Balance of Payments of Georgia (I Quarter 2019)

Balance of Payments of Georgia (I Quarter 2019)

27 June, 2019

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 227.0 million USD (605.5 million GEL) in the first quarter of 2019. The trade of goods and income account make negative contribution to current account, while services and current transfers - positive. Current account deficit in the first quarter of 2019 decreased by 47.7 percent from 11.9 percent of GDP to 6.2 percent of GDP.

Balance of goods is the major contributor to the current account. Trade of goods deficit decreased by 18.9 percent annually and amounted to 798.6 million USD (2.1 billion GEL) in the first quarter. Meanwhile, exports increased by 12.5 percent, while imports decreased by 3.3 percent annually. 

The positive balance of services (mostly due to exports of travel services) partially offsets the negative balance of goods. Exports of services increased by 3.4 percent and imports by 10.4 percent. The balance of travel services is the largest positive component of the services account. Export of travel services increased by 5.0 percent annually and amounted to 578.4 million USD (1.5 billion GEL).

The positive balance of the current transfers also reduced the current account deficit. Credit of current transfers decreased by 7.0 percent annually totaling 345.6 million USD (921.9 million GEL). Both the private and the government transfers declined.

Net foreign direct investments amounted to 240.5 million USD (641.6 million GEL) accounting for 6.6 percent of the first quarter's GDP.

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