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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.

Fertility trends in Georgia: understanding tempo and quantum effects and the factors shaping them
23 February 2026

Over the past seven decades, fertility decline has become one of the most significant demographic transformations worldwide. The global total fertility rate (TFR)—defined as the average number of children a woman would bear if current age-specific fertility rates prevailed throughout her reproductive life—declined from approximately five births per woman in the early 1960s to around 2.3 births per woman in the early 2020s (United Nations, 2022; Ritchie, Spooner & Roser, 2023). Although the pace and timing of fertility decline have differed across regions, the overall direction has been remarkably consistent.

Business Confidence Index: Business confidence ticks up marginally
27 January 2026

For the first quarter of 2026, business confidence in Georgia increased slightly (by 1.7 index points) and reached 9.2. The highest increase in business confidence is observed in the financial (7.3) and agriculture (6.9) sectors.

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.

Size-based financial performance patterns of Georgian enterprises: evidence from firm-level data
30 December 2025

Firms differ systematically by size, and these differences shape how aggregate shocks propagate through the corporate sector. Large and small firms vary in their production technologies, cost structures, financing options, and ability to absorb adverse shocks. These differences become particularly important during periods of macroeconomic stress, when constraints on liquidity, access to finance, and cost flexibility can translate into sharply divergent performance outcomes.

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