Gross External Debt of Georgia
Gross external debt statistics are harmonized with BOP statistics. They include both public sector (general government, public corporations and national bank) and private sector (banking and other sectors) external debt. External debt statistics are compiled according to the methodology provided by the IMF's "External Debt Statistics: Guide for Compilers and Users" (2003).
The gross external debt of Georgia amounted to 18.6 billion USD (53.4 billion GEL) as of 31 of December 2019. It accounted for 105.1 percent of the annual 2019 GDP. During the fourth quarter of 2019 the gross external debt of Georgia increased by 729.0 million USD. Out of that, 529.5 million USD increase was due to transactions, 141.6 million USD - due to exchange rate changes, 33.9 million USD - due to price changes and 23.9 million USD increase - due to other changes.
Public sector external debt amounted to 7.9 billion USD (22.6 billion GEL) or 44.4 percent of GDP. Out of which, debt of the general government amounted to 5.7 billion USD (16.4 billion GEL) or 32.3 percent of GDP. External liabilities of the National Bank of Georgia amounted to 449.7 million USD (1.3 billion GEL) or 2.5 percent of GDP. And, the bonds and loans of public enterprises were correspondingly 832.5 million USD (2.4 billion GEL) or 4.7 percent of GDP and 866.1 million USD (2.5 billion GEL) and 4.9 percent of GDP.
Banking sector external debt amounted to 4.5 billion USD (12.9 billion GEL) or 25.4 percent of GDP; Other sectors' external debt stood at 4.7 billion USD (13.4 billion GEL) or 26.3 percent of GDP; While 3.3 billion USD (9.5 billion GEL) or 18.6 percent of GDP was the intercompany lending. The 89.6 percent of the gross external debt of Georgia was denominated in foreign currency.
The net external debt of Georgia amounted to 10.7 billion USD (30.7 billion GEL or 60.5 percent of last four quarter GDP) as of 31 December 2019. Net public sector external debt was 4.3 billion USD (12.5 billion GEL) or 24.6 percent of GDP.
External liabilities of the National Bank of Georgia increased
by 45.0 million USD, out of that, transactions led to increase of the debt by 39.2
million USD, and exchange rate changes lead to its increase by 5.9 million USD.
By the end of the year 2019, the external debt of the National Bank of Georgia
amounted to 449.7 million USD, of which 199.3 million USD are Special Drawing Rights
(SDR)1which have no maturity date, therefore there is no obligation to repay them as long
as Georgia is a member of the IMF.
1Allocated SDR is international reserve asset created by the IMF that is allocated to member countries in proportion to their IMF quotas. Allocated SDR is a liability that has no maturity date, therefore there is no obligation to repay them as long as the country is a member of the IMF. The amount of the above mentioned allocated SDR is presented in the assets of the National Bank and thereafter the net liability of the National Bank equals zero. From 2009, the IMF changed its methodological treatment towards SDR and, according to the new approach, allocated SDR is also recorded in liabilities.
The presented statistical information is published on the website of the National Bank of Georgia under the heading "Statistics":https://www.nbg.gov.ge/index.php?m=306&lng=eng#external