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Country Risk Assessment

FISCAL DEFICIT

Budget balance to GDP

-4.00%-3.00%-2.00%-1.00%2022202320242025
Danger
-4.00%
Desired
-2.00%
Current
-1.22%

FDI / GDP

Foreign direct investment to GDP

2.00%4.00%6.00%8.00%10.00%2022202320242025
Danger
2.00%
Desired
5.00%
Current
4.40%

FDI SHARE OF CURRENT ACCOUNT DEFICIT

FDI share of current account deficit

50.00%100.00%150.00%200.00%250.00%2022202320242025
Danger
50.00%
Desired
100.00%
Current
169.97%

CURRENCY STABILITY

Real effective exchange rate, size of annual swing

0.00%5.00%10.00%15.00%20.00%2022202320242025
Danger
15.00%
Desired
5.00%
Current
3.40%

ECONOMIC GROWTH

Real GDP growth, quarterly

4.00%6.00%8.00%10.00%12.00%Q2'23Q1'24Q4'24Q2'25Q1'26
Danger
4.00%
Desired
6.00%
Current
8.95%

BANKING SECTOR HEALTH

Non-performing loans ratio

1.00%2.00%3.00%4.00%5.00%2022202320242025
Danger
5.00%
Desired
2.00%
Current
2.54%

COMPETITIVENESS

Current account balance to GDP, trailing year

-6.00%-5.00%-4.00%-3.00%-2.00%-1.00%Q2'23Q1'24Q4'24Q2'25Q1'26
Danger
-4.00%
Desired
-1.00%
Current
-1.82%

LIQUIDITY

Reserves to short-term external debt

0.501.001.502.00Q2'23Q1'24Q4'24Q2'25Q1'26
Danger
1.00
Desired
2.00
Current
0.84

EXTERNAL DEBT

Net external debt to GDP

25.00%30.00%35.00%40.00%45.00%50.00%Q2'23Q1'24Q4'24Q2'25Q1'26
Danger
50.00%
Desired
25.00%
Current
31.75%
Country Risk Profile — Georgia, first quarter 2026 10 Sept 2026 Country Risk Profile — Georgia: strong flows, thin reserve cover 10 Aug 2026

Prices & Inflation

Annual inflation

5.6% ▲

Annual inflation

0.002.004.006.0009.2306.2403.2511.2508.26

Core inflation

3.8% ▲

Core inflation

0.001.002.003.004.0008.2305.2402.2510.2507.26

Food inflation

5.0% ▲

Food inflation

-5.000.005.0010.0015.0009.2306.2403.2511.2508.26

Housing inflation

8.5% ▲

Housing inflation

-5.000.005.0010.0009.2306.2403.2511.2508.26
Batumi inflation reaches 7.4% while Tbilisi eases to 5.3% 12 Aug 2026 Inflation eases to 5.5% while housing and utility costs accelerate 12 Aug 2026

Growth & Output

Real GDP growth

9.0% ▲

Real GDP growth

6.007.008.009.0010.0011.00Q2'23Q1'24Q4'24Q2'25Q1'26

GDP per capita

10,297 ▲

GDP per capita

6000.007000.008000.009000.0010000.0011000.002022202320242025

Output gap

6.04% ▲

Output gap

-2.000.002.004.006.008.002022202320242025

Savings rate

18.00% ▼

Savings rate

18.0018.2018.4018.6018.8019.002022202320242025
Real GDP growth accelerates to 9.0% while construction contracts 12 Aug 2026 Prices accounted for 4.6 points of Georgia's 2025 GDP expansion 12 Aug 2026 Construction contracts as first-quarter growth accelerates to 9.0% 12 Aug 2026

Banking & Credit

Loan dollarization

40.85% ▼

Loan dollarization

40.0041.0042.0043.0044.0045.0046.0008.2305.2402.2510.2507.26

FX-adjusted loan growth (M-o-M)

0.96%

Deposit dollarization

47.70% ▼

Deposit dollarization

46.0048.0050.0052.0054.0056.0058.002022202320242025

Non-performing loans

2.54% ▲

Non-performing loans

1.502.002.503.002022202320242025
Lari lending carries July loan growth as the foreign-currency book shrinks 06 Sept 2026 Loan dollarization falls to 40.85%, extending a multi-year decline 06 Sept 2026 Lari lending lifts the July loan book as the foreign-currency stock falls 31 Aug 2026
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Loan dollarization falls to 40.85% as lari lending carries loan growth 31 Aug 2026 Loan dollarization eases to 41.34% as lari lending outpaces foreign currency 12 Aug 2026 June lari lending rises to 6238.6 million GEL, a third consecutive monthly increase 12 Aug 2026

Monetary Policy

Policy rate

8.25% ●

Policy rate

2.004.006.008.0010.0012.0023 Jan '0822 Jun '113 Feb '1628 Apr '219 Sep '26

Real policy rate

4.00% ▼

Real policy rate

0.002.004.006.008.0010.002022202320242025

International reserves

8,140.5 ▲

International reserves

4000.005000.006000.007000.008000.009000.0009.2306.2403.2511.2508.26

Taylor Rule implied rate

9.52% ▲

Taylor Rule implied rate

0.005.0010.0015.002022202320242025
Policy rate held at 8.25% for a third consecutive decision 10 Sept 2026 NBG holds at 8.25% for a third consecutive decision as inflation eases to 5.5% 31 Aug 2026

External Sector

FDI to GDP

4.40% ▼

FDI to GDP

4.005.006.007.008.009.002022202320242025

External debt to GDP

31.75% ▼

External debt to GDP

30.0035.0040.0045.0050.00Q2'23Q1'24Q4'24Q2'25Q1'26

Current account to GDP

-1.82% ▲

Current account to GDP

-7.00-6.00-5.00-4.00-3.00-2.00-1.00Q4'23Q2'242025Q2'25Q1'26

Reserves coverage

0.84 ▼

Reserves coverage

0.600.700.800.901.00Q2'23Q1'24Q4'24Q2'25Q1'26
Foreign direct investment returned to growth in 2025, but its share of GDP kept falling 12 Aug 2026 Georgia's short-term external debt: banks now carry nearly three quarters of it 12 Aug 2026

Labour Market

Real wage growth

3.36% ▼

Real wage growth

0.005.0010.0015.0020.00Q2'23Q1'24Q4'24Q2'25Q1'26

Unemployment rate

13.90% ●

Unemployment rate

13.0014.0015.0016.0017.0018.002022202320242025

Nominal wage growth

7.67% ▼

Nominal wage growth

5.0010.0015.0020.00Q2'23Q1'24Q4'24Q2'25Q1'26

Labour force participation

40.95% ▼

Labour force participation

40.5041.0041.5042.0042.5043.0043.502022202320242025
Real wage growth halves as inflation picks up 12 Aug 2026

Exchange Rates

US dollar

2.6095 ▼

US dollar

2.602.622.642.662.689 Jun '262 Jul '2625 Jul '2619 Aug '2612 Sep '26

Euro

3.0247 ▼

Euro

2.983.003.023.043.063.083.109 Jun '262 Jul '2625 Jul '2619 Aug '2612 Sep '26

Turkish lira

0.0537 ▼

Turkish lira

0.050.050.060.060.060.069 Jun '262 Jul '2625 Jul '2619 Aug '2612 Sep '26

Russian rouble

3.0923 ▼

Russian rouble

3.003.203.403.603.809 Jun '262 Jul '2625 Jul '2619 Aug '2612 Sep '26
Rouble is the clearest mover against the lari; dollar barely budges 29 Aug 2026 Rouble and dram lead the moves against the lari; dollar and manat barely shift 12 Aug 2026 Rouble the largest mover against the lari; euro and dollar barely change 12 Aug 2026
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Rouble slips against the lari; dollar and euro hold near their start-of-week levels 08 Aug 2026

Weekly Digest

Weekly digest: lari firms, inflation at 5.5%, growth at 9.0% 30 Aug 2026 Inflation eases to 5.5% while first-quarter growth runs at 9.0% 12 Aug 2026

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