National Bank Says Georgia Has $17.2 Billion External Debt

The National Bank of Georgia (NBG) reports that the gross external debt of Georgia amounted to $17.2 billion (GEL 44.6 billion) as of 31st December 2017, and 113.5 % of the 2017 Gross Domestic Product (GDP).

During Quarter IV of 2017, the gross external debt of the country increased by $342.9 million.

“Of that, a $335.7 million increase was due to transactions, and $12.6 and $10.5 million to price and other changes. Exchange rate changes lead to a decrease of $15.9 million,” the NBG stated.

Public sector external debt amounted to $7.3 billion (19.0 billion GEL) or 48.3% of GDP, out of which debt of the general government amounted to $5.3 billion (13.7 billion GEL) or 34.9% of GDP.

“Banking sector external debt amounted to $3.7 billion (9.5 billion GEL) or 24.2% of GDP, while the other sectors' external debt stood at $5.4 billion (13.9 billion GEL) or 35.3% of GDP,” the NBG explained.

The net external debt of Georgia amounted to $10.1 billion (26.2 billion GEL or 66.6% of GDP) as of 31st December 2017. Net public sector external debt was $4.2 billion (11.0 billion GEL or 28.0% of GDP).

External liabilities of the NBG increased by $43.8 million, of which transactions and exchange rate changes led to an increase in debt by $41.6 million and $2.2 million, respectively. By the end of the fourth quarter of 2017, the external debt of the National Bank amounted to $291.4 million.

According to the NBG, 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. 

By Thea Morrison