Gross External Debt Statistics is harmonized with BOP statistics. Besides of public sector debt, it includes private sector's (Banking and Other sector) external debt.

Gross External Debt of Georgia by December 31 of 2012 amounted to 13.4 billion of USD (22.1 billion of GEL), of which 4.2 billion of USD (7.0 billion of GEL) (31.8%) is public sector debt, 582.3  million of USD(964.8 million of GEL) (4.4%) - National Bank's debt, 2.5 billion of USD (4.1 billion of GEL) (18.5%) - Banking sector's debt, 3.2 billion of USD (5.3 billion of GEL) (24.1%) - other sector's debt and 2.8 billion of USD (4.7 billion of GEL) (21.3%) is intercompany lending. 94.3 percent of the Gross External Debt of Georgia is denominated in foreign currency.

During the fourth quarter of 2012, Gross External Debt of Georgia increased by 58.1 million of USD (96.5 million of GEL), In which, operational changes led to increase in gross external debt of Georgia by 17.3 million of USD (28.7 million of GEL), price changes - by 10.2 million of USD (17.0 million of GEL), exchange rate changes - by 9.3 million of USD (15.5 million of GEL) and other changes - by 21.3 million of USD (35.3 million of GEL).

Public sector debt has increased by 76.6 million of USD (127.1 million of GEL) during the reporting period, of which, operational changes has resulted it's grow by 76.6 million of USD (127.3 million of GEL), price changes increased the public sectors external liabilities by 5.5 million of USD (9.1 million of GEL), while exchange rate changes lead to its decrease by 5.6 million of USD (9.3 million of GEL).

External liabilities of the National Bank of Georgia decreased by 70.2 million of USD (116.6 million of GEL), of which 68.0 million of USD (113.0 million of GEL) decline was due to operational changes and 2.2 million of USD (3.6 million of GEL) due to exchange rate changes.

External liabilities of banking sector, during the reporting period grew by 10.1 million of USD (16.8 million of GEL); of which the 6.1 million of USD (10.2 million of GEL) was due to grew by operational changes and 4.9 million of USD (8.2 million of GEL) was due to grew by exchange rate changes. Also in banking sector there were noted 0.9 million of USD (1.5 million of GEL) decreases due to price changes. During the reporting period banking sector's short-term liabilities had decreased by 76.8 million of USD (127.6 million of GEL), and long-term liabilities has increased by 87.0 million of USD (144.4 million of GEL).

Other sectors' external liabilities increased by 93.5 million of USD (155.2 million of GEL), of which 79.1 million of USD (131.3 million of GEL) and 84.6 percent grow is on nonfinancial corporations' external liabilities. Other sectors liabilities increased due to operational changes by 27.2 million of USD (45.2 million of GEL), due to exchange rate changes by 8.3 million of USD (13.8 million of GEL), due to price changes by 5.7 million of USD (9.4 million of GEL).The other changes lead to increase other sectors' external liabilities by 52.3 million of USD (86.8 million of GEL), most of this amount  - 31.0 million of USD (51.5 million of GEL)  has arisen due to classification changes, namely, change in investors resulted reclassification of intercompany loans into the loans of other sector.

Intercompany lending decreased by 51.8 million of USD (86.0 million of GEL). In which operational changes lead to its decrease by 24.6 million of USD (40.9 million of GEL), other changes by 31.0 million of USD (51.5 million of GEL), and the latest was reflected on reclassification of intercompany loans into other sector's loans. Exchange rate changes leads to grow intercompany loans by 3.9 million of USD (6.4 million of GEL).

Liabilities denominated in foreign currency increased by 85.2 million of USD (141.4 million of GEL) during the fourth quarter of 2012, and amounted to 12.6 billion of USD (20.9 billion of GEL). On the contrary liabilities denominated in national currency decreased by 27.1 million of USD (44.9 million of GEL) and totaled 761.6 million of USD (1.3 billion of GEL).