Georgia Capital Investor Day

-40% GEORGIA CAPITAL -30% 2000 2001 -20% 0% FDI surges capital goods import and widens CA deficit itself Current Account deficit driven by investment-saving gap CA deficit vs FDI 30% -10% -5.8% -6.1% -6.5% -7.0% -9.7% 2002 2003 2004 -11.1% 30% Goods, net Services, net Investment income, net I Current transfers, net Current account FDI 20% 17.2% 20% 15.1% 12.3% 11.8% 12.6% 11.0% 10.9% 9.6% 8.4% 10% 7.1% 4.3% 4.7% 3.4% 7.3% 7.8% 7.6% 6.2% 6.5% 6.3% 10% 2005 2006 2007 -15.2% -19.8% -22.0% 2008 2009 2010 2011 -10.6% -10.3% -12.8% -11.9% 2012 2013 2014 2015 -5.9% -10% -7.7% -8.8% -10.8% -12.6% -13.1% 2016 2017 2018 Data sources: NBG, Geostat 15 -40% -30% -20% 0%

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