Investor Presentaiton
Household loans to GDP
■Legal entity loans to GDP
In 2023, private debt-to-GDP picked up gradually amid healthy
lending growth, while public debt-to-GDP decreased further
Banking sector loans to households
and legal entities as % of GDP
Public debt as % of GDP
Source: NBG, Geostat, BOG
Note: In February 2024, Geostat revised the historical series of GDP in line with the
recommendations from international organisations such as the IMF and Eurostat.
2020
The previous decreases in private debt-to-GDP ratio have
created room for healthy credit expansion
64.2%
76.8%
71.0%
65.6%
61.5%
58.6%
53.9%
51.7%
38.7%
46.4%
36.4%
40.1%
33.0%
34.8%
33.3%
35.1%
32.2%
27.5% 28.8% 30.4%
26.5% 29.5%
36.7%
40.3% 39.4% 38.9% 40.4%
60.2%
49.7%
39.5% 39.1%
22.8%
31.9%
19.5%
28.3% 28.8% 29.5% 31.0%
47.6%
16.3%
10.7% 12.2% 13.1%
39.9%
38.0%
30.3%
33.3% 32.4% 31.6% 32.0%
29.6% 28.5%
16.7% 16.7% 17.3% 18.8% 20.6% 23.5% 25.2% 24.4% 26.4%
31.2%
34.5%
26.7%
28.2% 30.9%
23.7% 24.3% 24.8% 24.9%
5.2%
2010
2011
2012
2013
I Domestic public debt to GDP
External public debt to GDP
4.6% 4.5% 4.7% 6.1% 6.4% 7.0% 7.0% 7.3%
2014
Source: MOF
Note: Estimates as of 2024 budget law.
2015
2016
2017
Given the reduced public debt-to-GDP
international reserves, the Georgian
positioned to withstand possible shocks
2018
2019
12.6%
8.4%
2020
2021
and increased
economy is well-
11
9.7% 9.9% 10.6%
2022
2023EView entire presentation