Balance of payments of Georgia
07 July, 2011
Balance of payments of Georgia

Current account deficit for the first quarter of 2011 amounted to USD 355.3 million, translating in  6.5 percent decrease compared to the preceding quarter, National Bank of Georgia informed on July 1, 2011.

 

During the accounting period, as compared to the previous quarter, exports  and imports of goods decreased by USD 58 million  and USD 140.3 million respectively. As a result, trade balance deficit has shrunk, totaling USD 683 million, which is 10.8% less than the previous quarter figure and 34%

more as compared to the first quarter of 2010.

Balance of services account was positive and equaled to USD 145.8 million within the reported period. The export of services totaled USD 94.9 million and the import of services amounted to USD 249.1 million. The export of services in the first quarter of 2011 was by12% lower than the previous quarter figure and by 29.7% higher as compared to the figure of the same period of 2010. As for import of services there was 17.8% decrease and 14.7% increase as compared to the preceding quarter and the first quarter of 2010 respectively.

For services account travel had the most significant positive balance making USD 121.7 million.  It has decreased by 9.4 percentage points (due to seasonality) compared to the previous quarter and increased by 91.8% on a year-over-year basis. The second positive component was transportation services constituting USD 44.3 million. The export of that item has decreased by 3.3% compared with the previous quarter, and enlarged by 14% compared to the same quarter of 2010.  Meantime the import has decreased by 17.6% in comparison with the preceding quarter; however it increased by 26.7% comparing to the first quarter of 2010.

Balance of income was negative equaling USD 99.4 million in the first quarter of 2011. Income credit has amounted to USD 107.3 million that is 5% less than the same indicator for the previous quarter and 14% higher than the figure for the same quarter of 2010. Debit of income totaled USD 206.8 million resulting in 12.4 percentage point and 56.2 percentage point increase on the quarter-on-quarter and year-on-year basis respectively.

Current transfers [the largest positive component of the current account] amounted to USD 281.3 million representing 9.3% decrease compared to the preceding quarter, and 0.6% increase compared with the figure of the same period of 2010. Inflow of current transfers equaled USD 304.4 million while outflow made up USD 23.1 million. Net current transfers of the public sector in the first quarter of 2011 decreased by 55.2%. On the other hand the other sectors’ net current transfers increased by 14% compared to the first quarter of 2010.

Inflow of capital transfers in the reported period equaled to USD 54.8 million that translates into 36% drop compared to the previous quarter figure but is 2.1 times higher compared to the same period of 2010. Capital transfers of general government made up USD 49.9 million that makes a 38.4% decrease compared to the figures of previous quarter and by 2.1times exceeds the similar period of 2010 respectively.

Net foreign direct investments amounted to USD 184.8 million in the first quarter of 2011. While foreign direct investment to Georgia made up USD 173.7 millions that makes 44.7% increase as compared to the previous quarter and by 2.3 times exceeds the same quarter of 2010. Out of total foreign direct investments to Georgia investment in equity capital amounted to USD 76.5 million, reinvested earnings – USD 62.9 million, and other capital – USD 34.2 million.

A positive balance of other investments account amounted to USD 497.2 million in the reporting period. This item is increased by 51.9% compared to the previous quarter figure and is up by 2.5 times compared to the figure of the same period in 2010. Assets of other investment have decreased by USD 305.6 millions. At the same time the liabilities have risen by USD 191.6 millions. The rise of liabilities of other investment was the consequence of the growth of loans by general government (USD 42.4 million) and commercial banks (USD 59.9 million) and increase in deposits. Official reserve assets increased by USD 407 million due to operational changes during the first quarter of 2011. Out of this amount foreign currency reserves increased by USD 402.3 million.

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