Gross External Debt Statistics is harmonized with BOP statistics. Besides of public sector debt, it includes private sector’s (Banking and Other sector) external debt.

Gross External Debt of Georgia by December 31st of 2009 amounted to 8631.9 million of USD, of which 2738.4 million of USD (31.7%) is public sector debt, 913.7 million of USD (10.6%) - National Bank debt, 1601.4 million of USD (18.6%) - Banking sector debt, 1291.4 million of USD (15.0%) - other sector’s debt and 2087.0 million of USD (24.2%) is intercompany lending. A 95.2 percent of the Gross External Debt of Georgia is denominated in foreign currency.

During the fourth quarter of 2009, Gross External Debt of Georgia increased by 233.9 million of USD, of which 79.1 million of USD comes from the public sector. Contrary, the National Bank’s foreign liabilities have decreased by 13.6 million of USD. After a sufficient decline during the preceding quarters, external liabilities of banking sector have enlarged by 52.9 million of USD. Other sectors’ external debt and intercompany lending increased as well, by 77.1 and 38.4 millions of USD respectively.

Increase of liabilities mainly was observed in loans denominated in foreign currency. During the reporting period gross external debt in foreign currency has enlarged by 207.7 million of USD and for the end of the quarter amounted to 8216.2 million of USD. Similarly, the external debt denominated in national currency has increased by 26.2 million of USD and by the end of reporting period stood at 415.7 million of USD.

The public sector’s external debt increase, caused by operational changes, amounted to 99.9 million of USD. While due to the exchange rates changes, gross external liabilities of public sector declined by 20.8 million of USD.

Within the fourth quarter external liabilities of the National Bank has decreased by 13.6 million of USD. From which, 3.9 million of USD growth in indebtedness was due to the operational changes (28.4 percent of total external debt growth in the NBG). Exchange rate changes led to decline NBG’s debt by 9.7 million of USD (or 71.6 percent of growth).

During the corresponding period, long-term loans of the banking sector declined by 27.4 million of USD. Contrary, short-term external liabilities increased considerably (80.4 million of USD). That mainly was resulted from a substantial growth in foreign deposits. Due to exchange rate changes banking sector’s external debt has decreased by 1.6 million of USD.

During the reporting quarter, other sector’s external debt increase, caused by operational changes, amounted to 78.4 million of USD. Due to the exchange rates changes, gross external liabilities of other sector declined by 5.1 million of USD. Analogously to this, due to operational changes, intercompany lending increased by 42.0 million of USD, whiles 3.6 million of USD decrease was caused by exchange rate changes.

During the reporting quarter, operational changes led to increase the gross external debt of Georgia by 270.9 million of USD. Although, due to exchange rate changes it has declined by 40.8 million of USD.