Balance of Payments of Georgia (IV Quarter 2016)
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 661.6 million USD (1.7 billion GEL or 17.5 percent of the same period GDP) in the fourth quarter of 2016, at the same time in 2016 it equaled to 1.9 billion GEL (13.3 percent of GDP).
The negative balance of goods is the major contributor to the current account deficit. Trade of goods deficit increased by 1.8 percent annually and amounted to 1.1 billion USD (2.7 billion GEL) in the fourth quarter. The same indicator in 2016 equaled to 3.8 billion USD growing by 3.5 percent year on year. Exports increased by 3.3 percent and imports by 2.4 percent annually in the fourth 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 6.9 percent and imports by 1.0 percent. The balance of travel services is the largest positive component of the services account. Export of travel services increased by 12.5 percent annually and amounted to 481.2 million USD (1.2 billion GEL).
The positive balance of the current transfers also reduced the current account deficit. Credit of current transfers increased by 11.8 percent annually totaling 331.3 million USD (826.8 million GEL). Growth was observed for the government transfers as well as for private ones.
Net foreign direct investments, significant item for financing the current account deficit, amounted to 271.8 million USD (678.3 million GEL)1 accounting for 7.2 percent of the fourth quarter GDP. The largest investment inflows were directed to transport, energy 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