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

 

In the first quarter of 2022, the current account deficit totaled 598.4 million USD (1.9 billion GEL). The trade of goods and income account make negative contribution to current account, while services account and current transfers - positive. In the first quarter of 2022 current account deficit increased by 37.6 percent annually and current account deficit to GDP from -12.5 percent to -13.0 percent.

 

Balance of goods is the major contributor to the current account. Trade of goods deficit increased by 25.3 percent annually and amounted to 1.0 billion USD (3.1 billion GEL) in the first quarter. Among them exports increased by 40.7 percent and imports by 34.1 percent annually.

 

Partially recovered travel export continued to grow in the following quarters to reached 393.7 million USD (1.2 billion GEL) in the first quarter of 2022. That accounted for 68.1 percent of the value of corresponding period in 2019.

 

Net income account totaled -349.7 million USD (-1.1 billion GEL) in the first quarter of 2022. Compensation of employees, the positive component of income account increased by 11.1 percent and negative component, investment income, was up by 86.0 percent.

 

The current transfers balance is positive. Credit of current transfers increased by 9.5 percent annually totaling 570.6 million USD (1.8 billion GEL). The private sectors transfers was up by 10.7 percent to reach 533.0 million USD (1.7 billion GEL). At the same time government transfers decreased from 15.6 million USD to 1.8 million USD.

 

Net foreign direct investments amounted to 451.1million USD (1.4 billion GEL) accounting for 9.8 percent of GDP.

 

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