Monthly Economic Review

Top 3 highlights from Georgia’s monthly economic review:

1. Georgia’s economy expanded by 6.2% y/y in Apr-26, bringing average real GDP growth to a robust 8.3% y/y in 4M26. We maintain our 2026 forecast at 7.0%.

2. NBG raises its key rate by 25pps to anchor inflation expectations.

3. GEL gained 0.8% m/m to 2.67/1$ in May-26 on strong FX inflows, while the NBG continued building reserves - net purchases reached US$ 833.0mn in 4M26.