Georgia’s Foreign Economic Dependence Index rose by 21.3% quarter-on-quarter to $9.41 billion in the second quarter of 2026, up from $7.76 billion in the first quarter and $8.91 billion a year earlier, according to the International Chamber of Commerce (ICC) Georgia’s latest report, developed in collaboration with Ebit Group. The index measures economic ties with foreign partners through five components: imports, exports, money flows, foreign direct investment (FDI) and income from international tourism.
All five components increased compared with the previous quarter, led by imports and exports. Imports rose by 15.2% to $4.77 billion, while exports climbed by 24.9% to $2.15 billion, reaching their highest level in the series. Net money flows increased by 12.4% to $894.2 million, foreign investment rose by 72.9% to $468.8 million, and tourism receipts grew by 36.5% to $1.12 billion. However, the year-on-year picture was more mixed: tourism receipts fell by 11.2%, while foreign investment declined by 19.2%.
The European Union remained Georgia’s largest economic partner, although its share of the index fell to 17.7%, the lowest in the series. The EU-related total declined 5.8% quarter-on-quarter to $1.67 billion, largely because investment shifted from a net inflow of $58.7 million in the first quarter to a net outflow of $128.1 million. Russia ranked second, with its total rising 16% to $1.18 billion, while Türkiye ranked third at $1.06 billion. China’s total surged 45.4% to a record $1.03 billion, driven by investment of $219.5 million.
Despite the quarterly increase, the index grew by a more modest 5.6% year-on-year, as stronger trade and money flows were partly offset by lower tourism receipts and investment. The index equaled 89.5% of Georgia’s quarterly GDP, down from 96.4% a year earlier, reflecting faster growth in nominal GDP than in external economic activity, the report said.
