Balance of Payments of Georgia (II Quarter 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 276.2 million USD (668.1 million GEL or 7.4 percent of the same period GDP) in the second quarter of 2017. The negative balance of goods is the major contributor to the current account deficit. Trade of goods deficit decreased by 12.7 percent annually and amounted to 858.3 million USD (2.1 billion GEL) in the second quarter. Exports increased by 25.4 percent and imports by 3.4 percent annually in the second 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 20.1 percent and imports - by 4.5 percent. The balance of travel services is the largest positive component of the services account. Export of travel services increased by 27.8 percent annually and amounted to 658.7 million USD (1.6 billion GEL).
The positive balance of the current transfers furthermore contributed to reduce the current account deficit. Credit of current transfers increased by 4.0 percent annually totaling 347.2 million USD (839.9 million GEL). However, transfers to the government sector declined.
Net foreign direct investments, significant item for financing the current account deficit, amounted to 289.3 million USD (699.6 million GEL)1 accounting for 7.7 percent of the second quarter GDP. The largest investment inflows were directed to transport and construction sectors.
The presented statistical information is published on the website of the National Bank of Georgia under the heading "Statistics": https://www.nbg.gov.ge/index.php?m=306&lng=eng#external
1FDI 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.