Balance of Payments of Georgia (III quarter of 2013)
Balance of Payments Statistics is compiled according to the methodology provided by IMF - “Balance of Payments Manual, Fifth edition”.
Current account deficit in the third quarter of 2013 amounted to 92.2 million USD decreasing 5.5 times annually. The current account deficit accounted for 2.2 percent of third quarter GDP, comprising the historical minimum. The sum of 2013 year three quarter current account deficits amounted for 4.8 percent of the same period GDP.
Export of goods increased by 236.6 million USD (25.6 percent), while import decreased by 75.4 million USD (3.6 percent) annually. As a result trade deficit declined by 27.0 percent annually, totaling 843.3 million USD (1.4 billion GEL).
Balance of services account was positive equaling 494.6 million USD (820.8 million GEL). The export of services amounted to 950.6 million USD (1.6 billion GEL), increasing by 20.2 percent annually. Import of services increased by 5.1 percent annually equaling to 455.9 million USD (756.6 million GEL).
Among services travel had the largest positive balance (516.6 million USD or 857.3 million GEL) increasing by 25.5 percent annually.
Balance of income was negative equaling to -112.6 million USD (-186.9 million GEL). Income credit amounted to 235.7 million USD (391.2 million GEL), 8.6 percent lower year over year. Income debit increased by 23.8 percent annually totaling 348.3 million USD (578.0 million GEL).
Current transfers amounted to 369.0 million USD (612.4 million GEL) growing by 16.1 percent. Inflow of current transfers equaled to 402.1 million USD (667.8 million GEL), while outflow made up 33.3 million USD (55.3 million GEL). Annual growth rate of the net current transfers of the public sector equaled to 19.8 percent and of other sectors - to 15.8 percent.
Net capital transfers inflow equaled to 36.9 million USD (61.2 million GEL).
Net foreign direct investments amounted to 272.1 million USD (451.6 million GEL) in the third quarter of 2013 1. Foreign direct investments to Georgia amounted to 270.8 million USD (449.4 million GEL), 36.1 percent larger year over year. Out of total foreign direct investments to Georgia 40.2 percent invested in equity capital; 51.9 comprised by reinvested earnings and 7.9 by other capital.
The negative balance of portfolio investments amounted to -73.8 million USD(-122.5 million GEL). Portfolio investments’ assets decreased by 3.1 million USD (5.1 million GEL) and liabilities by 76.9 million USD (127.6 million GEL).
Negative balance of other investments amounted to -76.1 million USD (-126.3 million GEL). Out of that, assets decreased by 12.6 million USD (21.0 million GEL) due to decrease of deposits and trade credits. At the same time, liabilities decreased by 88.7 million USD (147.2 million GEL). Out of total liabilities in other investments, trade credits increased by 76.2 million USD (126.5 million GEL); loans decreased by 119.1 million USD (197.7 million GEL) and deposits by 45.3 million USD (75.1 million GEL).
During the third quarter of 2013 official reserve assets increased by 63.8 million USD (105.9 million GEL) due to transactional changes and amounted to 3.1 billion USD (5.1 billion GEL), that covers 3.7 months of imports.
1FDI data differs from Geostat preliminary statistics. The FDI usually rises after annual survey, due to correction of profit-lose data. BOP statistics is adjusted in order to correct this problem, according to the IMF methodology and recommendations of IMF ROSK mission 2012. After completion of annual survey the final FDI data is released by Geostat and BOP FDI record will adjust according to it.