Page 2 - Caucasus Outlook 2025

Table of contents
Executive summary 1.0 Political outlook
1.1 Politics – Georgia 1.2 Politics – Armenia 1.3 Politics – Azerbaijan
2.0 Macroeconomic Outlook
2.1 Macroeconomy – Georgia
2.1.1 GDP growth
2.1.2 Industrial production
2.2 Macroeconomy – Armenia
2.2.1 GDP growth
2.2.2 Industrial production
2.3 Macroeconomy – Azerbaijan
2.3.1 GDP growth
2.3.2 Industrial production
3.0 External Environment
3.1 External Environment – Georgia 3.2 External Environment – Armenia 3.3 External Environment – Azerbaijan
4.0 Inflation & Monetary Policy
4.1 Inflation & Monetary Policy – Georgia 4.2 Inflation & Monetary Policy – Armenia 4.3 Inflation & Monetary Policy – Azerbaijan
5.0 Real economy outlook
5.1 Real economy – Georgia
5.1.1 Retail
5.1.2 Banks
5.1.3 Industry
5.1.4 Major Sectors & Companies
5.2 Real economy – Armenia 5.2.1 Retail
5.2.2 Banks
5.2.3 Industry
5.2.4 Major Sectors & Companies
5.3 Real economy – Azerbaijan 5.3.1 Retail
5.3.2 Banks
5.3.3 Industry
5.3.4 Major Sectors & Companies
6.0 Budget and debt outlook
6.1 Budget and debt – Georgia
2 Caucasus Outlook 2025
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