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 2260.7 million of USD (31.0%) is public sector debt, 460.2 million of USD (6.3%) – National Bank debt, 1874.3 million of USD (25.7%) – Banking sector debt, 778.9 million of USD (10.7%) – other sector's debt and 1928.2 million of USD (26.4%) is intercompany landing. The 95.6 percent of the Gross External Debt of Georgia is denominated in foreign currency.

During the fourth quarter of 2008, Gross External Debt of Georgia increased by 159.0 million of USD, of which 106.8 million goes to public sector (67.2% of increase), intercompany loans also increased substantially (72.1 million of USD). External debts of monetary authorities and banking sector decreased by 7.1 and 16.5 million of USD respectively. Foreign currency denominated liabilities increased by 243 million of USD. As for loans in national currency, it decreased by 84.7 million of USD and amounted to 191.3 million of USD by the end of accounting period.

Such a substantial growth of external debt of government sector was resulted by the drawings of a new loan (mainly from the World Bank) (129.0 million of USD). This growth has been reduced by the part discharge of old liability (13.0 million of USD). The National Bank has not made a new lending during the reporting period. Repayment of an old loan and reduction of external debt due to the exchange rate changes have taken place (1.3 and 5.1 million of USD respectively) within the 4^th quarter of 2008.

The 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 101.3 million of USD, while long-term liabilities increased by 93.4 million of USD.

The growing of external indebtedness of the other sectors resulted by the operational changes amounted to 53.8 million of USD, of which 14.1 million of USD are long-term liabilities and 39.7 million of USD – short-term debt. As regards to exchange rate changes, it has equaled to -50.2 million of USD. Such a heavy exchange rate changes have been caused by a big share of national currency denominated loans, particularly in trade credits.