Fitch Affirms Georgia at BB, Outlook Stable
On 21 November 2025, Fitch Affirmed Georgia’s sovereign credit rating at BB, and revised the Outlook to Stable from Negative. The revision primarily reflects the National Bank’s reserve accumulations, a reduced current account deficit over 2022-24 and solid economic prospects. Fitch expects Georgia’s real GDP growth at 7.3% in 2025 and 5.3% in 2026.
Money transfers increased by 13.4% y/y in Oct-25
Money transfers increased by 13.4% y/y to US$ 318.7mn in Oct-25, following a 12.1% y/y growth in previous month. Among the top countries, inflows grew from the EU (+15.2% y/y, 46.6%), the USA (+16.5% y/y, 18.6% of total), Russia (+20.2% y/y, 13.0% of total), Israel (+13.9% y/y, 7.5% of total) and Türkiye (+18.1% y/y, 3.4% of total). In contrast, transfers declined from Kyrgyzstan (-18.4% y/y, 2.4% of total) and Kazakhstan (-14.2% y/y, 2.0% of total).
Overall, in 10M25, money transfers increased by 7.1% y/y to US$ 3.0bn. We expect money transfers at US$ 3.6bn in 2025.
Goods exports stood at US$ 684.5mn in Oct-25
In Oct-25, goods exports increased by 0.4% y/y to US$ 684.5mn, following a 14.2% y/y growth in previous month. Goods imports reduced by 3.1% y/y to US$ 1.5bn, after a 2.5% y/y rise in previous month. Consequently, the trade deficit narrowed by 5.9% y/y to US$ 775.4mn in Oct-25.
The top 5 exported commodities were cars (+19.1% y/y), nuts (+73.2% y/y), spirits (-6.5% y/y), wine (+26.1% y/y) and ferro-alloys (-73.9% y/y) in Oct-25. A 10.8% of exports were directed to the EU (+11.7% y/y), 71.6% to the CIS (+14.4% y/y) and 17.6% to other countries (-35.5% y/y).
The top 5 imports were cars (-34.0% y/y), petroleum (+16.4% y/y), pharmaceuticals (-3.6% y/y), crude petroleum (+US$ 46.3mn y/y) and phones (-1.2% y/y) in Oct-25.
Overall, in 10M25, the trade deficit widened by 11.1% y/y to US$ 9.2bn, as exports grew by 6.8% y/y to US$ 5.8bn and imports were up by 9.3% y/y, reaching US$ 15.0bn.
Producer price index increased by 5.6% y/y in Oct-25
Annual PPI for industrial goods increased by 5.6% in Oct-25, after a 4.4% y/y rise in previous month. The annual growth was mainly driven by an increase in prices in the manufacturing (+3.9% y/y), followed by mining (+21.7% y/y) and electricity supply (+10.0% y/y) sectors.
