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 metodology provided by IMF -"External Debt Statistics, Guide for compilers and users, 2003".
Gross External Debt of Georgia by December 31 of 2013 amounted to 13.6 billion USD (23.7 billion GEL), which amounted 84.6 percent of last four quarter GDP. Out of that public sector external debt was 5.4 billion of USD (9.3 billion GEL), 33.2 percent of GDP. 4.2 billion USD (7.3 billion GEL; 26.0 percent of GDP) was debt of general government, 338.2 million USD (587.2 million GEL; 2.1 percent of GDP) - debt of the National Bank of Georgia, 833.5 million USD (1.4 billion GEL; 5.2 percent of GDP) debt of public corporations. External debt of banking sector amounted to 2.6 billion USD (4.6 billion GEL), 3.4 billion USD (5.9 billion GEL) was other sector's debt and 3.1 billion USD (5.4 billion GEL) was intercompany lending. 94.3 percent of total gross external debt of Georgia was denominated in foreign currency.
During the fourth quarter of 2013, gross external debt of Georgia increased by 319.6 million USD (538.7 million GEL). Transactions and other changes led to increase of gross external debt of Georgia by 334.0 million USD (563.0 million GEL) and by 136.9 thousand USD (230.7 thousand GEL) correspondingly. During the same period price and exchange rate changes led to decrease of gross external debt by 11.8 and 2.8 million USD (19.9 and 4.7 million GEL) respectively.
External liabilities of government sector increased by 97.9 million USD (165.1 million GEL) during the last quarter of 2013. Transactions and exchange rate changes resulted to increase of government debt by 85.3 million USD (143.7 million GEL) and 13.3 million USD (22.4 million GEL), while price changes led to its decrease by 625.0 thousand USD (1.1 million GEL).
External liabilities of the National Bank of Georgia decreased by 35.7 million USD (60.2 million GEL), of which 37.0 million USD (62.4 million GEL) decline was due to transactions and 1.3 million USD (2.2 million GEL) growth was due to exchange rate changes.
External liabilities of banking sector increased by 237.6 million USD (400.6 million GEL), wholly due to transactions amounting 240.6 million USD (405.6 million GEL). Price changes and exchange rate changes decreased banking sector external debt by 2.7 million USD (4.6 million GEL) and 278.7 thousand USD (469.8 thousand GEL) correspondingly.
Other sectors' external liabilities decreased by 6.2 million USD (10.4 million GEL) during the forth quarter of 2013. Out of that amount, 23.2 million USD (39.1 million of GEL) was the decline of nonfinancial corporations' debt, while external liabilities of nonbanking financial corporations increased by 17.0 million USD (28.7 million GEL). Other sectors' liabilities decreased equally due to price and exchange rate changes by 8.4 and 8.4 million USD (14.2 and 14.2 million GEL). Transactions and other changes led to increase of other sector debt liabilities by 10.2 million USD (17.2 million GEL) and by 450.3 thousand USD (758.9 thousand GEL).
Intercompany lending increased by 25.9 million USD (43.7 million GEL) during the last quarter of 2013. Transactions led to growth by 34.9 million USD (58.9 million GEL); exchange rate and other changes led to decline of the lending by 8.7 million USD (14.6 million GEL) and 313.4 thousand USD (528.2 thousand GEL) respectively.
Liabilities denominated in foreign currency increased by 322.5 million USD (543.6 million GEL), and amounted to 12.9 billion USD (22.3 billion GEL). In the same time the liabilities denominated in national currency decreased by 2.9 million USD (4.9 million GEL) and totaled 781.6 million USD (1.4 billion GEL).
Net external debt of Georgia totaled to 8.7 billion USD (15.1 billion GEL; 53.9 percent of GDP) by the 31st December 2013. Net public sector external debt was 2.5 billion USD (4.3 billion GEL; 15.5 percent of GDP) and net private sector external debt was 6.2 billion USD (10.7 billion GEL; 38.4 percent of GDP).