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 Q4 2025, according to preliminary estimate real GDP increased by 6.8%;
- In Q4 2025, annual inflation amounted to 4.7%, upper than the inflation target of 3.0%;
- In Q4 2025, negative overall balance of consolidated budget amounted to GEL 1,669.0 million;
- In Q4 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 68.4%, while the same indicator in Q4, 2024 was 70.7%;
- In Q3* 2025, current account balance improved. Current account positive balance amounted to USD 337.9 million (in Q3 2024, current account balance was negative and amounted to USD 20.7 million);
- In Q4 2025, the amount of international reserves reached to USD 6,158.7 million, 38.4% increase YoY;
- In Q4 2025, the share of the export in external trade in goods increased from 27.5% to 30.5% YoY;
- In Q4 2025, remittances to Georgia increased by 14.6% YoY and amounted to USD 955.1 million;
- Monetary policy (refinancing) rate amounted to 8.00% at the end of Q4, 2025;
- In Q4 2025, GEL depreciated against USD by 0.001% QoQ and appreciated by 1.9% YoY;
- In Q4 2025, Dollarization coefficient increased (by 5.06 PP) on deposits, while decreased (by 0.92 PP) on loans YoY.
Find the document in interactive format at the following link:
https://infogram.com/quarterlymacroeconomicreview4q2025-1h984wv1yyegd2p
For more details, see the complete document in PDF format
