Goods exports increased by 15.9% y/y in May-25
In May-25, goods exports increased by 15.9% y/y to US$ 580.9mn, following a 41.1% y/y surge in previous month. In contrast, goods imports continued to decline, falling by 5.1% y/y to US$ 1.3bn, after a 0.9% y/y decrease in previous month. Consequently, the trade deficit narrowed by 16.6% y/y to US$ 760.8mn in May-25.
Overall, in 5M25, the trade deficit increased by 11.8% y/y to US$ 4.6bn, as exports grew by 14.6% to US$ 2.6bn and imports were up by 12.8% y/y, reaching US$ 7.2bn. Notably, excluding one-off paintings/drawings imports, goods imports rose by 5.3% y/y and the trade deficit was flat y/y in 5M25.
FDI in Georgia stood at US$ 179.4mn in 1Q25
FDI in Georgia decreased by 7.7% y/y to US$ 179.4mn in 1Q25. This reflects a 28.8% y/y fall in equity component to US$ 62.1mn and a US$ 32.8mn reduction in debt instruments. Meanwhile, reinvestments increased markedly by 116.6% y/y, reaching US$ 150.0mn (83.6% of total FDI) during the same period.
The energy sector was the largest FDI recipient at US$ 70.2mn (-10.8% y/y), followed by ICT at US$ 52.3mn (+189.3% y/y), manufacturing at US$ 27.5mn (-1.5% y/y) and construction at US$ 20.5mn (+US$ 24.5mn y/y).
The Czech Republic topped the list of investors with US$ 43.0mn (23.9% of total FDI), followed by USA (US$ 39.6mn, 22.1% of total), and Türkiye (US$ 28.1mn, 15.7% of total).
Tourism revenues estimated at US$ 370mn in May-25
Tourism revenues increased by 4.7% y/y to US$ 370mn in May-25, according to our estimates. Overall, in 5M25, tourism revenues came in at US$ 1.5bn (+1.2% y/y), by our estimates.
We forecast tourism revenues to reach US$ 4.5bn in 2025.
