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 the December 31, 2008 amounted to 7302.3 million of USD, of which 2242.9 million of USD (29.1%) is public sector debt, 625.0 million of USD (8.1%) - National Bank debt, 1737.3 million of USD (22.6%) - Banking sector debt, 1079.2 million of USD (14.0%) - other sector’s debt and 2019.3 million of USD (26.2%) is intercompany lending. The 95.1 percent of the Gross External Debt of Georgia is denominated in foreign currency.

During the first quarter of 2009, Gross External Debt of Georgia decreased by 7.0 million of USD, of which 18.1 million of USD goes to public sector. External debt of banking and other sectors decreased significantly (137.0 and 43.8 million of USD correspondingly). Contrary external liabilities of National Bank and intercompany lending have extended by 164.1 and 27.7 million of USD accordingly.

Decline of liabilities in foreign currency amounted to 9.3 million of USD, while external debt denominated in national currency has increased by 2.3 million of USD and by the end reporting period came practically to 376.6 million of USD.

Such significant growth of the NBG's external debt was conditioned by receiving new loans from the International Monetary Found) (190.9 million of USD), which decreased due to a partial repayment of previously received loans (11.0 million of USD) and changes in the exchange rate.

Replacement process of the short-term liabilities by the long-term loans is still persisting in the banking sector. During the corresponding period the short-term loans of the banking sector declined by 162.0 million of USD, while long-term liabilities increased by 25.0 million of USD.

During the first quarter of 2009 the growth of external debt of Georgia resulted by operational changes amounted to 90.6 million of USD, while due to the exchange rate changes (mainly the Euro dropped heavily against the US Dollar) it has decreased by 97.6 million of USD.