Georgia’s economy grew by 6.4% y/y in Sep-25
In Sep-25, Georgia’s economy grew by 6.4% y/y, after a 6.6% y/y growth posted in previous month. Cumulatively, real GDP increased by 7.7% y/y in 9M25. The growth in September was mainly driven by stronger activities in the manufacturing, transport & storage, ICT and professional & scientific sectors, while construction and energy sectors contracted. We forecast real GDP growth at 7.5% in 2025 and at 6.0% in 2026 (see latest macro forecasts here).
Bank lending increased by 13.3% y/y in Sep-25
In Sep-25, the banking sector loan portfolio grew by 13.3% y/y (+0.9% m/m), excluding FX effect, after a 14.8% y/y growth in previous month. In unadjusted terms, the loan portfolio increased by 13.7% y/y (+1.1% m/m), reaching GEL 67.5bn (US$ 24.9bn). By segment, loans to legal entities increased by 11.6% y/y (excluding FX effect), while retail loans rose by 14.9% y/y. Loan dollarization stood at 42.2% (-0.18ppts m/m and -1.67ppts y/y) in Sep-25.
On the funding side, deposits growth accelerated, up by 13.6% y/y (excluding FX effect) to GEL 65.6bn (US$ 24.1bn) in Sep-25, compared with 11.6% y/y growth in previous month. In terms of currency breakdown, GEL deposits growth accelerated, up by 12.7% y/y (+8.1% y/y in Aug-25) and FX deposits (exc. FX effect) growth stood at 14.6% y/y (+15.3% y/y in Aug-25). Deposit dollarization came in at 49.2% (-0.48ppts m/m and +0.45ppts y/y) in Sep-25.
NBG purchased US$ 100mn in Sep-25
NBG intervened on FX market and purchased US$ 100mn through BMatch platform in Sep-25. Overall, the NBG’s net purchases reached US$ 1.6bn in 9M25.
