Each month/quarter, PBO issues short macroeconomic reviews. Those monthly/quarterly reviews, which are based on information from the Geostat, National bank of Georgia and Ministry of Finance and use PBO estimations, provide information on the monthly/quarterly status of core macro aggregates.

HIGHLIGHTS

• In Q3 2025, according to preliminary estimate real GDP increased by 6.5%;
• In Q3 2025, annual inflation amounted to 4.6%, upper than the inflation target of 3.0%;
• In Q3 2025, negative overall balance of consolidated budget amounted to GEL 54.4 million;
• In Q3 2025, an increasing trend was observed in terms of public debt. The share of external debt in total public debt decreased. Namely, the share of external debt made up 69.3%, while the same indicator in Q3, 2024 was 72.1%;
• In Q2* 2025, current account balance improved. Current account negative balance amounted to USD 272.8 million (in Q2 2024, current account balance was negative and amounted to USD 676.1 million);
• In Q3 2025, the amount of international reserves reached to USD 5,427.6 million, 15.2% increase YoY;
• In Q3 2025, the share of the export in external trade in goods decreased from 30.3% to 30.2% YoY;
• In Q3 2025, remittances to Georgia increased by 12.0% YoY and amounted to USD 976.3 million;
• Monetary policy (refinancing) rate amounted to 8.00% at the end of Q3, 2025;
• In Q3 2025, GEL appreciated against USD by 1.3% QoQ and appreciated by 0.2% YoY;
• In Q3 2025, Dollarization coefficient increased (by 0.71 PP) on deposits, while decreased (by 1.63 PP) on loans YoY.

Find the document in interactive format at the following link:

https://infogram.com/quarterlymacroeconomicreview3q2025-1hxj48mwyx7lq2v

For more details, see the complete document in PDF format