- Economic growth remains stable due to large-scale activities.
Georgia's economy grew by 7.2% year-on-year in November 2025, resulting in 7.5% year-on-year growth in the first 11 months of 2025. We forecast GDP growth of 7.5% in 2025 and 6.0% in 2026. - The current account is improving due to a significant surplus in the service sector.
A surplus of 3.3% of GDP in 3Q25 reduced the 9M25 deficit to 2.1% of GDP, helped by strong exports of services despite a broader shortage of goods. We forecast the Central Asian budget deficit at 3.2% of GDP in 2025 and 3.3% in 2026. - Companies operating in lari expect a significant inflow of foreign currency.
The lari exchange rate strengthened during 2025, which was facilitated by a significant influx of foreign currency, which allowed the National Bank to restore reserves. We expect it to remain generally stable in 2026, with the average lari per $1 exchange rate at 2.70.
Source: Galt & Taggart