Median wages increased by 7.6% y/y in 2024
In 2024, average monthly nominal wages in Georgia increased by 11.5% y/y to GEL 1,971 according to Geostat. Meanwhile, median monthly nominal wages were up 7.6% y/y (+6.4% y/y in real terms) to GEL 1,332 in 2024, lagging the average monthly wage by 32.4%.
By economic activity, the highest monthly median wages were observed in the following sectors: public administration (GEL 2,128, +13.3% y/y), mining (GEL 2,069, +21.3% y/y), information and communication (GEL 1,983, +1.2% y/y), construction (GEL 1,943, +7.3% y/y) and financial and insurance (GEL 1,919, +13.1% y/y). The lowest monthly median wages were posted in education (GEL 969, +16.0% y/y) and water supply (GEL 987, +15.4% y/y) in 2024.
We anticipate nominal monthly wages to rise by 10.0% y/y in 2025 and 9.0% y/y in 2026.
International reserves at US$ 5.4bn in Sep-25
Gross international reserves increased by 15.2% y/y to US$ 5.4bn in Sep-25, according to NBG. On a monthly basis, the reserves were also up by 4.3% (+US$ 224.0mn). Changes in reserves were attributed to the changes in the value of monetary gold (+US$ 90.9mn m/m) along with the government and/or banking sector FX operations, and likely also to NBG’s FX trading via BMatch platform (information will be available on 27 October). Notably, as of Sep-25, monetary gold accounted for 16.2% of total international reserves.
Tourism revenues estimated at US$ 470mn in Sep-25
We estimate tourism revenues at US$ 470mn (flat y/y) in Sep-25. Overall, in 9M25, tourism revenues came in at US$ 3.6bn (+2.8% y/y), by our estimates.
We forecast tourism revenues to reach US$ 4.5bn in 2025.
