Page 35 - GEORptDec21

6.3 Debt
Georgia - Gross 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 external debt
Gross external debt ($ mn)
17,825 18,242 17,900 18,631 18,326 18,880 19,662 20,285 20,592 20,630
2013 2014 2015 2016 2017 2018 2019 2020
Gross external debt (% GDP)
78.2 79.4 102.7 105.1 106.4 101.4 106.9 129.6
source: CEIC, World Bank
Georgia’s gross external debt up by $22.6mn in Q1
Georgia currently owes $20.6bn in external debt, and this amount is growing, the National Bank of Georgia (NBG) said on June 30. During the first quarter of 2021, the gross external debt of Georgia increased by $22.6mn.
A $467.4mn increase was recorded due to transactions and a $15.9mn increase was due to price changes. Meanwhile, a decrease of $332.8mn was due to exchange rate changes and a $127.9mn drop was due to other changes during the first quarter 2021, the NBG said.
Public sector external debt amounted to $9.9bn or 64% of GDP, while banking sector external debt amounted to $4.4bn or 28.5% of GDP.
Georgia’s international investment position (IIP) amounted to a negative $23.9bn to March 31, 2021. Net IIP has improved by $1bn compared to the previous quarter, said NBG.
An 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.
Meanwhile, other data on the country’s balance of payments indicated how much money entered and left the country. The NBG said Georgia’s current account deficit of balance of payment was $365.5mn.
35 GEORGIA Country Report December 2021 www.intellinews.com