Page 39 - GEORptOct22

Georgia’s gross external debt reached $21.8bn in Q4
Pointing to the figures, the PM said the exports of goods amounted to $3.1bn this year, increasing by 36% y/y. Incomes from tourism have been three times more y/y. The volume of direct foreign investments in 1H22 amounted to $922mn, twice as much as last year's rate.
The gross external debt (GED) of Georgia amounted to $21.8bn as of the end of December 2021, accounting for 120% of the four-quarter GDP calculated at the same moment. In absolute terms, Georgia’s GED has increased marginally during 2021 - after a sharp advance in 2021. In relative terms (% of GDP), the country’s indebtedness actually declined from 134.6% at the end of March 2021.
Compared to September 2019, Georgia’s GED increased by 17.5% ($3.1bn) and the debt-to-GDP ratio advanced by 16.6pp.
7.0 FX
Georgia - Foreign exchange rate
2016
2017
2018
2019
2020
1Q21
2Q21
3Q21
4Q21
1Q22
Currency (units per EUR) (average)
2.617
2.832
2.991
3.155
3.552
3.998
4.008
3.680
3.576
3.493
Currency (units per USD) (average)
2.367
2.509
2.534
2.819
3.110
3.314
3.327
3.120
3.125
3.114
Georgian lari tumbles amid Russia’s invasion of Ukraine
Georgia's national currency depreciated against the US dollar amid Russia's invasion of Ukraine. According to the official data of the National Bank of Georgia, on 24 February the value of $1 was GEL3.1331, which represents a depreciation of 11.7 tetri compared to the previous day.
This was the fastest depreciation of the national currency since March 2020. The lari also depreciated by 8 tetri against the euro, and the value of one euro was GEL3.5031. Earlier in the winter, the lari was relatively strong against the US dollar and fluctuated in the range of 2.9-3 in February.
39 GEORGIA Country Report October 2022 www.intellinews.com