Georgia’s external debt at $23.5 billion
The external debt of the public sector reached $10.6 billion, or 43.2 percent of the gross domestic product, while the banking sector’s external debt amounted to $896.2 million, or 3.6 percent of the GDP, the institution also revealed. Photo via Nino Alavidze/Agenda.ge
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The gross external debt of Georgia increased by $1.4 billion during the fourth quarter of 2022 and stood at $23.5 billion at the end of the year, the National Bank said in its latest update of national debt statistics on Friday.
The Bank said the figure had increased by $764.2 million due to exchange rate changes, by $568.1 million through transactions and by $66.3 million due to price changes, while “other changes” led to its decrease by $8.7 million.
The external debt of the public sector reached $10.6 billion, or 43.2 percent of the gross domestic product, while the banking sector’s external debt amounted to $896.2 million, or 3.6 percent of the GDP, the institution also revealed.
Georgia’s international investment position amounted to -$28.3 billion for December 31 2022, with Net IIP deteriorating by $1.8 billion compared to the previous quarter. The IIP is a financial statement that explains the value and composition of a country’s external financial assets and liabilities. A positive IIP value indicates a nation is a creditor nation, while a negative value indicates it is a debtor nation, as is the case for Georgia.
Other updated data from the Bank on Georgia’s balance of payment indicated how much money had entered and left the country, with the figures showing the current account had “become negative” and the deficit equalled $540.0 million.
The NBG noted the trade of goods and income accounts made a “negative contribution” to the current account, while services account and current transfers made a “positive effect”. In the fourth quarter of 2022, the current account was 4.1 percent of GDP.
The database of the Credit Information Bureau, a body providing banks and other financial organisations across Georgia with information about financial and credit circumstances of customers, will expand its database to include information on money remittances from abroad, the National Bank of Georgia said on Wednesday.
The Georgian economy grew 5.8 percent in February and 7.1 percent in the first two months of 2023, data published by the National Statistics Office of Georgia on Friday shows.
The National Bank of Georgia on Wednesday said even though inflation was “still high” in the country, the trends were following a “downward trajectory”, with the numbers expected to remain below the “target level” in the second half of the year.
Commercial banks in Georgia loaned ₾44.45 billion ($17.27bln) and received deposits of ₾43.61 billion ($16.94 bln) in February 2023, the latest data from the National Bank of Georgia shows.
Georgian recipients received ₾985.5 million ($372.3 mln) in remittances from abroad in February, marking a 103 percent increase year-on-year, the latest data from the National Bank of Georgia shows.
The downward trend of inflation in the Georgian economy will continue in case of absence of further shocks, Archil Mestvirishvili, the Vice President of the National Bank of Georgia, said on Wednesday.
Seventeen units of insignificant amounts of individual state aid were issued in Georgia in 2022 for a total amount exceeding ₾30 million ($11.63mln), the National Competition Agency of Georgia announced on Tuesday.
The European Bank for Reconstruction and Development has allocated €19 million for better waste management and disposal in western Georgia’s Black Sea region of Adjara, the Bank said on Monday.
Georgian external trade turnover amounted to $2.89 billion in January-February 2023, posting a 12.3 percent increase year-on-year, the Georgian National Statistics Office revealed on Monday.
Georgian recipients received ₾1134.4 million ($438.4 mln) in remittances from abroad in March, marking a 127.1 percent increase year-on-year, the latest data from the National Bank of Georgia shows.
The gross external debt of Georgia increased by $260.3 million during the second quarter of 2023 and stood at $24.2 million as of June, the National Bank said in its latest update of national debt statistics on Friday.
Natia Turnava, the Acting Governor of the National Bank of Georgia, on Wednesday said the country’s foreign exchange reserves were at a “historic high” and within the limits of an “adequate level”, in comments at the session of the Finance and Budget Committee of the Parliament.