Top 3 highlights from Georgia’s monthly economic review:

1. Growth remains robust on broad-based activity
Georgia’s economy grew by 7.2% y/y in November 2025, bringing 11M25 growth to 7.5% y/y. We forecast GDP growth of 7.5% in 2025 and 6.0% in 2026.

2. Current account improves on strong services surplus
A 3.3% of GDP CA surplus in 3Q25 reduced the 9M25 deficit to 2.1% of GDP, supported by strong services exports despite a wider goods deficit. We forecast the CA deficit at 3.2% of GDP in 2025 and 3.3% in 2026.

3. GEL firms on strong FX inflows
The GEL strengthened through 2025, supported by robust FX inflows, allowing the NBG to rebuild reserves. We expect it to remain broadly stable in 2026, with average GEL/1$ at 2.70.