Gross External Debt Statistics is harmonized with BOP statistics. It includes both public sector (debt of 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 September 30 of 2013 amounted to 13.3 billion USD (22.2 billion GEL), which amounted 83.7 percent of last four quarter GDP. Out of that public sector external debt was 5.3 billion of USD (8.9 billion GEL), 33.3 percent of GDP. 4.1 billion USD (6.8 billion GEL; 25.7 percent of GDP) was debt of general government, 373.9 million USD (622.3 million GEL; 2.4 percent of GDP) – debt of the National Bank of Georgia, 836.5 million USD (1.4 billion GEL; 5.3 percent of GDP) debt of public corporations. External debt of banking sector amounted to 2.4 billion USD (4.0 billion GEL), 3.4 billion USD (5.6 billion GEL) was other sector’s debt and 3.1 billion USD (5.1 billion GEL) was intercompany lending. 94.1 percent of total gross external debt of Georgia was denominated in foreign currency.

During the third quarter of 2013, gross external debt of Georgia decreased by 84.7 million USD (140.8 million GEL). Transactions, other changes and price changes led to decrease of gross external debt of Georgia by 141.7 million USD (235.1 million GEL), by 24.4 million USD (40.5 million GEL) and by 18.1 million USD (30.1 million GEL) correspondingly. Exchange rate changes was positive during the quarter and led to increase of gross external debt by 99.5 million USD (165.3 million GEL).

External liabilities of government sector increased by 2.8 million USD (4.7 million GEL) during the quarter. Transactions decreased the debt by 58.9 million USD (97.7 million GEL). Exchange rate and price changes resulted to increase of government debt by 61.1 million USD (101.4 million GEL) and 0.6 million USD (1.0 million GEL).

External liabilities of the National Bank of Georgia decreased by 61.8 million USD (102.5 million GEL), of which 70.3 million USD (116.6 million GEL) decline was due to transactions and 8.5 million USD (14.2 million GEL) growth was due to exchange rate changes.

External liabilities of banking sector decreased by 78.4 million USD (130.1 million GEL) mainly due to transactions amounting -124.7 million USD (-207.0 million GEL). Other changes and exchange rate changes increased banking sector external debt by 40.0 million USD (66.4 million GEL) and 9.0 million USD (14.9 million GEL) correspondingly.  The huge positive record of other changes in banking sector was generated by transformation of a nonbanking financial corporation to commercial bank during the third quarter. That, in turn, was recorded by negative sign in other changes of other sectors. The price changes was negative in the reporting quarter amounting to -2.6 million USD (-4.4 million GEL).

Other sectors' external liabilities increased by 12.8 million USD (21.2 million GEL) during the third quarter of 2013. Out of that amount, 37.2 million USD (61.8 million of GEL) was the decline of nonbanking financial corporations' debt, while external liabilities of nonfinancial corporations increased by 50.0 million USD (83.1 million GEL). Other sectors' liabilities decreased due to other changes by 70.3 million USD (116.6 million GEL) and due to price changes by 16.1 million USD (26.8 million GEL). Transactions and exchange rate changes led to decline of other sector debt liabilities by 86.9 million USD (144.4 million GEL) and by 12.3 million USD (20.4 million GEL).

Intercompany lending increased by 39.8 million USD (66.1 million GEL) during the third quarter of 2013. Transactions led to growth by 25.4 million USD (42.1 million GEL); exchange rate and other changes led to raise of the lending by 8.6 million USD  (14.2 million GEL) and 5.9 million USD (9.8 million GEL) respectively.

Liabilities denominated in foreign currency decreased by 22.6 million USD (37.6 million GEL), and amounted to 12.5 billion USD (20.9 billion GEL). The liabilities denominated in national currency also decreased by 62.1 million USD (103.0 million GEL) and totaled 783.0 million USD (1.3 billion GEL).

National Bank of Georgia is starting to publish the net external debt of Georgia. The net external debt equals to gross external debt minus external assets in debt securities.

Net external debt of Georgia totaled to 8.4 billion USD (14.0 billion GEL; 53.1 percent of GDP) by the 30^th September 2013. Net public sector external debt was 2.2 billion USD (3.6 billion GEL; 13.8 percent of GDP) and net private sector external debt was 6.2 billion USD (10.4 billion GEL; 39.3 percent of GDP).