Balance of Payments of Georgia (II Quarter 2020)

Balance of Payments of Georgia (II Quarter 2020)

28 September, 2020
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 totaled 337.1 million USD (1.1 billion GEL) in the second quarter of 2020. The trade of goods and income account make negative contribution to current account, while services and current transfers - positive. Current account deficit increased by 97.3 percent from -3.9 percent of GDP to -9.4 percent of GDP.

Balance of goods is the major contributor to the current account. Trade of goods deficit decreased by 39.8 percent annually and amounted to 530.1 million USD (1.7 billion GEL) in the second quarter. Among them exports decreased by 23.4 percent, and imports decreased by 30.3 percent annually. 

The positive balance of services (mostly due to exports of travel services) partially offsets the negative balance of goods. Exports of services decreased by 77.7 percent and imports by 58.0 percent. The balance of travel services was the largest positive component of the services account. Export of travel services decreased by 96.7 percent annually and amounted to 28.8 million USD (90.5 million GEL).

The positive balance of the current transfers also reduced the current account deficit. Credit of current transfers decreased by 3.6 percent annually totaling 361.0 million USD (1.1 billion GEL). The private sector transfers decreased by 1.4 percent, while the government transfers has increased and amounted to 6.0 million USD (18.7 million GEL).

Net foreign direct investments amounted to 148.9 million USD (467.2 million GEL) accounting for 4.2 percent of GDP.

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