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 March 31 of 2012 amounted to 11.4 billion USD (18.9 billion GEL), of which 3.8 billion USD (6.3 billion GEL, 33.4%) is public sector debt; 783.1  million USD(1.3 billion GEL, 6.9%) - National Bank's debt; 2.1 billion USD (3.5 billion GEL, 18.3%) - Banking sector's debt, 2.1 billion USD (3.5 billion GEL, 18.3%) - other sector's debt and 2.6 billion USD (4.3 billion GEL, 23.0%) is intercompany lending. Gross external debt to GDP ratio for the last four quarter (period from the second quarter of 2011 up to the first quarter of 2012) amounted to 76.7 percent. 94.6 percent of the Gross External Debt of Georgia is denominated in foreign currency.

During the first quarter of 2012, Gross External Debt of Georgia increased by 128.9 million USD (214.0 million GEL) on quarterly base, where transactional, price, exchange rate and other changes led to increase in gross external debt by 49.0 million USD (81.4 million GEL), 16.2 million USD (26.9 million GEL), 60.2 million USD (99.9 million GEL) and 3.5 million USD (5.8 million GEL) respectively.

Public sector debt has increased by 114.4 million USD (189.9 million GEL) during the reporting period, of which, transactional, price and exchange rate changes increased the public sectors external liabilities by 76.5 million USD (127.1 million GEL), 11.7 million USD (19.4 million GEL), 26.2 million USD (43.4 million GEL). Public debt to GDP ratio for the last four quarter amounted to 25.6 percent.

External liabilities of the National Bank of Georgia decreased by 31.9 million USD (53.0 million GEL), of which 39.2 million USD (65.1 million GEL) decline was due to transactional changes, while exchange rate changes led to rise by 7.3 million USD (12.1 million GEL). Monetary authorities' debt to GDP ratio, for the last four quarter decreased by 0.2 percentage points compared to preceding quarter and amounted to 5.3 percent.

External liabilities of banking sector, during the reporting period decreased by 35.7million USD (59.3 million GEL); Of which 43.9 million USD (72.8 million GEL) was due to decline by transactional changes, while 8.1 million USD (13.5 million GEL) increase was due to exchange rate changes.

Other sectors' external liabilities increased by 43.3 million USD (72.0 million GEL), of which 34.3 million USD (57.0 million GEL), 79.2 percent of other sectors debt is nonfinancial corporations' external liabilities. Other sectors liabilities increased due to operational changes by 24.3 million USD (40.3 million GEL), due to price changes by 4.5 million USD (7.5 million GEL), due to exchange rate changes by 11.0 million USD (18.2 million GEL) and due to other changes 3.6 million USD (5.9 million of GEL).

Intercompany lending increased by 38.8 million USD (64.4 million GEL). In which transactional and exchange rate changes led to increase by 31.3 million USD (51.9 million GEL) and by 7.6 million USD (12.6 million GEL) respectively, while other changes led to slight decrease by 0.1 million USD (0.2 million GEL).

51.5 percent of increase in foreign liabilities was observed in loans denominated in foreign currency 66.4 million USD (110.3 million GEL) and 48.5 percent in loans dominated in national currency, which equals to 62.5 million USD (103.7 million GEL). By March 31 of 2012 the amount of the external liabilities dominated in foreign currency was 10.8 billion USD (17.9 billion GEL) and liabilities dominated in national currency equaled to 615.4 million USD (1.0 billion GEL).