
ICC Georgia and Ebit Group's latest Foreign Economic Dependence Index reveals a sharp increase in Georgia's reliance on external economic factors, rising from $7.6B in Q4 2024 to $9.27B in Q1 2025. This growth was driven mainly by higher imports and money flows, despite drops in exports, tourism income, and foreign direct investment (FDI).
Key Indicators (Q1 2025 vs Q4 2024):
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Imports: ↑ $5.3B (from $4.7B)
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Exports: ↓ $1.58B (from $1.77B)
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Money Flow: ↑ $1.33B (from $729M)
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FDI: ↓ $179M (from $367M)
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Tourism Income: ↓ $832M (from $1.07B)
Country-Level Summary:
European Union (EU):
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Imports fell, exports rose slightly.
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Tourism and money flow declined.
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FDI increased, signaling shifting but deepening ties.
Russia:
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Imports, exports, and tourism income fell.
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Money flow surged.
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FDI nearly doubled despite geopolitical tension.
Turkey:
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Sharp drops in trade and tourism.
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Big rise in money flow and FDI suggests evolving cooperation.
Azerbaijan:
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Declines in trade and tourism.
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Small FDI and money flow increases signal ongoing engagement.
Armenia:
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Declines across all indicators.
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Reflects weakening bilateral economic ties.
China:
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Lower trade, no tourism income.
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Slight rise in money flow and FDI indicates sustained engagement.
Iran:
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Overall economic activity with Georgia declined.
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FDI turned negative, indicating capital withdrawal.
Israel:
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Imports and tourism income down.
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Exports and FDI grew modestly.
Japan:
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Exports and money flow increased.
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FDI dropped sharply.
Kazakhstan:
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Imports and FDI rose.
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Trade and tourism income fell, but investment signals stable ties.
Despite weak FDI and tourism figures, Georgia’s foreign economic dependence rose in Q1 2025, driven by increased imports and money flows, reflecting deeper integration with the global economy.
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