Portfolio Overview & Capital Allocation
CURRENT ACCOUNT BALANCE ADJUSTING AFTER
RECORD LOWS
Current account balance (% of nominal GDP)
Sources: NBG
Exports and Re-exports, US$ billion
Goods, net
Current transfers, net
GEORGIA
CAPITAL
30%
20%
The CAB was -12% in 9M20, with goods trade adjustment and record high money transfers
mitigating evaporating service exports
30%
Source: NBG
Service exports
■Goods exports, geo-originated
Re-exports
20%
10%
1.0
0.8
10%
0%
0%
1.1 0.9
0.5
0.7
-10%
-5.6%
-3.1%
-10%
0.9
-5.0%
0.4
0.3
3.9
3.6
-9.8%
-20%
-12.2% -11.4%
-10.2%
-8.1%
-6.8%
0.7
-11.8%
-12.5%
-12.0%
3.1
-20%
2.9
0.8
3.1 3.1
2.5
-30%
0.5
2.6
0.3
-30%
0.2
0.2
2.5
2.5
-40%
-40%
0.2
0.1
2010
1.9
2011
2012
2013
2014
2015
2016
0.1
2.1
2017
2018
2019
9M19
9M20
0.0
1.8
1.6
0.0 0.0 0.0
4.0
4.5 4.6
2.4
1.3 1.4
0.6
0.7
1.0
2.6
3.0 3.0 3.1 3.3
3.6
0.5 0.6 0.7 0.9
1.6
1.1 1.3 1.3
2.0
1.3
FDI and capital goods import
Source: GeoStat
Services, net
Current account
10.3%
8.1%
7.5%
6.9%
7.2%
7.2%
6.2%
6.5%
5.7%
5.9%
Investment income, net
FDI, inflows
2000
2001
2002
2003
2004
2005
2006
2016
2017
2018
11.7%
11.1%
10.3%
8.7%
7.9%
8.5%
7.6%
7.8%
7.2%
7.1%
7.4%
8.0%
6.8%
6.2%
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
9M19
9M20
IFDI, % of GDP
Capital Goods Import, % of GDP
74
2019
9M19
9M20View entire presentation