More than 70% of all permits were concentrated in four regions. Tbilisi accounted for the largest share with 46.2% of planned construction works, followed by Kvemo Kartli (10.1%), Kakheti (9.8%), and the Adjara Autonomous Republic (6.9%).In 2025, construction permits were issued for a variety of projects, including multifunctional residential complexes, commercial facilities, hotels, industrial enterprises, agricultural buildings, and other types of structures.GeoStat also reports that 3,393 buildings were granted occupancy permits in 2025 — 5.9% fewer than the previous year — but the total completed area increased by 8.1%, reaching 3.5 million m².Two-thirds of all completed buildings were located in four regions: Tbilisi (34.4%), Mtskheta-Mtianeti (13%), Kakheti (11.5%), and Kvemo Kartli (8.8%).

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GeoStat reports that in December 2025, sectors such as manufacturing, information and communication, transport and warehousing, as well as hotels and restaurants, significantly contributed to the growth. Meanwhile, a downward trend was observed in the construction sector.

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Between 2020 and 2025, both the volume and value of blueberries exported from Georgia have shown sustained growth. In terms of volume, the compound average annual growth rate for 2020-2024 reached 66%. The trend observed during the first ten months of 2025 remains positive, reflecting a 38% increase compared to the same period in the previous year. In value terms, the compound annual growth rate for 2021-2024 was 62%. Between January and October 2025, the total value of exported blueberries increased by 59% relative to the same period in 2024, indicating a rise in the average price per unit.With regard to market structure, exports were low-concentrated during 2020-2022, transitioning to a moderately concentrated market in 2023–2025. Despite the growing share of the largest exporting company, no single entity holds dominant market power, and the distribution of market shares does not suggest conditions for collective dominance.Additionally, the number of companies operating at the export level has increased significantly compared to 2020-2021. During the review period, the position of the largest market participant changed multiple times, and the composition of the five largest companies has been dynamic.Based on these findings, no risks of competition law violations have been identified in the export segment of the blueberry market. Accordingly, the GCCA positively assesses the competitive environment in this market for the period 2020–2025 (January-October).It should be noted that the domestic sale of blueberries largely depends on export markets. Consequently, the primary market operators are exporting companies. The GCCA initiated monitoring of the blueberry market in 2020 in response to requests from local farmers.

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The key outcome of the meeting is that Georgian Railway will have exclusive rights to operate cargo transport on the Marabda–Kartsakhi line. This agreement strengthens the competitiveness of the “Middle Corridor” and aims to attract additional freight to the region.Special attention was given to the official opening of the Baku–Tbilisi–Kars (BTK) railway, a strategically significant development for the South Caucasus. The agreement was signed by Lasha Abashidze for Georgia and Levon Kankava and Mikael Abasov for BTKI Railways.Officials highlighted that the deal will enhance Georgia’s transit and logistics capacity, boosting revenues from international freight. “This agreement is a major milestone for the country’s railway infrastructure and regional economic cooperation, improving competitiveness and strengthening Georgia’s logistics capabilities,” the statement noted.

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Of these, 9% (92,280 people) earned less than GEL 600, while the largest group, 51% (522,924 people), earned more than GEL 2,400 per month. Compared to the previous month, the share of low-wage earners fell, while the number of those earning above GEL 2,400 increased.PMC noted that the month-on-month growth in December is partly due to the 13th salary payments.According to GeoStat, as of the third quarter of 2025, Georgia had 1.396 million employed people, including 975,000 wage employees and 418,000 self-employed.

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Across the city, primary market transactions rose by an average of 13.1%, and secondary market prices increased by 8.2%. In December 2025, a total of 4,495 residential apartment transactions took place in Tbilisi, marking a 12.7% increase compared to the previous year. The market size grew 21.8%, reaching $350 million.For older apartments, the average weighted price increased 12.3% in the suburbs, 7.7% in the wider center, and showed a slight 0.1% decrease in the city center compared to December 2024.Transaction volumes in new projects rose 15.4% year-on-year. On the primary market, new apartment transactions increased 10.4%, while secondary market transactions grew 24.3%. In older projects, transaction numbers increased by 2.9%.

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Newly constructed apartments saw a 44.2% rise in transactions, while existing units increased by 15.8%. On the primary market, first-time sales jumped 75.2%, whereas secondary market transactions grew 18.2%. Of the primary market sales, 170 transactions were registered by the state. The growth in the secondary market was driven entirely by foreign buyers, with no increase in local buyers.The weighted average price of newly built apartments in Batumi increased 15.4% to $1,231 per square meter. The primary market drove most of the price increase, rising 24.2%, while the secondary market saw a 10.7% increase.It should be noted that some primary market transactions are registered late, so the reported price trends may not fully reflect real-time changes.

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The residential property price index covers only the Tbilisi market and pertains solely to new residential properties, including both multi-storey apartment blocks and private houses.Data from GeoStat indicates that in the fourth quarter of 2025, prices rose by 1.3 per cent in both the apartment segment and the private house segment compared to the previous quarter. Additionally, private houses experienced a 2.1% increase.Year-on-year, both segments saw price growth: apartments by 3.5 per cent and private houses by 2.5 per cent compared to the same quarter in 2024.Regarding the price per square metre in the apartment sector, the most expensive district remains Mtatsminda, where the average price per square metre is 6,738 GEL. Vake follows, with apartments costing 5,874 GEL per square metre. Other notable districts include Chugureti at 4,353 GEL, Saburtalo at 4,313 GEL, Krtsanisi at 4,181 GEL, Didube at 4,054 GEL, Nadzaladevi at 3,978 GEL, Isani at 3,854 GEL, Gldani at 3,731 GEL, and Samgori at 3,549 GEL.In the private houses segment, the highest price per square metre is also in Mtatsminda, at 4,594 GEL. Vake follows at 4,311 GEL, with Saburtalo at 3,504 GEL, Didube at 3,369 GEL, Samgori at 3,121 GEL, Isani at 3,110 GEL, Chugureti at 3,088 GEL, Gldani at 2,985 GEL, Krtsanisi at 2,830 GEL, and Nadzaladevi at 2,660 GEL.

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TBC Capital highlights that the improvement in the current account is mainly driven by growth in services exports, particularly in the information and communication sector.Additionally, slower import growth and increases in remittances and tourism revenues support the surplus. Including reinvestments, the current account deficit is projected at 2.7% of GDP in 2025, the lowest level recorded to date.Economic growth slowed in the second half of 2025, in line with expectations of normalization around long-term trends. For 2026, the Russia-Ukraine war remains a significant factor, with both positive and negative potential impacts on Georgia’s economy. TBC Capital’s baseline scenario projects real GDP growth of approximately 4.5% for 2026.Regarding the lari, three main factors supported appreciation in 2025: global dollar weakness, increased net foreign currency inflows, and reduced domestic demand for foreign currency, reflected in higher lari deposits and growing dollarized loans. The National Bank reportedly purchased $2.5 billion in 2025, resulting in total foreign exchange reserves of $6.2 billion and net reserves of $3.2 billion.TBC Capital notes that the lari is still undervalued against the dollar and trade partners, supporting potential further appreciation. However, a post-war scenario could temporarily reorient currency flows, which may exert short-term pressure. Considering reserve levels and the central bank’s policy to limit excessive exchange rate fluctuations, the lari is expected to depreciate only slightly in 2026.Inflation slowed from November, reaching 4% year-on-year in December 2025. TBC Capital projects inflation to rise at the start of 2026, then gradually slow from March, reaching 3.5% by year-end. Key risks include possible increases in electricity tariffs and food prices in the spring, which could affect the inflation trajectory.

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Compared to November 2025, the overall hotel price index rose by 4.3%, with the largest increases recorded in Mtskheta-Mtianeti, Samtskhe-Javakheti, and Tbilisi. Year-on-year, the index increased by 3.9%, with Samtskhe-Javakheti, Tbilisi, and Adjara seeing the most significant rises.The study reports that in December 2025, the average prices were 99 GEL for family-type hotels, 150 GEL for 3-star hotels, 245 GEL for 4-star hotels, and 504 GEL for 5-star hotels. The highest average rates were observed in Samtskhe-Javakheti (1040 GEL), Mtskheta-Mtianeti (1001 GEL), and Tbilisi (639 GEL).

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