Caucasus Investment Group
Markets
Three economies between the Black Sea and the Caspian. Key indicators for each, sourced and dated, with CIG's research on them.
Georgia
A fast-growing, bank-led economy on the Black Sea, and the western gateway for trade crossing the South Caucasus.
Real GDP growth7.5%2025, preliminaryNominal GDPUSD 38.1bn2025; GEL 104.6bn
Georgia profile
Armenia
A landlocked economy in which technology services now earn more abroad than remittances bring in.
Real GDP growth7.2%2025Nominal GDPUSD 29.2bn2025; AMD 11.3trn, converted by CIG at the 2025 average of AMD 387.0 per USD
Armenia profile
Azerbaijan
A hydrocarbon economy on the Caspian with very large financial buffers and a non-oil sector that has slowed.
Real GDP growth1.4%2025Nominal GDPUSD 75.9bn2025; AZN 129.1bn at AZN 1.70 per USD
Azerbaijan profile