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Quarter 4, 2025 Macro Review | Georgia: inflation above target, growth converging, and an external balance that still holds
23 March 2026

Economic activity remained strong through the end of 2025, although the pace of expansion continued to normalize. According to preliminary estimates, real GDP growth reached 7.5% in 2025, indicating that output was still expanding above Georgia’s longer-run trend even as the economy gradually converged toward potential.

February 2026 | Khachapuri Index increased by 14.3%
26 February 2026

In February 2026, the average cost of preparing a standard portion of Imeretian khachapuri increased to 8.05 GEL, marking a 1.6% rise compared to January 2025 and a 14.3% increase year-on-year.

January 2026 | Khachapuri Index increased by 12.9%
30 January 2026

In January 2026, the average cost of preparing a standard portion of Imeretian khachapuri increased to 7.92 GEL, marking a 0.8% rise compared to December 2025 and a 12.9% increase year-on-year. The seasonal rise in the Khachapuri Index was primarily driven by higher milk and dairy prices, reflecting a seasonal decline in fresh milk availability and increased reliance on imported milk powder.

Q3 2025 Macro Review | Services momentum, external resilience
12 January 2026

According to preliminary indicators, real GDP grew about 6.5% y/y in Q3 2025 (Figure 1), easing from 7.3% in Q2 but still above the pre-2022 norm. Expansion remained services-led: summer tourism, ICT, and transport did most of the lifting, while manufacturing and construction/utilities were softer as re-exports normalized.

December 2025 | The Khachapuri Index over the decade
30 December 2025

In December 2025, the average cost of preparing one standard Imeretian khachapuri increased to 7.86 GEL, marking a 5.2% rise compared to November 2025 and a notable 11.8% increase compared to December 2024.

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