Balance Of Payments of Georgia (IV Quarter 2020)

Balance Of Payments of Georgia (IV Quarter 2020)

29 March, 2021

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

In 2020 the current account deficit amounted to 2.0 billion USD (6.1 billion GEL), 12.3 percent of GDP.

In the fourth quarter of 2020, the current account deficit totaled 560.2 million USD (1.8 billion GEL). The trade of goods and services and income account make negative contribution to current account, while current transfers - positive. In the fourth quarter of 2020 current account deficit decreased by 0.1 percent annually, while current account deficit to GDP increased from 11.9 percent to - 13.2 percent of GDP.

Balance of goods is the major contributor to the current account. Trade of goods deficit decreased by 19.8 percent annually and amounted to 887.0 million USD (2.9 billion GEL) in the fourth quarter. Among them exports decreased by 12.4 percent, and imports decreased by 15.7 percent annually. 

Net income account was -224.7 million USD (-735.0 million GEL) in the fourth quarter 2020. Compensation of employees, a positive component of income has decreased (by 53.9%). At the same time negative component of income account, investment income, reduced by 20.4%.

The positive balance of the current transfers reduced the current account deficit. Credit of current transfers increased by 59.5 percent annually totaling 645.9 million USD (2.1 billion GEL). The private sector transfers increased by 33.9 percent. Government transfers has also increased and amounted to 144.7 million USD (473.2 million GEL).

Net foreign direct investments amounted to 120.0 million USD (392.6 million GEL) accounting for 2.8 percent of GDP.

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