Gross External Debt of Georgia
Gross External Debt Statistics is harmonized with BOP statistics. It includes both public sector (general government, public corporations and national bank) and private sector (Banking and Other sectors) external debt. External Debt Statistics is compiled according to the methodology provided by IMF - "External Debt Statistics, Guide for compilers and users, 2003".
Gross External Debt of Georgia by March 31 of 2014 amounted to 13.1 billion USD (22.9 billion GEL), which amounted 80.8 percent of last four quarter GDP. Out of that, 4.2 billion USD (7.3 billion GEL; 25.7 percent of GDP) was debt of general government. External debt of National Bank amounted to 301.1 million USD (526.3 million GEL; 1.9 percent of GDP ), banking sector external debt amounted to 2.6 billion USD (4.5 billion GEL; 15.8 percent of GDP ), other sector's external debt was 3.4 billion USD (5.9 billion GEL; 20.7 percent of GDP ) and 2.7 billion USD (4.8 billion GEL; 16.8 percent of GDP) was intercompany lending. 94.2 percent of total gross external debt of Georgia was denominated in foreign currency.
During the first quarter of 2014, gross external debt of Georgia decreased by 106.3 million USD (186.0 million GEL). Out of that, transactions and other changes led to decrease of gross external debt of Georgia by 122.2 million USD (213.8 million GEL) and by 22.2 million USD (38.8 million GEL) correspondingly. During the same period price and exchange rate changes led to increase of gross external debt by 33.7 and 4.4 million USD (58.9 and 7.7 million GEL) respectively.
External liabilities of government sector decreased by 10.6 million USD (18.5 million GEL) during the first quarter of 2014. Transactions resulted to decrease of government debt by 27.7 million USD (48.4 million GEL). While price and exchange rate changes led to its increase by 8.6 and 8.6 million USD (15.0 and 15.0 million GEL).
External liabilities of the National Bank of Georgia decreased by 37.1 million USD (64.9 million GEL), of which 38.3 million USD (66.9 million GEL) decline was due to transactions and 1.2 million USD (2.1 million GEL) growth was due to exchange rate changes.
External liabilities of banking sector decreased by 84.1 million USD (147.2 million GEL), wholly due to transactions amounting 93.0 million USD (162.7 million GEL). Price changes and exchange rate changes increased banking sector external debt by 8.6 million USD (15.0 million GEL) and 233.8 thousand USD (409.0 thousand GEL) correspondingly.
Other sectors' external liabilities decreased by 16.3 million USD (28.5 million GEL) during the first quarter of 2014. Out of that amount, 18.0 million USD (31.4 million of GEL) was the decline of nonfinancial corporations' debt, while external liabilities of nonbanking financial corporations increased by 1.7 million USD (2.9 million GEL). Other sectors' liabilities decreased due to transactions, other and exchange rate changes by 26 .3, 3.6 and 2.8 million USD (46.1, 6.3 and 5.0 million GEL). Price changes led to increase of other sector debt liabilities by 16.5 million USD (28.9 million GEL).
Intercompany lending increased by 41.8 million USD (73.1 million GEL) during the first quarter of 2014. Transactions led to growth by 63.1 million USD (110.3 million GEL); Other and exchange rate changes led to decline of the lending by 18.5 million USD and 2.7 million USD (32.4 million GEL and 4.8 million GEL).
Liabilities denominated in foreign currency decreased by 81.8 million USD (143.1 million GEL), and amounted to 12.4 billion USD (21.6 billion GEL). In the same time the liabilities denominated in national currency decreased by 24.5 million USD (42.9 million GEL) and totaled 760.6 million USD (1.3 billion GEL).
Net external debt of Georgia totaled to 8.4 billion USD (14.8 billion GEL; 52.0 percent of GDP) by the 31st March 2014. Net public sector external debt was 2.7 billion USD (4.7 billion GEL; 16.5 percent of GDP) and net private sector external debt was 5.8 billion USD (10.1 billion GEL; 35.5 percent of GDP).