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 2010 amounted to 9664.9 million of USD, of which 3322.2 million of USD (34.4%) is public sector debt, 876.4 million of USD (9.1%) - National Bank’s debt, 1582.0 million of USD (16.4%) - Banking sector’s debt, 1664.9 million of USD (17.2%) - other sector’s debt and 2219.4 million of USD (23.0%) is intercompany lending. 95.0 percent of the Gross External Debt of Georgia is denominated in foreign currency.

During the 2010, Gross External Debt of Georgia increased by 1003.9 million of USD, of which public sector debt grew by 582.5 million of USD; The National Bank’s foreign liabilities decreased by 37.5 million of USD. External liabilities of banking sector, during the reporting period grew by 83.3 million of USD. Other sectors’ external liabilities increased by 294.9 million of USD, of which 260.9 million of USD was Eurobonds issued by Georgian Railway and accumulated interest on it. Intercompany lending increased by 80.7 million of USD.

Increase in foreign liabilities mainly was observed in loans denominated in foreign currency. During the reporting period gross external debt in foreign currency increased by 910.5 million of USD and for the end of the period amounted to 9180.2 million of USD. The external debt denominated in national currency increased by 93.4 million of USD and by the end of reporting period reached 484.8 million of USD.

During the reporting period public sector external debt increased by 621.2 million of USD due to operational changes but decreased by 38.7 million of USD due to exchange rate changes.

As mentioned above, external liabilities of the National Bank of Georgia decreased by 37.5 million of USD, of which 21.2 million of USD was due to operational changes and 16.3 million of USD due to exchange rate changes.

Long-term loan of the banking sector declined by 2.5 million of USD.  To the contrary, short-term external liabilities of the banking sector increased by 85.7 million of USD. Due to exchange rate changes banking sector external debt decreased by 5.7 million of USD.

During the reporting period, external debt of other sector increased by 227.0 million of USD due to operational changes and by 98.8 million of USD due to price and other changes; while decrease due to exchange rate changes amounted to 30.9 million of USD.

As a result of operational changes, intercompany lending increased by 107.5 million of USD, while decreased by 16.1 million of USD and 10.7 million of USD due to exchange rate and other changes respectively.

In general, during the reporting period, operational, and price and other changes led to increase in gross external debt of Georgia by 1023.4 and  88.1 million of USD respectively. While exchange rate changes led to decrease of gross external debt by 107.6 million of USD.