Georgian current account in figures
21 October, 2010
Georgian current account in figures

Current account deficit for the second quarter of 2010 amounted to USD 319.2 million, National Bank of Georgia informs.  That is 12.4 points increase as compared to the same quarter of previous year and 76.5 percent higher as compared with the preceding quarter.
During the accounting period, as compared with the previous quarter, export  and import of goods increased by USD 47.8 million  and USD 177 million respectively. As a result, trade balance deficit has grown, totaling USD 640.1 million,

which is by 25.3% higher than the previous quarter figure and 24.9% more as compared with the 2nd quarter of 2009.

Within the reporting period, balance of services account was positive and equaled USD 92.1 million (4.9% increase compared to the preceding quarter). The exports of services, as well as imports increased. The exports of services amounted to USD 357.5 million (17% higher than previous quarter figure and 14.1% more as compared to the analogous period of 2009). As for imports of services, it amounted to USD 218 million (21.9% and 12.9% increase as compared with the preceding quarter and 2nd fourth of 2009 respectively).

For services account the tourism had the most significant positive balance (USD 88 million). It has increased by 38.1% year-over-year and by 36.6% as compared with the previous quarter. The second positive component was transportation services constituting USD 33.8 million. The export of that item has increased by 5.1% as compared with the previous quarter, and as compared to the same quarter of 2009 it has enlarged by 11.4%. Import has grown by 23.6% in comparison with the preceding quarter, while increase comparing to the 2nd quarter of 2009 amounted to no more than 9.3%.
Balance of income was negative equaling USD 8.4 million in the 2nd quarter of 2010. Income credit has amounted to USD 100.5 million that is 6.8% more than the same indicator for the previous quarter and 6.1% lower than the figure for the same quarter of 2009. Debit of income has decreased considerably totaling USD 109 million. It translates into 17.5% decline quarter-on-quarter. On the yearly basis it has increased by 24.4%.
Current transfers, the largest positive component of the current account, amounted to USD 237.2 million (15.4% decrease as compared to the preceding quarter, but 26.8% increase comparing with the same period of the previous year). Inflow of current transfers equaled USD 254.5 million while outflow made up USD17.2 million. In the 2nd quarter of 2010, net current transfers of the public sector declined by 59% as compared to the preceding quarter, although this figure is 1.9 times higher than it was in the same period of 2009. Similarly other sectors’ net current transfers decreased by 5% compared with the previous quarter, but enlarged by 22.4% compared year-on-year.
For the 2nd quarter of 2010, inflow of capital transfers equaled USD 41.4 million. The figures exceeded the previous quarter data by 57.8% and is16.7% higher as compared to the same period of 2009. During the reported period, capital transfers of the government sector made up 85.8% out of total current transfers.

In the 1st quarter of 2010 net foreign direct investments amounted to USD195.2 millions which is 2.6 times more than the previous quarter figure and 9.3% higher as compared to the similar period of 2009.
A negative balance of other investments account amounted to USD142.5 million in the reporting period. Other investment assets have increased by USD173.6 million. At the same time liabilities have enlarged by USD 31.1 million. Increase of other investment assets was caused by the growth of banks’ cash and deposits (increased by USD143.2 million). On the other hand, liabilities deepened as a result of trade credits growth.

During the reporting period, reserve assets declined by USD 259.5 million. Out of the figure foreign currency reserve decrease equaled USD 257.4 million. The allocation of Special Drawing Rights (SDR) has decreased by USD 2 million.

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