Demand will exceed supply by 2/3. Lasha Khutsishvili bases this expectation on the country's economic indicators, the ongoing work carried out by the government, as well as the goodwill of investors, which, according to him, is really visible.In response to a question from Parulava in the Parliament, he noted that the refinancing of $ 500 million is planned for 04/2026 and due to the increase in the price of money, the interest rate will not be the same as it was 4 or 5 years ago, although the spread, which is set according to the country's risk, will be less than the component of the previous, 2021, issue rate.“Let's wait 3-4 months and we will see this soon”, - Khutsishvili said, adding that the upcoming refinancing is neither the first nor the last.In April 2021, the country's sovereign 5-year bonds were placed at 2.75%. The risk component was 2.2%. Accordingly, the minister expects it to rise to 2.2%.On 12.04.2021, the previous issue, 10-year Eurobonds issued in 2011 (6.875%), expired.

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"Development of the national startup ecosystem is one of the main priorities of the policy that the Georgian government has been implementing for the past 10 years, the goal of which is the development of an economy based on knowledge and innovation. For this very purpose, Georgia is participating in the world's largest technology event for the third time. Both the country's stand and Georgian startups are represented, which have the opportunity to talk to global investors and mentors about various projects," said Irakli Nadareishvili.In the exhibition space organized within the framework of the event in cooperation with the Georgian Innovation and Technology Agency and agency “Enterprise Georgia", the summit participants and visitors had the opportunity to get acquainted and receive comprehensive information about the business and investment environment in Georgia and the advantages of the startup ecosystem.Web Summit is one of the largest international platforms in the field of technology, where more than 70,000 participants from more than 160 countries, hundreds of startups, investors and representatives of international companies gather annually. This year, Georgian startups - Klics; BetterStep; VS1 – DeFi; Backoffice; Herio and Tasteit, which were distributed in different profile zones, participated in the technology summit. A panel discussion was held within the framework of the summit, one of the speakers of which was the Deputy Minister of Economy and Sustainable Development."We had the opportunity to get acquainted with global technology trends and products, and I also introduced myself in this regard. I participated in a panel discussion, where the discussion focused specifically on the offer that Georgia has for global startups, innovative and technological companies - including tax benefits and the startup status that we recently introduced in Georgia", - noted Irakli Nadareishvili.According to the Deputy Minister, it is important that Georgia is represented so diversely at the event - this will contribute to attracting new international investors to the country and the development of both specific startups and the startup ecosystem in general. In addition, as Irakli Nadareishvili noted, four new global accelerators will start operating in Georgia from 2026, which will significantly support startups, including in terms of entering the international market and attracting investments.The Chairman of the Innovation and Technology Agency, Avtandil Kasradze, and the Director of the "Enterprise Georgia", Mikheil Khidureli, participated in the Web Summit 2025.

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In 2024 the real GDP increased by 9.7 percent. In 2024 GDP deflator percentage change equaled 4.9 percent YoY.The largest shares of GDP by activity are held by Wholesale and retail trade; repair of motor vehicles and motorcycles (15.4 percent) and Real estate activities (9.8 percent), followed by Manufacturing (9.7 percent), Construction (8.5 percent), Public administration and defence; compulsory social security (6.8 percent), Information and communication (6.4 percent), Agriculture, forestry and fishing (6.3 percent), Transportation and storage (6.3 percent), Education (5.6 percent).In 2024, real growth was registered in Wholesale and retail trade; repair of motor vehicles and motorcycles (9.3 percent), Information and communication (24.6 percent), Education (28.2 percent), Public administration and defence; compulsory social security (15.5 percent), Agriculture, forestry and fishing (13.5 percent), Construction (12.2 percent), Transportation and storage (11.2 percent).A decrease was recorded in Electricity, gas, steam and air conditioning supply (10.5 percent).

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According to an application submitted to the Georgian Civil Aviation Agency under the Ministry of Economy and Sustainable Development, flights between Beijing and Tbilisi will operate via Ürümqi starting on December 2.The introduction of direct flights to Beijing follows a visit by Georgia’s Prime Minister to the People’s Republic of China. During this visit, key topics, including the strengthening of cooperation in civil aviation, were discussed. As part of the visit, Georgia’s Minister of Economy and Sustainable Development, Mariam Kvrivishvili, signed a memorandum of understanding to develop the Air Silk Road. This agreement underscores both countries’ commitment to fostering the ‘Air Silk Road,’ intended to establish liberal air transport corridors and enhance bilateral cooperation in civil aviation.The launch of direct flights between Tbilisi and Beijing is set to have a positive impact on Georgian-Chinese relations. Flights will be operated twice weekly, on Tuesdays and Saturdays. The Civil Aviation Agency of Georgia granted Air China the necessary operating permit today.Air China entered the Georgian market in December 2024. Currently, the airline operates flights between Tbilisi and Ürümqi twice weekly and has transported 25,035 passengers in the first ten months of this year.

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The value of exports increased by 6.8% reaching USD 5,8 billion, while imports increased by 9.3% and amounted to USD 14,9 billion.The trade deficit equalled USD 9 billion, and its share in trade turnover constituted 44%.

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Speaking about the 2021–2025 period, Khutsishvili highlighted that funding for social support and healthcare programs has increased by over GEL 3.5 billion, accounting for 38% of the total budget growth.Key measures in the 2025 draft budget include:Pensions and Social Benefits: Pensioners under 70 years: +110 GEL; in high-mountain areas: +132 GEL Pensioners aged 70 and above: +175 GEL; in high-mountain areas: +210 GEL Number of beneficiaries increased by over 85,000 Compensation for former soldiers and police officers increased by more than 40%, with the upper limit rising from 560 GEL to 1,035 GEL Social benefits for persons with disabilities increased proportionally Assistance for children under 16 increased from 100,000 to 120,000 recipients, with monthly support now 200 GEL per child Healthcare: Funding for healthcare programs increased by over GEL 600 million Salaries of primary healthcare personnel to increase by 10% Defense and Security: Total funding reached GEL 4.2 billion, with a 20% share of the overall budget increase Salaries for soldiers and police officers have risen by 60% over the last four years Education: Funding increased by over GEL 2 billion (22% of the total budget increase) Average salaries for public school teachers increased by GEL 700–800, while kindergarten staff salaries rose by GEL 400–500  Infrastructure: Capital expenditure allocations for 2025 exceed GEL 8 billion, a 66% increase compared to 2021 Additional Social Measures: Pensions for elderly and disabled individuals increased further, including 495 GEL for pensioners 70+ and 370 GEL for those under 70, with higher amounts in mountainous regions Social programs financing totals GEL 7 billionHousing support for displaced persons allocated GEL 240 million Khutsishvili emphasized that the public sector has seen a 46% increase in salaries over the last four years, reflecting ongoing efforts to improve living standards and strengthen social welfare, education, and healthcare systems.

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DemandIn Sep-25, total number of sold apartments in Tbilisi, according to the Public Registry data, stood at 4,011 units, of which:• Sales on the secondary market increased significantly by 12.9% y/y (up 0.5% y/y in 9M25).• Sales on the primary market, where data are impacted by delayed registrations, increased by 12.6% y/y (up 4.9% y/y in 9M25). According to G&T, real-time survey of developers, which captures current trends on the primary market, showed a significant 81.8% y/y rise in Sep-25, supported by the launch of presales in several large-scale developments.Cumulatively, primary market sales were up 16.4% y/y in 9M25 according to Galt & Taggart developer survey.In total, 29,972 transactions were registered in Tbilisi in 9M25, bringing the residential market value to US$ 2.5bn (+12.4% y/y).SupplyIn Sep-25, construction permits were issued for 17 residential projects, with total living area reaching 194,189 sq.m. (+48.5% y/y). Overall, permit issuance in 9M25 was up 8.1% y/y, making supply expansion a key metric to monitor in the future.PricesIn Sep-25, primary market price continued to grow, up 0.3% m/m to US$1,345 per sq.m. Likewise, the average price on the secondary market (for new buildings built with permits issued after 2013) was up by 1.1% m/m to US$1,310 per sq.m.RentsIn Sep-25, price for renting an average apartment (50-60 sq.m.) in Tbilisi increased by 1.1% m/m to US$ 9.7 per sq.m., keeping rental yield at 8.6%.

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Of the total volume, 470 million liters (51%) were regular gasoline, 425 million liters (46%) were premium, and 23 million liters (2%) were super grade fuel. The report notes a gradual decline in the share of regular fuel, largely offset by the growing demand for premium gasoline as the car fleet becomes newer and more modern.TBC Capital’s research indicates that the average import price of gasoline in 2024 fluctuated between USD 0.60 and USD 0.65 per liter. In the first nine months of 2025, the average import price continued to decline, driven by falling global oil prices and Georgia’s access to cheaper fuel sources.Meanwhile, diesel imports also recorded steady growth following a period of stabilization. Diesel imports rose by 8.8% in 2023 and 9.4% in 2024, totaling 770 million liters.According to the report, diesel fuel is primarily used in construction and agricultural machinery, trucks, and distribution vehicles, and the increase in imports reflects heightened economic activity in these sectors.The average import price of diesel in 2024 was USD 0.63 per liter, marking a continued decline from the 2022 peak caused by surging crude oil prices during the Russia–Ukraine war and temporary disruptions in Azerbaijani diesel supplies.Diversified Import MarketsGeorgia’s access to sea routes ensures a diversified fuel import base, allowing flexibility in switching suppliers. The majority of petroleum products are imported from Bulgaria, Russia, and Romania, which together accounted for 82% of Georgia’s total fuel imports in 2024.However, Russia’s share in Georgia’s fuel imports declined significantly in 2024 following its temporary export ban, compared to the levels seen in 2022–2023. In the case of diesel, Russia still held a 74% share of Georgia’s imports last year, although current export restrictions could alter this balance in the future.Fuel Prices and Market TrendsFuel prices in Georgia closely mirror global oil market trends. During the COVID-19 pandemic, prices dropped sharply due to lower demand, but surged again following Russia’s invasion of Ukraine in early 2022.From 2019 to 2021, gasoline and diesel prices moved largely in parallel; however, this pattern changed in 2022, with prices — particularly for diesel — remaining elevated since the post-war peak.

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Mariam Kvrivishvili, Georgia’s Minister of Economy and Sustainable Development, highlighted that the agreements cover the renewal of the free trade agreement, the joint development of the “Air Silk Road,” cooperation in agriculture, and collaboration in the field of artificial intelligence.“The updated free trade agreement places special emphasis on boosting Georgian agricultural exports to China and enhances investment opportunities, paving the way for increased Chinese investment in Georgia,” Kvrivishvili said. The aviation MoU with China’s Civil Aviation Administration aims to improve direct flight connectivity, facilitating trade and travel between the countries.Additionally, the Ministry of Agriculture signed an agreement to strengthen exports of Georgian products to China, while the AI-focused MoU with China’s National Development and Reform Commission aims to expand cooperation in emerging technologies. Kvrivishvili noted that these agreements mark a major step forward in reinforcing bilateral economic and people-to-people relations.

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Number of employees in Research and Development increased by 6.4 percent and amounted to 16 191, of which 14 046 were researchers. 55.0 percent of researchers are women and 45% are men. 68.8% of researchers has doctoral or equivalent degree, 28.9% - master’s or equivalent degree and 2.3% - bachelor’s or equivalent.As for the distribution of researchers by age, the highest rate for women falls in the age group of 45-54 years (22.6%), instead of men 65 and higher 25.6%.The largest part of researchers work in social sciences and their total number amounts to 3 491 (24.9%), while the smallest part of researchers work in agricultural and veterinary fields, where about 484 persons (3.4%) are employed.

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