Bank of Georgia Financial Analysis

CURRENT ACCOUNT DEFICIT SUPPORTED BY FDI Current account balance (% of nominal GDP) 30% Goods, net 15.3% I Services, net 16.5% Income, net Transfers, net CA deficit Source: NBG, Geostat net FDI 20% 8.3% 9.4% 8.5% 11.1% 8.5% 9.6% 10.8% 6.3% 6.1% 6.8% 8.1% 4.6% 5.6% 6.0% 10% 0% -10% -7.0% -5.9% -6.5% -9.7% -20% -11.1% -10.6% -10.3% -8.8% -12.8% -11.9% -15.2% -10.8% -12.6% -13.1% -19.8% -30% -22.0% -40% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 9M18 FDI and capital goods import Source: Geostat 20% 18% 17.2% 15.1% 3.5 16% 3.0 14% 12.3% 12.6% 12% 11.0% 11. 11.8% 10.9% 2.5 9.6% 10% 8.4% 7.1% 7.3% 7.8%8.4% 9.3% 2.0 8% 6.2% 7.0% 1.5 6% 7.9%8.2%7.9% 4% 7.6% 6.5% 7.7% 8.5% 9.1% 8.3% 8.2% 1.0 5.2% 5.6%5.8% 5.9%6.0% 6.3% 2% 0.5 0.2 0% 0.0 FDI to GDP, % BANK OF GEORGIA 2008 Capital goods imports to GDP, % 2003 Building international reserves, US$ bn 0.4 0.5 0.9 2.3 2.1 1.4 1.5 2.8 2.9 2.8 2.7 2.5 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Source: NBG 3.3 3.0 2.8 2016 2017 2018 46 46

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