Page 27 - GEORptAug18

economy (GEL106mn hike to GEL476mn), agriculture (GEL65mn more), regional development (GEL30mn), youth and sport (GEL10mn), energy (GEL65mn), foreign affairs (GEL5mn), internal affairs (GEL14mn) and the ministry of internally displaced persons and refugees (GEL15mn).
Georgia State Budget Figures
(GEL mn)
2015 Actual
2016 Actual
2017 Plan
2017 Actual
2018 Q1
Revenues
8,170.5
8,580.0
9,489.5
9,750.4
2,635.1
Tax revenues
7,549.6
7,986.8
8,820.0
8,991.3
2,380.0
Grants
315.6
296.8
284.46
289.9
173.3
Other revenues
305.3
296.4
385.0
469.2
81.8
Expenditures
8,158.0
8,741.8
9,121.22
9,372.1
2,093.8
Compensation for employees
1,376.8
1,452.3
1,393.51
1,385.4
322.4
Use of goods and services
946.2
1,117.8
1,144.27
1,248.5
257.6
Interest Expense
326.6
397.7
503.04
476.6
128.4
Subsidies
245.7
359.3
419.97
541.4
95.5
Grants
1,271.4
935.1
1,020.28
968.6
229.2
Social benefits
2,802.4
3,150.1
3,313.18
3,324.3
832.2
Other expense
1,188.9
1,329.5
1,326.98
1,427.3
228.5
Net operating balance
12.5
-161.8
368.23
378.3
541.3
Change in nonfinancial assets
392.8
416.1
909.04
874.2
277.4
Total balance
-380.3
-577.9
-540.81
-495.9
263.9
Source: Finance Ministry
6.2 Debt
Georgia - Gross external debt
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18
Gross external debt ($ mn)
14,756.0 15,206.0 15,536.5 15,679.5 15,796.8 16,416.5 16,712.7 17,203.5 17,470
2010 2011 2012 2013 2014 2015 2016 2017
Gross external debt (% GDP)
36.8 32.46 32.53 33.92 35.38 41.28 41.6 /
source: CEIC, World Bank
The gross external debt of Georgia increased to $17,470mn in the first quarter of 2018 from $17,203.5mn in the previous quarter. External debt averaged $11,420.4mn from 2007-2017, according to the National Bank of Georgia. Gross external debt include both public sector (general government, public corporations and national bank) and private sector (banking and other sectors) external debt.
Georgia’s government debt is expected to inflate to 3.5% of GDP in 2017-2019, in part due to the depreciation of the Georgian lari and the high level of dollarisation of Georgia's external debt. External government debt is expected to peak at 43% of GDP in 2018.
27 GEORGIA Country Report August 2018 www.intellinews.com