According to TBC Capital’s latest monthly macroeconomic review, in the first nine months of 2025, the combined share of the European Union and the United States in remittances to Georgia increased to 63%. The annual growth rate of remittances accelerated to 13.7% in September, with the EU and the US remaining the main sources of money transfers.
As for tourism, another key source of foreign inflows, tourism revenues grew by 6.6% year-on-year in the third quarter and by 5% in the first nine months of 2025.
TBC Capital highlights that less traditional markets have become more active, likely driven by an increase in tourists from China, India, and Uzbekistan. In contrast, trends in traditional markets vary: tourism revenues rose from the EU, Azerbaijan, and especially Israel, while remaining mostly stable elsewhere. Despite an increase in visitor numbers, Russia recorded a decline in tourism receipts.
The report also notes that non-resident spending through TBC channels continues to show an improving trend, 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 rise in August, but remains robust. We estimate that the current account surplus, excluding reinvestment, likely persisted in the third quarter,” the report states.
