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 June 2014 amounted to 13.1 billion USD (22.8 billion GEL), which came to 80.4 percent of the last four quarters' GDP. Of that total, public sector external debt was 5.3 billion USD (9.2 billion GEL) or 32.5 percent of GDP. A total of 4.1 billion USD (7.2 billion GEL) or 25.4 percent of GDP was the debt of the general government; the external liabilities of the National Bank amounted to 288.3 million USD (500.5 million GEL) or 1.8 percent of GDP; and the debt of public corporations was 833.5 million USD (1.5 billion GEL) or 5.4 percent of GDP. Banking sector external debt amounted to 2.6 billion USD (4.5 billion GEL) or 16.0 percent of GDP; other sectors' external debt stood at 3.4 billion USD (5.9 billion GEL) or 20.8 percent of GDP; while 2.7 billion USD (4.7 billion GEL) or 16.6 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 second quarter of 2014, the gross external debt of Georgia increased by 55.1 million USD (97.2 million GEL). Out of that, price changes and transactions led to an increase of gross external debt by 60.4 million USD (106.4 million GEL) and 15.9 million USD (28.0 million GEL) respectively. During the same period, exchange rate and other changes led to a decrease of gross external debt by 20.1 and 1.1 million USD (35.4 and 1.9 million GEL) respectively.

External liabilities of the government sector decreased by 24.2 million USD (42.6 million GEL) during the second quarter of 2014. Transactions and exchange rate changes resulted in a decrease of government debt by 42.3 and 5.4 million USD (74.6 and 9.5 million GEL) respectively. While price changes led to an increase of 23.5 million USD (41.4 million GEL).

External liabilities of the National Bank of Georgia decreased by 12.8 million USD (22.6 million GEL). This decline was almost totally a result of transactions, which totaled 12.9 million USD (22.7 million GEL). By the end of the second quarter of 2014, the external debt of the National Bank of Georgia amounted to 288.3 million USD, of which 222.6 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 19.7 million USD (34.8 million GEL), of which transactions and price changes led to an increase of 18.9 and 3.8 million USD (33.4 and 6.8 million GEL) respectively. At the same time, exchange rate changes decreased banking sector external debt by 3.0 million USD (5.3 million GEL).  

Other sectors' external liabilities increased by 67.3 million USD (118.6 million GEL) during the reporting period. Of that amount, nonfinancial corporations' debt grew by 50.8 million USD (89.6 million GEL), while the external liabilities of nonbanking financial corporations increased by 16.4 million USD (29.0 million GEL). Other sectors' liabilities increased by 45.8 and 33 million USD (80.6 and 58.2 million GEL) due to transactions and price changes, respectively. Exchange rate and other changes led to a decrease of other sector debt liabilities by 6.8 and 4.7 million USD (12.0 and 8.3 million GEL) respectively.

Intercompany lending increased by 5.1 million USD (9.0 million GEL) during the second quarter of 2014. Transactions and other changes led to growth of 6.4 and 3.7 million USD (11.3 and 6.5 million GEL) respectively; while exchange rate changes led to a decline of lending by 4.9 million USD (8.7 million GEL).

Liabilities denominated in foreign currency increased by 69.9 million USD (123.1 million GEL) and amounted to 12.3 billion USD (21.4 billion GEL). At the same time, liabilities denominated in the national currency decreased by 14.7 million USD (25.9 million GEL) and totaled 831.5 million USD (1.4 billion GEL).

The net external debt of Georgia totaled 8.5 billion USD (14.7 billion GEL or 51.9 percent of GDP) as of 30 June 2014. Net public sector external debt was 2.8 billion USD (4.8 billion GEL or 17.0 percent of GDP) and net private sector external debt was 5.7 billion USD (9.9 billion GEL or 34.9 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.