1Q23 Performance Overview
Goods, net
28%
Current transfers, net
18%
Services, net
Current account
CURRENT ACCOUNT DEFICIT AT A RECORD LOW OF 4.1% OF GDP IN
2022, ON THE BACK OF A RECORD-HIGH 5.7% SURPLUS IN 3Q22
CURRENT ACCOUNT COMPONENTS AND FDI INFLOWS (% OF NOMINAL GDP)
I Investment income, net
FDI, inflows
12.5%
10.8%
6.2%
8%
4.3%
5.7%
-2%
-12%
-5.6%
-9.8%
-8.1% -6.8% -5.8%
-4.1%
-4.3%
-7.2%
-12.2%-11.4%
-10.2%
P-11.8% -12.5%
-10.4%
-12.5%
-13.3%
-22%
-32%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
1Q22 2Q22 3Q22 4Q22
I Inflows from Others
EXTERNAL INFLOWS* (USD MN) FROM RUSSIA AND OTHER COUNTRIES
I Inflows from Russia
Inflows from Others, YoY % (RHS)
4,500
80%
4,000
60%
3,500
40%
3,000
2,500
20%
2,000
0%
1,500
-20%
1,000
500
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
*EXTERNAL INFLOWS INCLUDE MERCHANDISE EXPORTS, REMITTANCES AND TOURISM INFLOWS.
Georgia Capital PLC | Source: NBG, Geostat
2Q22
3Q22
4Q22
1Q23
GEORGIA
CAPITAL
-40%
-60%
EXTERNAL INFLOWS AT RECORD-HIGH LEVELS
The current account deficit reached $1 bn in 2022, almost half
of the 2021 deficit ($1.9 bn) and lowest in nominal terms since
2013 ($955 mn);
➤ The current account deficit to GDP ratio reached a record low
of 4.1% in 2022, largely thanks to a record-high 5.7% surplus
in 3Q22;
➤ The trade deficit (goods and services) made up 10% of GDP in
2022, posting a first trade surplus on record in 3Q22;
The secondary income (transfers) surplus reached 12.4% of
GDP in 2022, while the primary income deficit totaled -6.6% of
GDP;
Foreign direct investment (FDI) inflows grew by 61% y-o-y in
2022 and made up $2 bn, highest ever in nominal terms,
reaching 8.1% of GDP, highest since 2017;
While inflows from Russia have been surging, so have been
inflows from other countries, with overall external inflows*
reaching $3.5 bn in 1Q23, o/w inflows from Russia equaled
$1.1 bn (up by 350% y-o-y) and inflows from other countries
totaled $2.4 bn (up by 28% y-o-y).
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