kazakhstan, with a figure of $13,260. Kazakhstan is an oil-rich country with a relatively well-developed manufacturing sector. It has also been implementing a series of economic reforms aimed at attracting foreign investment and promoting economic growth.

The third-highest GDP per capita among the former Soviet Union countries in 2013 was recorded in Azerbaijan, with a figure of $7,494. Azerbaijan is a major oil producer, but it has also been investing in non-oil sectors such as tourism and agriculture.

Other former Soviet Union countries, such as Armenia, Belarus, Georgia, Moldova, and Ukraine, had significantly lower GDP per capita figures in 2013. These countries have struggled with a range of economic and political challenges, including corruption, poor governance, and low levels of foreign investment.

In recent years, some former Soviet Union countries, such as Georgia and Armenia, have made significant strides in economic development. They have implemented reforms aimed at promoting economic growth, attracting foreign investment, and improving the business environment. As a result, their GDP per capita figures have increased in recent years.

In conclusion, the former Soviet Union countries have made significant progress in economic development since the collapse of the Soviet Union, but there is still a long way to go. The countries with the highest GDP per capita in 2013 were Russia, Kazakhstan, and Azerbaijan, with the other countries lagging significantly behind. However, many of these countries have been implementing economic reforms aimed at promoting growth and attracting foreign investment.

As a result, we can expect to see further progress in the coming years, and companies operating in the region should be paying close attention to these developments.

Minimum Wages in European Union 2014

21 July, 2014 | Macroeconomics | 81 seen

The minimum wage is set by the government as the minimum standard of guaranteed income (hourly/monthly) that a worker should receive for the work he/she performs. In 2014, there were 22 countries out of 28 in European Union, which had their national minimum wages set.

6 countries out of 28 have no minimum wage set by the government at all, but they have some collective bargaining agreements. Countries that don't have a minimum wage set by the government in European Union - Austria, Denmark, Finland, Germany, Italy, and Sweden.

As you can see from the table above - the highest minimum wage is set in Luxembourg ($2593) while the lowest is in Bulgaria ($233) making a gap of $2360 between those two countries.

Another interesting trend - Baltic states which lead the minimum wage table in the Former Soviet Union Space are at the end of the minimum wage table in the European Union.

Speaking of newcomers in the EU, after the 2004 and 2007 enlargements, for now, it seems that just Slovenia, Cyprus, and Malta has higher minimum wage than some of the old EU countries.

Map of the minimum wage in EU 2014

As you can see from the above map - there are some interesting trends. South European countries, like Spain, Portugal, and Greece have lower minimum wages than Benelux countries, France, UK, and Ireland. 

We have no data for Scandinavian countries, Germany, Austria, and Italy.  Speaking of Germany, it's awaited that starting in 2015, the minimum hourly wage there should be set at EUR 8.50.

EU newcomers in 2004 and 2007, except Slovenia, Cyprus, and Malta, receives the least, compared to others.

Standard of Minimum Wage in the European Union

One more thing I would like to speak about - there have been some talks to introduce a standard of the minimum wage across all of the EU.  There are many who are against it, and many (perhaps from Eastern Europe who are for it). Some standards of the united minimum wage would help to raise the standard of living in these poorest countries.

Now, I not talking that the EU should introduce a minimum wage as it's in Luxembourg. This would raise a lot of mess in those Eastern European countries - mainly because I believe that the average salary there is not as high as the minimum wage in Western European countries. The mechanism for minimum wage could be simple - let's say it could be 75% of the average minimum wage in the EU.

Since this is Europe we are talking about, let's use Euro coins and banknotes as our currency to measure:

In 2014 average minimum wage in the EU was about EUR 750, 75% of it would be EUR 562.

Well, again, it doesn't mean Luxembourg, Belgium or France should decrease their minimum wage, no - let them have their minimum wages above the united minimum wage. In the scenario of a minimum wage of EUR 562, it would ask 10 countries to increase their minimum wage - of course,  it shouldn't be done overnight, but let's say in 5 years term.

For example Bulgaria - a minimum wage of 2014 - was EUR 173 - The goal of 2019 is EUR 562, on average it would ask 77 EUR increase in a year. Yeah, I know it sounds much, but if we are looking for a more socially equal Europe, that's the minimum we can do - increase the minimum wage for low-skilled workers.

Another example: Poland - minimum wage 2014 - EUR 405 - Goal 2019 EUR 562 - on average it would ask 31 EUR increase in a year.

Personally, I do believe it is possible to raise the minimum wage in European Union. Of course, the mechanisms could be slightly different than my offer, but it asks for only one - Political willingness. European Union should be more socially equal.

Inequality of Minimum Wages in Former Soviet Union: An Updated Look in 2014

21 July, 2014 | Macroeconomics | 8 seen

It has been six months since I last analyzed the minimum wages in the former Soviet Union. Although it is not a major factor in economic growth, the minimum wage is still a relevant indicator in understanding a country's economic status.

In my previous research in 2013, I found that Estonia had the highest minimum wage of $427, while Kyrgyzstan had the lowest at just $17 per month. In this updated analysis for 2014, the highest minimum wage is still in Estonia, with an increase to $480, and the lowest is still in Kyrgyzstan, but with a slight decrease to $16 per month.

The Baltic States, specifically Estonia, Latvia, and Lithuania, remain at the forefront of the minimum wage table. The gap between Estonia and Lithuania is a substantial $89, indicating significant differences even among countries in the same region. It is noteworthy that minimum wages in some countries, such as Russia, Kazakhstan, Ukraine, Moldova, Georgia, Tajikistan, and Kyrgyzstan, have decreased instead of increased. However, it is not necessarily due to the government's decision to cut down the minimum wage, but rather the devaluation of their national currencies against the USD.

Ukraine has experienced the largest decrease in minimum wage, which decreased by 37.5% or $39 per month. This is due to the devaluation of the Ukrainian Hryvna caused by internal problems in the country. Russia has also experienced devaluation against the USD, but it did not significantly affect the minimum wage.

There are still five countries in the former Soviet Union space receiving less than $100 per month, and two of them, Georgia and Moldova, are seeking closer ties with the European Union. In order to achieve this, they need to raise their minimum wages above $100 in the near future. The gap in minimum wages between the wealthiest Baltic States and Central Asian countries remains significant, highlighting the ongoing inequality in the region.

Minimum wage in FSU 2014/2013 ($)

Georgia Plans To Have Full membership in EU in 5-10 Years (2014)

20 July, 2014 | Emerging Markets | 15 seen

Recently Georgia signed Association Agreement with EU, which includes Free Trade Agreement with the EU as well. Georgian Politicians were so happy, that they rushed to announce some great plans - and so the MP of Georgia announced, that Georgia is eager to have full EU membership in the next 5-10 years. 

So far so good. 

On the other hand, the newly elected president of the European Commission Jean-Claude Juncker has already announced, that he is not willing to see any enlargement in European Union for the next 5 years, mainly because none of the existing candidate's countries could fulfill the requirements to join EU in next 5 years. 

Since Georgia is not even a candidate country for full EU membership - it's hard to believe that Georgia could join in the next 5 years.

So it might be 10 years then? 10 years sounds more realistic, but again, I'm not so sure regarding this also.

My understanding is that Georgia one day might become a member of the EU is only after or together when Turkey will join the EU (if that gonna happen at all). 

Now, since I'm a more practical guy, liking some real data instead of political/geopolitical speculations, I decided to compare Georgia and EU candidate countries by GDP per capita. Of course, I could compare by GDP as well - but this wouldn't answer on question - of how rich/poor is Georgia compared to other Candidate countries (Please, take in note Georgia is not an EU candidate country yet)

So far EU has 5 candidate countries for full membership in EU - Iceland, Montenegro, Serbia, The Former Yugoslav Republic of Macedonia and Turkey.

GDP per Capita in EU candidate countries and Georgia in 2013

As we can see from the chart above - GDP per capita in Georgia in 2013 is still beyond the FYR of Macedonia, standing at $3.602 thousand.

The next move on Georgia's way for Full membership in the EU would be to get an official invitation to be a candidate country, seems Georgia should increase its GDP per capita at least by 25% before Europe could offer such an invitation. Taking into account that GDP annual growth in Georgia for the last 5 years stays at 3.7%, it could take some 5-6 years before Georgia receives such an invitation. Of course, the Georgian economy could develop more intensely, and I believe Georgian politicians believe in that as well. 

On the other hand - the newest member of the European Union - Croatia, which joined the EU on July 1st, 2013, had a GDP per capita of $13.159 thousands (2012)

Now, another EU enlargement happened in 2007, when Romania and Bulgaria joined EU, at that time their GDP per capita was about $8.170 thousands and $5.581 respectively. Both of the countries are sometimes refereed as the poorest in EU.  GDP per capita in Bulgaria in 2013 was $7.296 thousands while in Romania $9.499.

Another interesting question about future of EU is United Kingdom's planned referendum in 2017 to stay or leave EU (Brits seems are mad of cheap labour force from Eastern European countries)

Anyhow - although membership in large European Union might sound tempeting, the things are not going smoothly there. Let's be honest - it's all about money, economics, production  - new markets e.t.c.

Instead of waiting what benefits Georgia could gain after eventually joining EU - Georgia should work things out in it's internal markets, produce more, work less. Wine and mineral waters are great here, but does Georgia produces anything else here?

Returning to the topic of this article - could Georgia join the EU in the next 5-10 years? I doubt that it will happen in the next 5 years, but speaking of 10 years - it might happen. But again - much is dependent on whether will Turkey join or not. I do not believe that Georgia could join the EU without direct borders with it.

Cycling Tbilisi - Night Ride - Tbilisi Old Town

19 July, 2014 | Outdoor Activities | 7 seen

This ride was an extended versions for ride I made a few days ago - Dinamo Arena - Dibude. And again - evening (night), with hopes there will be less people in the streets and less vehicles. Wrong, Wrong, Wrong.

Seems, Tbilisi never sleeps - and speaking of night cycling in this Caucasus city- it seems even more dangerous than cycling bt day - in day there are at least traffic jams, making overall vehicle movement  slow - by night - there are less cars (of course), but they drive twice as crazy as they do in days.

Not to speak about pedestrians - they never watch where are they going, they don't care are they on the pathway or in the middle of street - anyway- traffic in Tbilisi sucks.

We started our rode at Marjanishvilli street, headed down to Rose Garden, to take a look at newly opened open air cinema. Turns out they show movies here in exchange of - you must spend 10 GEL for coffee - another neat Georgian marketing trick. After stop at Rose's Garden we continued our ride heading to Dry Bridge, before that we turned right and went straight on Mtkvari river embankment to continue our way to Tbilisi Old Town.

Stairways in Middle of pathway 

Soon we reached Tbilisi Old Town (Rike park).

View to nightly Tbilisi is really awesome, and must have activity, once in Tbilisi.

Then we headed straight into Tbilisi Old Town (Shardeni) to take a brief snack in famous cafeteria Kala.

Kala in Tbilisi Old Town

After quick cold Coca-Cola and steak salads -  again through Old Town down to Kolhoznaya square, crossing another bridge, and we were on embankment one more time, this time heading home.

Georgian art on Bridge - those figures actually look pretty awesome in daylight as well

On our route home, rode through some Strip Club

Total distance for such a crazy ride was about 9.82 km, and it took us 1 hour and 33 minutes to complete this route (not counting stops and coffee breaks). Average speed - 6.3 km/h. Maximum speed 13 km/H.

Again - this was pretty crazy and I would say even a difficult route, thanks to unpredictable pedestrians and crazy drivers. To take this route, I would suggest to armor yourself with steel nerves. But if you are after beautiful night views of Tbilisi, grab your best camera learn night photography and take your chance to make one of the most beautiful pictures of Tbilisi by night.

For route tracking I used Map My Ride Android application, and again no complaints regarding to this. 

Next routes planned - Turtle Lake or Lisi lake. Update: see  Cycling Near Lisi Lake In Tbilisi (Route Map + Photos) . But for now it's time to buy and use helmets and other safety tools.

16 Best Batumi Beach / Seaside Hotels

18 July, 2014 | Hotel reviews | 56 seen

Batumi offers plenty of hotels over there. If you are into getting some tan at pebbled Black Sea coast beaches, you might like to have a comfortable rest after it.

Choose your hotel among the best available in Batumi. Prices among the best hotels in Batumi will vary starting from 100 GEL ($57/ EUR 42) and will go up to 360 GEL ($205 / EUR 150) or higher.

While you are in Batumi, consider Batumi Real Estate Crypto Investment

From my personal recommendations from Batumi hotels I have stayed so far, I should note Batumi Hilton and Batumi Radisson hotels. For a family friendly budget stay I can highly recommend Best Western Premier Hotel

Here is the list with some of the best beach/seaside hotels in Batumi

Sheraton Batumi Hotel 

This property is 3 minutes walk from the beach. This 5-star hotel is located in Batumi city centre, 200 m from the Black Sea Coast. The Sheraton Batumi offers a spa area with indoor and outdoor swimming pools.

Free Wi-Fi and a flat-screen TV are included in all rooms at the Sheraton Batumi Hotel. The spacious rooms also feature chic, modern design and a private bathroom with bathtub and shower.

A buffet breakfast is provided each morning. Guests are also welcome to enjoy Georgian and European dishes in the classic-style Sunflower restaurant or in the Veronica restaurant with its rich red and purple décor.

The Sheraton is 300 m from Batumi State University, 800 m from Batumi Zoo and 2 km from Batumi Drama Theatre.

The 24-hour reception can arrange a shuttle service to Batumi Harbour (3 km), Batumi Train Station (10 km) and Batumi International Airport (10 km). 

Price: ~ USD 110 Book now on Booking.com 

Orbi City sea view

Situated in Batumi, within 200 m of Batumi Beach and 3.2 km of Ali and Nino Monument, Orbi City sea view offers accommodation with a terrace and as well as free private parking for guests who drive. The property is set 19 km from Petra Fortress, 700 m from Aquapark Batumi and 1.7 km from Batumi Archeological Museum. The accommodation features a 24-hour front desk, airport transfers, room service and free WiFi.

Price: ~ GEL 170 Book now on Booking.com 

Batumi World Palace

This property is 4 minutes walk from the beach. Just 150 m from the Black Sea coast, this hotel is set in the centre of Batumi. Free WiFi and a 24-hour front desk are featured at Batumi World Palace Hotel.

The elegant, air-conditioned rooms of this hotel are decorated in warm colours and offer classic-style interiors. Each room includes a flat-screen TV, a minibar and a private bathroom.

The hotel’s restaurant, with panoramic views of Batumi and the Black Sea, serves European and Georgian cuisine. A selection of Georgian wines is offered at the restaurant.

The Medea Statue is just a 5-minute walk from the hotel, and the Alphabet Tower is 300 m away. The picturesque Seaside Boulevard is a 7-minute walk from the hotel. Batumi Port is only 100 m from Batumi World Palace Hotel. Batumi Train Station is 1.5 km away, and Batumi Airport is 7 km from the hotel. Free shuttle service is available. 

Price: ~ USD 60 Book now on Booking.com

Hilton Batumi

Read my review here

Offering an indoor pool and a spa and wellness centre, Hilton Batumi is located in the centre of Batumi, 100 m from the 6 may Park. The Black Sea coast is just 200 m away.

Each room here will provide you with air conditioning, a flat-screen TV and a minibar. There is also an electric kettle. Featuring a shower, private bathroom comes with a bath and a hairdryer. Extras include a desk, a safety deposit box and a laptop safe.

At Hilton Batumi you will find a restaurant and a fitness centre. Other facilities offered at the property include luggage storage and shops.

The hotel offers rooms with access to the Executive Lounge, which serves a delicious continental breakfast, refreshments throughout the day and evening canapés.

Batumi International Airport is 5 km away. 

Price: ~ USD 100 Book now on Booking.com 

Dzveli Batumi

Located on Kostava street in Batumi, this hotel offers:

Situated 200 metres from Batumi Beach, this hotel offers elegant interiors and free Wi-Fi. Dzveli Hotel Batumi is 400 metres from Tamara Castle and 1 km from Batumi Dolphin Park.

Rooms at Dzveli Batumi are warmly furnished with bright colours and wooden floors. All rooms are air-conditioned and include satellite TV, a refrigerator and private bathroom.

Many shops are located near the hotel. Restaurants serving Ukrainian, Georgian and Turkish cuisine can be found within 50 metres.

Price: ~ 99 GEL Check prices and Book online

Hotel Elegant

Located on Vahtang Gorgasali street in Batumi, this hotel offers:

Located 6 minutes’ walk from the city park and the Dolphinarium, this hotel in Batumi features free Wi-Fi and air-conditioned rooms with a flat-screen TV. There is also a 24-hour reception.

Each room at Hotel Elegant has an individual design with bright colours and a sofa. Bathrooms come with a shower.

The Elegant’s café serves Georgian and European cuisine, as well as a daily breakfast.

Price: ~ 110 GEL Check prices and Book online

Duta Hotel

Located on Pirosmani street in Batumi, this hotel offers:

Duta Hotel is located in the centre of Batumi, just 200 metres from the Black Sea pebble beach. It features a free private parking, and free Wi-Fi is provided.

All well-lit rooms feature classic-style interiors and air conditioning. They come with a TV, fridge and balcony. Free toiletries and a hairdryer are provided in a bathroom.

The on-site restaurant serves various Russian and European dishes, and guests can have a drink in the bar.

Bikes are available for guests’ use and are free of charge. Also it is possible to rent a car and to buy various guided tours.

Price: ~ 110 GEL Check prices and Book online

Hotel Leon

Located on Chaikovskogo street in Batumi this hotel offers:

It offers a shared kitchen and restaurant. Free Wi-Fi access is available.

All rooms feature a flat-screen TV, wardrobe and air conditioning. The private bathrooms come with a hairdryer and a bathrobe.

Guests are welcome to visit the on-site restaurant and taste Georgian and European cuisine. A buffet breakfast is also offered.

Price: ~ 125 GEL Check prices and Book online

Family Hotel

Located on Baratishvilli street in Batumi, this hotel offers:

This small hotel is set in the heart of Batumi, just a minute’s walk from the Medea Statue and a 5-minute walk from the Black Sea coast. Free Wi-Fi is featured at Family Hotel.

The bright, air-conditioned rooms offer warm-coloured interiors and classic-style décor. Each room includes a flat-screen TV and a private bathroom with free toiletries and a hairdryer.

A buffet breakfast is served every morning in the hotel’s dining room. Guests can also cook their meals in the shared fully equipped kitchen, and a variety of cafés and restaurants can be found within a 5-minute walk from the hotel.

Price: ~ 130 GEL Check prices and Book online

Hotel Luxor

Located on Jinchardze street in Batumi, this hotel offers:

Hotel Luxor offers free Wi-Fi and parking. The coast of the Black Sea and Batumi Piazza are a 10-minute walk away.

The classic rooms are air conditioned and feature a flat-screen satellite TV. The private bathrooms come with a shower, hairdryer and free toiletries. Some rooms feature a fridge and balcony.

Price: ~ 140 GEL Check prices and Book online

Plaza Hotel

Read my review about our stay at Batumi Plaza Hotel

Located on Chavchadze street in Batumi, this hotel offers:

Plaza Hotel features an indoor swimming pool, a spa and wellness centre, a sauna, massage services, and free Wi-Fi access throughout the property.

The modern and air-conditioned rooms here are equipped with a flat-screen TV with cable channels, a balcony, and a private bathroom with a bath or shower.

Other hotel facilities include a fitness centre, a bicycle rental, a 24-hour front desk, an on-site mini-market, a bar, and a beauty shop.

Price: ~ 140 GEL Check prices and Book online

Piazza Four Colours

Located on Vahtang Gorgasali street in Batumi, this hotel offers:

Each room here will provide you with a TV, air conditioning and cable channels. Featuring a hairdryer, private bathroom also comes with free toiletries. Extras include a desk and a safety deposit box.

At Piazza Four Colours you will find a 24-hour front desk, a bar and a mini-market. The on-site restaurant serves European and Georgian cuisine. Other facilities offered at the property include meeting facilities, luggage storage and shops.

Price: ~ 175 GEL Check prices and Book online

Piazza Inn

Located on Vahtang Gorgasali street in Batumi, this hotel offers:

Piazza Inn features a 24-hour reception. Modern rooms come with air conditioning.

Modern rooms at Piazza come with a flat-screen TV, and bathrooms are fitted with a shower.

Piazza Inn offers the Mimino Georgian Restaurant, European restaurant Marco Polo, La Brioche Café and the Quiet Woman Irish Pub. You can enjoy live music performances taking place every evening on the square. The Central Park is 7 minutes' walk away.

Price: ~ 175 GEL Check prices and Book online

Sky-G 

Located on Gorgiladze street in Batumi this hotel offers:

Sky-G Hotel offers free Wi-Fi and a terrace with panoramic view.

The rooms feature air conditioning, a fridge and flat-screen TV with cable channels.

Guests are welcome to dine in the on-site buffet restaurant. There are also shops and a mini-market in the property.

Price: ~ 180 GEL Check prices and Book online

Hotel O. Galogre

Located on Gorgasali street in Batumi, this hotel offers:

 The rooms come with a flat-screen TV, and the historic St Nikolay Church is a 2-minute walk away.

The classic-style rooms at Hotel O. Galogre are fitted with carpeted floors and air conditioning. A hairdryer and slippers are provided in the en suite bathroom.

A continental breakfast is provided each morning in the elegant O. Galogre restaurant, and during the summer months guests can dine on the sunny rooftop terrace.

Price: ~ 220 GEL Check prices and Book online

Divan Suites Batumi

Located on Kostava street in Batumi, this suites offers:

Offering a spa centre and a restaurant with Geogrian and Turkish cuisine, Divan Suites Batumi is located in the centre of Batumi, a 5-minute walk from the Black Sea beach. Free WiFi access is available.

Each room here will provide you with a TV, air conditioning and a minibar. Private bathroom also comes with a hairdryer. Extras include a desk, a safety deposit box and a laptop safe.

At Divan Suites Batumi you will find a fitness centre. Other facilities offered at the property include meeting facilities.

Price: ~ 280 GEL Check prices and Book online

Radisson Blu Hotel Batumi

Read my review here

Located on Ninosvhilli street in Batumi this hotel offers:

A 5-minute walk from the beach in Batumi, this hotel features indoor/outdoor pools, a rooftop restaurant and free Wi-Fi. Its large rooms include flat-screen TVs, Nespresso coffee machines and sea views.

Radisson Blu Hotel provides air-conditioned rooms and suites with wooden floors and floor-to-ceiling windows. A laptop safe is provided, and your bathroom includes bathrobes and slippers.

Health facilities at the Radisson Blu Batumi include a gym, sauna and steam rooms. Guests can book a massage for extra relaxation.

A breakfast buffet is provided each morning. Grilled meat and seafood is served in the 19th-floor restaurant. Guests can enjoy creative cocktails at the rooftop bar.

The popular Black Sea promenade is just a 5-minute walk away.

Price: ~ 285 GEL Check prices and Book online

Piazza Boutique Hotel

Located on Parnavaz Mepe street in Batumi, this boutique hotel offers:

Featuring free Wi-Fi and unique décor, this hotel is located in the clocktower in Batumi old city centre. It offers air-conditioned rooms with a flat-screen TV. It is only a 300-metre walk to the coast.

Each room at Piazza Hotel includes an individual interior and a balcony. Bathrooms come with bathrobes and slippers.

The property offers the Mimino Georgian Restaurant, European restaurant Marco Polo, La Brioche Café and the Quiet Woman Irish Pub.

Set in the city centre, Piazza Hotel provides good access to such Batumi’s attractions, as Medea Statue, 6 minutes’ walk away. The 6 May Park with the Dolphinarium are 15 minutes’ walk from the hotel.

Price: ~ 340 GEL Check prices and Book online

Find more hotels in Batumi​