"Ramazi" and "Likuna" fined with GEL 22 thousand

The annual inflation rate was mainly influenced by price changes for the following groups:Food and non-alcoholic beverages: the prices in the group increased by 10.6 percent, contributing 3.55 percentage points to the overall annual inflation rate. Within the group the prices increased for the following subgroups: fish (20.5 percent), fruit and grapes (16.9 percent), bread and cereals (14.3 percent), sugar, jam, honey, chocolate and confectionery (10.2 percent), meat (9.7 percent), coffee, tea and cocoa (9.4 percent), vegetables (8.8 percent), oils and fats (8.7 percent), milk, cheese and eggs (8.6 percent), mineral waters, soft drinks, fruit and vegetable juices (6.8 percent);Health: the prices increased by 8.3 percent, contributing 0.68 percentage points to the overall index. The prices were higher for the following subgroups: hospital services (9.0 percent), medical products, appliances and equipment (8.3 percent), out-patient services (7.7 percent);Miscellaneous goods and services: the prices for the group increased by 7.4 percent, contributing 0.35 percentage points to the overall index. Within the group, the prices were higher mainly for the following subgroups: personal effects n.e.c. (37.9 percent), insurance (8.5 percent), personal care (4.2 percent);Restaurants and hotels: the prices went up by 8.1 percent, contributing 0.26 percentage points to the overall annual inflation rate. The prices in the group increased for both accommodation services (10.2 percent) and catering services (7.8 percent);Alcoholic beverages and tobacco: the prices increased by 3.5 percent, with the relevant contribution of 0.23 percentage points to the overall annual inflation rate. The prices increased mainly for tobacco (6.6 percent).

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Early in 2025, political uncertainty and weaker sentiment cooled demand, as many buyers postponed purchases. Apartment sales recovered later in the year as pent-up demand returned, lifting annual sales above 2023–24 levels, though still below the 2022 peak. On the supply side, even with an annual decline driven by a sharp 4Q25 slowdown, permit issuance stayed above 2015–22 healthy levels. Price growth moderated as strong permit issuance in recent years intensified competition, stabilizing price growth rate and pushing developers to offer their most refined inner instalment schemes yet. In 2026, we expect demand to remain broadly in line with 2025, supported by long-term fundamentals - urbanization, declining household size and attractive yields. Price is expected to have a stable single-digit growth and will largely depend on the supply side - planned large-scale projects and continued high permit issuance could add substantial new stock, limiting room for price growth.DemandIn 2025, total apartment sales in Tbilisi, according to the Public Registry data, stood at 42,388 units, up 4.3% y/y.• Sales on the secondary market, were up 12.3% y/y in Dec-25, bringing cumulative 2025 growth to 3.5% y/y.• Sales on the primary market, where data are impacted by delayed registrations, increased by 5.4% y/y in Dec-25 and 5.2% y/y in 2025. Our real-time survey of developers, which captures current trends on the primary market, shows that sales doubled y/y in Dec-25, supported by low base of Dec-24, when domestic political instability began. Cumulatively, primary market sales were up 27.3% y/y in 2025.SupplyIn 2025, permitted living area in Tbilisi declined by 4.2% y/y to 1.7mn sq.m, affected by sharp slowdown in 4Q25 (-32.1% y/y). Even so, permit issuance remained elevated, 32% above 2015-22 average healthy level. Notably, elevated permit issuance in 2023–25 was initially a response to the demand surge in 2022, but it has yet to fully realign with the lower postpeak sales.PricesIn 2025, prices increased across both primary and secondary markets. Primary market price was largely flat through 9M25 (0.2% m/m), however, growth accelerated in 4Q25 to 0.7% m/m amid recovered demand and slowed issuance of permits, reaching $1,373 in Dec-25. Overall, average price on the primary market increased by 4.0% y/y in 2025, down from 11.6% in 2024 and 20.2% in 2023. In Dec-25, average price on the secondary market (for new buildings built with permits issued after 2013) increased by 7.9% y/y to $1,316 per sq.m.RentsIn 2025, average rent remained within the $9-10 per sq.m stability range prevailing since 2024. In Dec-25, price for renting an average apartment (50-60 sq.m) in Tbilisi was $9.8 per sq.m, keeping rental yield within its long-term healthy level at 8.6%.

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Lion Finance Group (BGEO LN) shares closed at GBP 100.90/share (+4.61% w/w and +8.44% m/m). More than 428k shares traded in the range of GBP 95.80 - 102.30/share. Average daily traded volume was 58k in the last 4 weeks. The volume of BGEO shares traded was at 0.99% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 42.50/share (+5.07% w/w and +4.04% m/m). More than 380k shares changed hands in the range of GBP 40.65 - 43.35/share. Average daily traded volume was 71k in the last 4 weeks. The volume of TBCG shares traded was at 0.68% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 33.75/share (+3.21% w/w and +8.52% m/m). More than 269k shares traded in the range of GBP 32.05 - 34.35/share. Average daily traded volume was 72k in the last 4 weeks. The volume of CGEO shares traded was at 0.77% of its capitalization. 

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The proposed changes to the Law on “Official Statistics” were introduced by MPs from the ruling Georgian Dream party. According to the draft, the clause that prohibits the same individual from holding the post of Executive Director for more than two consecutive terms will be eliminated entirely.The explanatory note to the bill outlines several key justifications: Retention of experienced leadership: The authors argue that the current cap prevents effective and high-performing directors from continuing their work within the institution. Institutional stability: The proposed amendment aims to promote long-term continuity, organizational growth, and professional consistency within Geostat. Merit-based renewal: Under the new approach, the reappointment of an Executive Director would be based on performance, professional reputation, and trust—rather than a pre-determined numerical limit on terms. The amendment was submitted to Parliament by MPs Shota Berekashvili, Levan Machavariani, Anton Obolashvili, Irakli Mezurnishvili, Giorgi Barvenashvili, and Tornike Berekashvili.According to the initiators, the proposal will contribute to improving the quality of official statistics and ensuring better alignment with international standards in the long run.Geostat is currently headed by Executive Director Gogita Todradze, who was first appointed to the position in 2018. His second term began in 2022, meaning that under the existing legislation, his mandate would have expired in 2026. The proposed amendment would allow him, and future directors, to remain in office beyond the previously established two-term limit.

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Out of the total entries, international visitors accounted for 1.5 million visits, reflecting an 8.3% year-on-year growth. The number of international visitors reached 1.3 million during 4Q25, up 9.1% compared to the previous year. Tourist-type visits also rose significantly, hitting 1.2 million, a 10.5% increase.A vast majority of international visitors , 79.5%  were tourists, while 16.5% were same-day visitors, and 4% fell into both categories.Russia remained the top source market in 4Q25, with 280.6 thousand visitors, accounting for 22.1% of the total. It was followed by Turkey (17.1%) and Armenia (12.7%). In terms of total visits, the highest numbers were made by citizens of Russia (334,000), Turkey (285,200) and Armenia (228,100).Most visitors (46.2%) were between 31 and 50 years old, while women accounted for 40.2% of all international visitors.Leisure, entertainment, and recreation were the main purposes of travel, representing 43.7% of all visits. The majority of visits were concentrated in Tbilisi (866.8 thousand) and the Autonomous Republic of Adjara (466.9 thousand).The average length of stay during 4Q25 amounted to 4.95 nights, down 1.9% from 5.05 nights recorded in 4Q24. Additionally, 82.1% of all visits were repeat visits.Total spending by international visitors in the fourth quarter reached 3 billion GEL, a modest 1% annual increase, yet average spending per visit decreased by 6.8%, falling to 1,946.7 GEL.

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According to the statement, Germany expressed concern during the UPR process — a mandatory review each UN member state must undergo — noting a rapid deterioration of human rights in Georgia. Germany cited serious restrictions on freedom of assembly, association, expression, and speech, enabled through “repressive legislation” and the misuse of administrative and criminal proceedings. Berlin also highlighted the lack of accountability for violent attacks on protesters and journalists.Germany recommended that Georgia thoroughly investigate reports of excessive force used against demonstrators, including allegations of torture and ill-treatment by police, and ensure victims have access to justice, compensation, and rehabilitation. The German delegation further urged the Georgian government to remove obstacles to civil society activity and to repeal or amend the “Law on Transparency of Foreign Influence,” the “Law on Registration of Foreign Agents,” and recent amendments to the “Law on Grants.” Berlin also called for revisions to changes made to the Law on Assemblies and Demonstrations, as well as to the Administrative Offences and Criminal Codes, arguing that the current versions restrict the right to peaceful assembly and contradict international legal standards, Venice Commission recommendations, and the EU’s 2025 Enlargement Report.Additionally, Germany requested the repeal or substantial amendment of changes to the broadcasting legislation and the laws governing freedom of expression and speech. The embassy emphasized that Georgia, as a member of international organizations, is obliged to uphold human rights and fundamental freedoms and warned that current developments contradict these commitments.Germany is among the 24 countries that on January 29 activated the OSCE’s “Moscow Mechanism” to launch an expert mission to examine human rights developments in Georgia. The joint statement explains that the mechanism was triggered due to worsening human rights conditions and urges the Georgian government to cooperate fully and facilitate the mission’s work. The countries noted that although the OSCE’s “Vienna Mechanism” was invoked in December 2024 to seek information and express concern, Georgia’s responses have not alleviated the growing worries about its adherence to international human rights obligations.In a letter to the OSCE Director, the 24 delegations reaffirmed their engagement with Georgia throughout 2025 and stressed the importance of constructive dialogue. The mission, they said, will aim to document recent human rights developments; assess their impact on civil society, media freedom, the rule of law, judicial independence, political pluralism, and other structural components of democratic governance; and issue recommendations on how to address the identified concerns.

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Georgia recorded 7.8 million entries by international non-resident travelers, marking a 5.9% increase compared to 2024. The largest share of visits (43.6%) was made by travelers aged 31–50.Out of the total entries, 6.9 million were classified as international visits, up by 6.2% year-over-year. The number of international visitors reached 5.8 million, a 7% growth compared to the previous year.During the reporting period, travelers made 5.5 million tourist-type visits, reflecting an 8.4% increase. In the structure of visitors: 80.6% were tourists, 15.4% were same-day visitors (excursionists), 3.9% were both tourists and excursionists. The highest number of visitors came from: Russia - 1.3 million (23.2% of all visitors) Turkey - 16.9% Armenia - 11.9% The largest number of trips was also conducted by citizens of Russia (1.6 million), Turkey (1.2 million), and Armenia (0.9 million).Nearly 46.4% of visitors were aged 31–50, while women accounted for 43% of the total.Most visits, 50.3% were made for leisure, entertainment, and recreation.In terms of geography, the majority of visits were concentrated in: Tbilisi - 3.8 million visits Adjara A/R - 2.7 million visits The average length of stay increased by 1.6%, reaching 5.6 nights per visit. Repeat visits represented 78.4% of all trips.Total expenditures made during visits in 2025 reached 15 billion GEL, an increase of 5.1% compared to 2024.However, average spending per visit decreased by 1.1%, amounting to 2,187.3 GEL.

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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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