Monthly Economic Review

Top 3 highlights from Georgia’s monthly economic review:

1.     Growth remained strong

Real GDP growth came in at 8.8% y/y in Feb-26 (vs 7.9% in Jan-26), bringing 2M26 growth to 8.4% y/y. We maintain our 2026 growth forecast at 6.0%.

2.     Inflation revised upward

We revised our 2026 average inflation forecast to 4.2% (from 3.0%), reflecting higher energy prices and increased electricity tariffs.

3.    GEL remained stable

GEL showed resilience to the Iran escalation, closing March at 2.7/US$ (+0.1% YTD). We forecast the average GEL/US$ at around 2.7 in 2026.