,,The foreign earned income of the IT sector of Georgia has reached its highest level, In 9 months of 2023, the IT sector of Georgia received an income of $608 million. Compared to the same period of 2022, this amount is $283 million, or 87% more," - the statistics published by the National Bank of Georgia said.
,,The increase in the income of people working in the IT sector is primarily related to the migration effect, during which thousands of Russian, Ukrainian and Belarusian specialists moved to live in Georgia temporarily, therefore, their activities are currently considered as IT services provided from Georgia. If in late 2021, 30.6 thousand people were employed in the information and communication sector, it increased to 39 thousand in 2022, and as of the third quarter of 2023, it exceeded 45.5 thousand. Similarly, the average wages have also increased, if the salary in this sector was GEL 2 thousand in 2021, it increased to GEL 3.8 thousand in 2022, and in the third quarter of 2023 it reached GEL 4.1 thousand.
However, the quarterly indicators indicate a slowdown in the growth rate. The fact is that IT sector revenues were the largest in the first quarter of 2023 - $231 million and they fell to $198 million in the second quarter, and $178 million in the third quarter, which is consistent with a gradual decline in the economic impact of migration, although the size and revenues of the sector as a whole are at record highs.
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