Georgia Capital 3Q23 & 9M23 Performance Overview
(800)
US$ MLN
(200)
(400)
(600)
(90)
1Q17
2Q17
Georgia Capital PLC | Source: NBG, Geostat, MOF
(40)
(50)(53)(95)
(30)
(186)
-4
May-16
Jul-16
Sep-16
0
Nov-16
Jan-17
Mar-17
4
May-17
8
12
16
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
APPROPRIATE MACRO POLICY STANCE
INFLATION Y-O-Y VS. INFLATION TARGET
Headline Inflation
GENERAL GOVERNMENT DEBT (% OF GDP)
Core Inflation
- Target
Monetary Policy Rate
--General Government Debt, External (% of GDP)
NET NBG INTERVENTIONS ON THE FX MARKET AND OFFICIAL RESERVE ASSETS
600
400
200
Net Interventions (LHS)
100121
73
Reserve Assets (RHS)
430
53
20
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1019
2Q19
3Q19
4Q19
1Q20
2Q20
3Q20
4Q20
1Q21
2Q21
3Q21
4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
2Q23
3Q23
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
May-23
Jul-23
265
164
93 94
4 26
(58)
(232)
2.0
(301)
(332)
(461)
1.0
20
10
(598)
0.0
Sep-23
0%
10
60%
50%
20
2.6
40%
0.7
30%
5.3
6.0
-2%
5.0
-4%
-2.8% -2.7%
4.0
40
3.0
US$ BLN
-6%
-8%
-10%
-12%
2014
2015
2016
2017
2018
20%
2010
2011
2012
2013
2014
2015
OVERALL BALANCE (IMF MODIFIED), % OF GDP
2019
-3.0%
-2.7%
-2.3% -2.1%
2020
-9.3%
2021
2022
-6.1%
2023F
2024F
2025F
2016
2017
2018
2019
2020
General Government Debt, Total (% of GDP)
60.2%
47.6%
41.8%
39.8%
37.4%
32.0%
29.8%
2021
2022
2023F
2024F
2025F
2026F
2027F
-3.1% -2.8% -2.5% -2.3% -2.2% -2.1%
2026F
79
19
2027F
23.6%
GEORGIA
CAPITALView entire presentation