Top 3 highlights from Georgia’s monthly economic review:

1. Growth exceeded expectations
Real GDP growth came in stronger-than-expected at 7.9% y/y in Jan-26 (vs 7.2% y/y in Dec-25), marking a solid start to the year. We forecast 6.0% growth in 2026.

2. External inflows strengthened
External inflows rose 16.6% y/y to US$1.1bn in Jan-26, with broad-based gains across goods exports, tourism revenues and money transfers.

3. GEL remained on an appreciating trend
GEL strengthened by 0.6% m/m in Feb-26. We expect the average GEL/US$ exchange rate at 2.68 in 2026.