Top 3 highlights from Georgia’s monthly economic review:

1.Reserves at a record
Gross international reserves rose 38.4% y/y to a record US$6.2bn in 2025.

2. 2025 real GDP growth at 7.5%
Real GDP grew by 7.2% y/y in Dec-25, bringing full-year 2025 growth to 7.5% y/y, in line with our projection. We forecast 6.0% growth in 2026.

3. GEL strengthened further
GEL strengthened by 0.3% m/m in Jan-26 and we expect it to remain stable in 2026.