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.

National Bank of Georgia starts to publish additional table of external debt.  There will be details on changes of external debt alongside with its stocks. Another innovation in reporting external debt statistics is under preparation and will be launched in January.  NBG will publish external debt service schedule. Amortization schedule (both for principal and interest) will be published no later than 100 days after reporting period. Thus, external debt service schedule reflecting standings of September 30 2011 will be reported before January 10 2012 on the web page of NBG.

Gross External Debt of Georgia by September 30 of 2011 amounted to 10.8 billion US dollars (17.9 billion GEL), of which 3.6 billion US dollars (5.9 billion GEL or 33.2%) is public sector debt, 866.6  million US dollars (1.4 billion GEL or 8.0%) - National Bank debt, 2.0 billion US dollars (3.2 billion GEL or 18.1%) - Banking sector debt, 1.9 billion US dollars (3.1 billion GEL or 17.4%) - other sectors debt and 2.5 billion US dollars (4.2 billion GEL or 23.3%) is intercompany lending. 95.3 percent of the Gross External Debt of Georgia is denominated in foreign currency.

During the third quarter of 2011, Gross External Debt of Georgia increased by 235.0 million US dollars (390.0 million GEL), of which operational and other changes led to increase in gross external debt of Georgia by 403.2 million US dollars (669.1 million GEL) and 4.4 million US dollars (7.3 million GEL) respectively. Exchange rate changes and price changes led to its decrease by 125.4 million US dollars and 47.3 million US dollars (208.0 and 78.4 million GEL) respectively.

Public sector debt has decreased by 8.4 million US dollars (13.9 million GEL) during the reporting period,  of which, price and exchange rate changes has resulted in its fall by 85.9 million US dollars (142.5 million GEL). Operational changes increased the public sector external liabilities by 77.5 million US dollars (128.6 million GEL).

External liabilities of the National Bank of Georgia decreased by 29.8 million US dollars (49.5 million GEL), of which 8.3 million US dollars (13.7 million GEL) decline was due to operational changes and 21.6 million US dollars (35.8 million GEL) due to exchange rate changes.

External liabilities of banking sector, during the reporting period grew by 129.0 million US dollars (214.1 million GEL). The growth by 138.5 million US dollars (229.8 million GEL) was due to operational changes and decline by 9.5 million US dollars (15.7 million GEL) due to other changes. 91.4 percent (126.5 million US dollars or 209.9 million GEL) of total banking sector’s liabilities operational changes is due to increase of short-term external liabilities. 11.9 million US dollars (19.8 million GEL or 8.6 percent) increase of long-term external liabilities of banking sector was due to operational changes.

Other sector’s external liabilities increased by 108.5 million US dollars (180.0 million GEL), of which 94.3 million US dollars (156.5 million GEL or 87.0 percent of changes in other sector liabilities) was due to growth of nonfinancial corporations’ external liabilities. Other sectors liabilities increased by 141.0 million US dollars (234.0 million GEL) due to operational changes and by 12.3 million US dollars (20.3 million GEL) due to other changes, and decreased by 26.4 million US dollars (43.9 million GEL) and 18.4 million US dollars (30.6 million GEL) due to price and exchange rate changes respectively.

Intercompany lending increased by 35.8 million US dollars (59.4 million GEL). Operational changes led to increase by 54.5 million US dollars (90.5 million GEL) and exchange rate and other changes led to decrease by 10.9 million US dollars (18.1 million GEL) and by 7.9 million US dollars (13.0 million GEL) respectively.

Increase in foreign liabilities was observed in loans denominated in foreign currency. During the reporting period gross external debt in foreign currency increased by 240.3 million US dollars (398.7 million GEL) and for the end of the period amounted to 10.3 billion US dollars (17.0 billion GEL). External debt denominated in national currency decreased by 5.3 million US dollars (8.8 million GEL) and by the end of reporting period reached 510.7 million US dollars (848.2 million GEL).