TBC Capital’s latest monthly macroeconomic review reveals that Georgia’s economy continues to benefit from strong foreign inflows, driven largely by remittances and tourism revenues.
In the first nine months of 2025, the European Union and the United States accounted for a combined 63% of all remittances sent to Georgia. The annual growth rate of money transfers accelerated to 13.7% in September, confirming the continued dominance of Western markets as Georgia’s main remittance sources.
Tourism, another component of foreign inflows, also showed steady growth. In Q3 2025, tourism revenues increased by 6.6% year-on-year while the first nine months saw an overall 5% rise.
TBC Capital notes that non-traditional markets such as China, India and Uzbekistan are becoming increasingly significant sources of visitors, likely contributing to the sector’s diversification. Meanwhile, revenues from traditional markets showed mixed trends: inflows grew from the EU, Azerbaijan and especially Israel, while Russia recorded a decline in tourism receipts despite higher visitor numbers.
The report adds that non-resident spending through TBC channels continues to rise, though a slight slowdown in annual growth was observed in October.
“Overall, our monthly measure of net foreign exchange inflows, which includes trade in goods, tourism receipts, and remittances, slowed slightly in September after a strong August, but remains robust,” TBC Capital stated, adding that the current account surplus, excluding reinvestment, likely persisted in the third quarter.
