Weekly Market Watch

International visitors at 6.9mn in 2025
In 4Q25, international arrivals to Georgia increased by 8.3% y/y to 1.5mn persons. This growth was mainly driven by a 10.5% y/y rise in tourist arrivals (79.4% of total arrivals), while same-day arrivals increased marginally by 0.5% y/y. Russia was the top source country by international arrivals (21.8% of total) in 4Q25, followed by Türkiye (18.6% of total) and Armenia (14.9% of total). Notably, most visitors traveled to Georgia via land (56.1% of total), followed by air (43.2% of total).
For full-year 2025, international arrivals to Georgia rose by 6.2% y/y to 6.9mn, with tourist arrivals reaching 5.5mn (+8.4% y/y), while same-day arrivals fell by 2.2% y/y to 1.3mn.

Goods exports at record US$ 7.3bn in 2025
In Dec-25, goods exports increased markedly by 22.5% y/y to US$ 673.2mn, after a 44.2% y/y surge in previous month. Goods imports also rose by 8.5% y/y to a record monthly high of US$ 1.8bn, after a modest 0.5% y/y increase in previous month. Consequently, the trade deficit widened by 1.9% y/y to US$ 1.2bn in Dec-25.
Overall, in 2025, the trade deficit rose by 8.8% y/y to US$ 11.2bn, driven by a 11.2% y/y increase in exports, which reached a record high of US$ 7.3bn, while imports grew by 9.7% y/y, totaling a record US$ 18.5bn.

Money transfers reached US$ 3.6bn in 2025
Money transfers increased by 18.4% y/y to US$ 337.9mn in Dec-25, following a 11.9% y/y growth in previous month. Among the top countries, inflows grew from the EU (+18.6% y/y, 46.6% of total), Russia (+39.1% y/y, 12.9% of total), the USA (+15.2% y/y, 18.9% of total), Israel (+15.7% y/y, 8.0% of total) and Türkiye (+27.9% y/y, 3.5% of total). In contrast, transfers declined from Ireland (-2.0% y/y, 1.7% of total).
Overall, in 2025, money transfers increased by 8.5% y/y to US$ 3.6bn. We expect money transfers at US$ 3.8bn in 2026.