Page 35 - GEORptApr21

Georgian citizens in areas such as justice, occupational safety and pensions,” noted the EU Ambassador to Tbilisi Carl Hartzel.
6.2 Debt
Georgia - Gross 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 external debt
Gross external debt ($ mn)
17,471 17,310 17,832 17,825 18,242 17,900 18,631 18,326 18,880 19,662
2013 2014 2015 2016 2017 2018 2019 2020
Gross external debt (% GDP)
83.2 84.7 109.4 110.7 106.4 101.3 105.4
source: CEIC, World Bank
Georgia’s public debt stays on rise in Jan after 50% leap in 2020
Georgia’s general government debt rose by Georgian lari (GEL) 735mn ($148mn) in January, advancing by another 2.4% following the leap of 49.5% recorded in 2020. By the end of the month, it thus stood at GEL31.57bn ($9.56bn).
Out of the total public debt, 81.5% is formed by the public external debt.
The debt-to-GDP ratio, calculated based on the latest available four-quarter GDP (to the end of September), rose to 63.9%. Based on projected 2020 GDP, it slightly exceeded 65%. The ratio was 41.9% at the end of 2019; therefore it soared by over 20pp under both of the approximations.
Even assuming 4% of GDP growth this year, the still wide public deficit will predictably push up the ratio during 2021. It then looks set to stabilise somewhat in 2022 before decreasing subsequently in relation to how robust growth proves to be.
S&P projects that Georgia’s debt-to-GDP ratio will remain at just under 70% before easing to 66% at the end of 2024.
Georgia's external indebtedness has increased while the medium-term outlook for foreign exchange earnings has weakened, S&P said in a February 26
35 GEORGIA Country Report April 2021 www.intellinews.com