Balance of Payments of Georgia (I Quarter 2017)

Balance of Payments of Georgia (I Quarter 2017)

30 June, 2017

Balance of Payments statistic is compiled according to the methodology provided by the IMF's "Balance of Payments Manual, Fifth edition".

The current account deficit amounted to 377.0 million USD (981.2 million GEL or 11.8 percent of the same period GDP) in the first quarter of 2017. The negative balance of goods is the major contributor to the current account deficit. Trade of goods deficit increased by 5.6 percent annually and amounted to 819.6 million USD (2.1 billion GEL) in the first quarter. Exports increased by 22.8 percent and imports by 13.3 percent annually in the first quarter. 

The positive balance of services (mostly due to exports of travel services) partially offsets the negative balance of goods. Exports of services increased by 32.4 percent and imports - by 13.9 percent. The balance of travel services is the largest positive component of the services account. Export of travel services increased by 23.3 percent annually and amounted to 434.6 million USD (1.1 billion GEL).

The positive balance of the current transfers also reduced the current account deficit. Credit of current transfers increased by 18.0 percent annually totaling 327.6 million USD (852.6 million GEL). Growth was observed for the government transfers as well as for private ones.

Net foreign direct investments, significant item for financing the current account deficit, amounted to 352.1 million USD (916.6 million GEL)1 accounting for 11.0 percent of the first quarter GDP. The largest investment inflows were directed to transport, real estate and financial sectors.


The presented statistical information is published on the website of the National Bank of Georgia under the heading "Statistics":

1 FDI data slightly differs from Geostat's preliminary statistics. FDI data usually rises after the annual survey, due to corrections made to the quarterly profit-loss data. According to the IMF's methodology and the recommendations of the 2012 IMF ROSC mission, BOP quarterly statistic is adjusted in order to correct this problem. After the completion of the annual survey, the final FDI data is released by Geostat and the BOP FDI record is adjusted accordingly.