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.

Print
Other Stories
Cryptocurrency mining threatens electrical network in Abkhazia
In the breakaway region of Akbhazia rampant cryptocurrency mining is threatening the shaky electrical network, reports an article of the news portal EuroNet.
Caucasus Wine University to be opened in Gurjaani
In the Kakheti region a new viticulture campus of the Caucasus University is in the process of planning.
Photos describing life of the poorest in Georgia
Fight with poverty should be among top priorities of every government in every country.
Training farmers to rescue the organic hazelnut production in Georgia
Even drizzling rain and unpleasant gusts of wind can’t prevent the farmers from coming and participating in the agricultural training.
Bleak times for organic farmers in Georgia – but there is hope
Organic hazelnut production is a delicate plant in Georgia that has emerged just a couple of years ago. Various pests, among them the Asian stink bug Parosana, trouble hazelnut farmers and menace their livelihood – even before their businesses could really take off.
Hybrid car imports are going through the roof in Georgia
Thanks to their fuel economy, the popularity of hybrid cars is increasing in Georgia, where fuel affordability is low and prices for fuel are unstable.
The New Year offer from MAQRO Construction - Apartments with unbelievable discounts and the parking spaces for FREE!
Location, green yard, spaces for various needs, experience of the construction company and parking space are the main important criteria for potential buyers of apartments.
Interview with the co-founder of Kiwi Vegan Café – the first vegan place in Tbilisi
Behind the Kiwi Vegan Café stands a group of activists who wants to raise Georgian’s awareness for animal rights and welfare.
Biblusi opens first shop for tourists - Georgian
The largest book shop in Georgia Biblusi opens the first shop specially designated to the needs and interests of tourists and named it Georgian.
Georgia improves by five ranks in the Prosperity Index
In the overall Prosperity Index rankings, Georgia has climbed by 5 positions from 85 to 80 when compared to last year. As such, Georgia is the best performing country in the CIS zone.
The future is bright for electric cars in Georgia
The numerous hybrid cars in the streets of Tbilisi cannot be overlooked. Entrepreneur Sulkhan Gvalia calls them “pagers”, referring to the predecessor of mobile phones.
Georgia’s fight against the big tiny enemy – Asian Parosana
It’s a tiny creature, but the harm it did to the Georgian agriculture sector was and still is immense.
New cable route: from Kobi to Gudauri in 15 minutes
On the 15th of December, cable transport is scheduled to be opened connecting Kobi and Gudauri.
Tourist boom in Gudauri – majority of hotels are booked by foreigners
Gudauri is among the most popular winter resorts in Georgia.
Medical tourism increases in Georgia
In the last 9 months, Georgia was visited by 19 500 foreigners for medical and recovery purposes.
Doing business in Georgia has become easier than in America
According to the Doing Business 2019 report published by the World Bank, Georgia ranked 6th among 190 countries in terms of simplicity of doing business. This was an improvement over two ranks compared to last year.
Problems that foreigners frequently face in Georgia
The importance of Georgia as a tourism hub is growing year after year.
Tbilisi TV Broadcasting Tower – Better than the Eiffel Tower?
It is planned to renovate the Tbilisi TV Broadcasting Tower, one of the landmarks in the capital.
Georgian Fusion Menu by The Biltmore Hotel Tbilisi
5,895,914 international visitors have visited Georgia between January and August of 2018. Compared to the previous year the number has increased by 12.2 per cent.
Advertising of gambling and lucrative games may become banned in Georgia
Advertising of gambling and lucrative games may become banned in Georgia. Those who violate the new rule would be fined GEL 10 000.
Lebanese café-lounge Beirut opens in Tbilisi
What is necessary to organize an unforgettable event? – Fun, emotions, lots of surprises, good music and delicious menu.
Georgia second among the fastest growing tourist destinations in Europe
Georgia is among the fastest growing tourist destinations in Europe. The data is published by the UN World Tourism Organization.
Bitmain launches world digital mining summit in Tbilisi, Georgia
Bitmain CEO Jihan Wu and Roger Ver, CEO of Bitcoin.com Head Speaker List featuring Circle, DEX.top and Genesis Mining when Digital Mining Leaders Convene In Tbilisi on September 21-23
GAZELLE FINANCE GEORGIA AND TBC BANK HELP THE WESTERN REGIONAL CENTER OF MODERN MEDICAL TECHNOLOGIES EXPAND ACCESS TO QUALITY HEALTHCARE SERVICES IN KUTAISI, GEORGIA
TBC Bank and Gazelle Finance have teamed-up to support Medical City, a leading healthcare provider in the western region of Georgia to launch the Western Regional Center Of Modern Medical Technologies.
Equivalent to buried treasure – resources that are underused in Georgia
For 2018 the IMF Commission has forecast an annual economic growth for the Georgian economy of about 5,5%.
PHOTO OF THE DAY
GEL Exchange Rate
Convertor
21.01.2019
22.01.2019
USD
1
USD
2.6629
2.6613
EUR
1
EUR
3.0368
3.0283
GBP
1
GBP
3.4463
3.4211
RUB
100
RUB
4.0103
4.0074
Other Stories
Recently Toyota rolled out Global Campaign under this slogan that reflects the Olympic and Paralympic Spirit of Encouragement,
A couple from Switzerland combines Swiss tradition and technology with Georgian products. Their cheese is made in the Georgian mountains and sold in local stores and hotels.
It has been more than five years since the residents of Lilo village, near Tbilisi, cannot open their windows.
63 000 GEL was received by the Georgian Agro Export Group which is just a small part of the European Neighbourhood Programme for Agricultural and Rural development.
Georgian entrepreneur Guka Tavberidze, who runs his own business in the UK and does it quite well, has been invited by BBC
The grand opening of 7-star The Biltmore Hotel Tbilisi took place in Georgia’s capital on July 31.
DUSHETI, Georgia – The Georgian government and the World Bank will allocate USD 5.6 million (12 million GEL) to fund
A new Georgian clothing brand named Person has emerged in Georgian market.
Georgia is in the midst of an economic maelstrom, Euronews reports.
Situation at Georgia’s mineral water market is interesting: over the last year, the volume of export has grown by 56 percent. According to “GeoStat”, over $114 million worth of mineral water was sold
GEL Exchange
USD
1
USD
2.6613
EUR
1
EUR
3.0283
GBP
1
GBP
3.4211
RUB
100
RUB
4.0074
January 2019
Mon Tue Wed Thu Fri Sat Sun
1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31