Gross external debt statistics are harmonized with BOP statistics. They include both public sector (general government, public corporations and national bank) and private sector (banking and other sectors) external debt. External debt statistics are compiled according to the methodology provided by the IMF's "External Debt Statistics: Guide for Compilers and Users" (2003).

The gross external debt of Georgia as of 30 September 2014 amounted to 13.1 billion USD (23.0 billion GEL), which came to 79.4 percent of the last four quarters' GDP. Of that total, public sector external debt was 5.3 billion USD (9.3 billion GEL) or 32.0 percent of GDP. A total of 4.2 billion USD (7.3 billion GEL) or 25.1 percent of GDP was the debt of the general government; the external liabilities of the National Bank amounted to 262.3 million USD (459.6 million GEL) or 1.6 percent of GDP; and the debt of public corporations was 874.3 million USD (1.5 billion GEL) or 5.3 percent of GDP. Banking sector external debt amounted to 2.6 billion USD (4.6 billion GEL) or 16.0 percent of GDP; other sectors' external debt stood at 3.4 billion USD (5.9 billion GEL) or 20.3 percent of GDP; while 2.7 billion USD (4.8 billion GEL) or 16.4 percent of GDP was the debt of intercompany lending. A total of 93.7 percent of the gross external debt of Georgia was denominated in foreign currency.

During the third quarter of 2014, the gross external debt of Georgia decreased by 49.6 million USD (86.5 million GEL). Out of that, exchange rate and price changes led to a decrease of gross external debt by 199.2 and 17.1 million USD respectively (347.6 and 29.8 million GEL). During the same period, transactions and other changes led to an increase of gross external debt by 155.5 and 11.2 million USD respectively (271.4 and 19.5 million GEL).

External liabilities of the government sector increased by 7.0 million USD (12.3 million GEL) during the third quarter of 2014. Transactions resulted in an increase of government debt by 157.1 million USD (274.1 million GEL). While exchange rate and price changes led to a decrease of 139.4 and 10.7 million USD respectively (243.2 and 18.6 million GEL).

External liabilities of the National Bank of Georgia decreased by 26.0 million USD (45.4 million GEL). Out of This, transactions lead to a decrease of 14.5 million USD (25.3 million GEL) and exchange rate changes - to 11.5 million USD (20.1 million GEL). By the end of the third quarter of 2014, the external debt of the National Bank of Georgia amounted to 262.3 million USD, of which 213.5 million USD are Special Driving Rights (SDR)¹ which have no maturity date, therefore  there is no obligations to repay them as long as Georgia is a member of the IMF.

External liabilities of the banking sector increased by 37.2 million USD (64.9 million GEL), of which transactions led to an increase of 61.4 million USD (107.1 million GEL). While exchage rate chages and price changes decreased banking sector external debt by 20.8 and 3.4 million USD (36.4 and 5.9 million GEL) respectively.

Other sectors' external liabilities decreased by 59.5 million USD (103.8 million GEL) during the reporting period. Of that amount, nonfinancial corporations' debt reduced by 67.5 million USD (117.9 million GEL), while the external liabilities of nonbanking financial corporations increased by 8.1 million USD (14.1 million GEL). Other sectors' liabilities decreased by 43.5, 16.5 and 3.1 million USD (75.9, 28.9 and 5.4 million GEL) due to transactions, exchange rate and price changes, respectively. While other changes led to an increase of other sector debt liabilities by 3.7 million USD (6.4million GEL).

Intercompany lending decreased by 8.3 million USD (14.5 million GEL) during the third quarter of 2014. Exchange rate chages and transactions led to decline of 10.9 and 4.9 million USD (19.1 and 8.6 million GEL) respectively; while other changes led to an increase of lending by 7.5 million USD (13.1 million GEL).

Liabilities denominated in foreign currency decreased by 47.6 million USD (83.0 million GEL) and amounted to 12.3 billion USD (21.6 billion GEL). At the same time, liabilities denominated in the national currency decreased by 2.0 million USD (3.4 million GEL) and totaled 827.3 million USD (1.4 billion GEL).

The net external debt of Georgia totaled 8.2 billion USD (14.4 billion GEL or 49.6 percent of GDP) as of 30 September 2014. Net public sector external debt was 3.1 billion USD (5.5 billion GEL or 18.9 percent of GDP) and net private sector external debt was 5.1 billion USD (8.9 billion GEL or 30.7 percent of GDP).

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=304

¹Allocated SDR is international reserve asset created by the IMF that is allocated to member countries in proportion to their IMF quotas. Allocated SDR is a liability that has no maturity date, therefore there is no obligation to repay them as long as the country is a member of the IMF. The amount of the above mentioned allocated SDR is presented in the assets of the National Bank and thereafter the net liability of the National Bank equals zero. From 2009, the IMF changed its methodological treatment towards SDR and, according to the new approach, allocated SDR is also recorded in liabilities.