Portfolio Overview & Capital Allocation
GEORGIA
CAPITAL
RECORD HIGH REMITTANCES MITIGATING
DECREASED TOURISM REVENUES
Foreign investor interest remains resilient
Sources: GeoStat
Visitors and tourism revenues
2,000
1,800
1,600
1,400
1,200
1,000
800
6.9%
7.5%
6.2% 5.9%
600
400
200
0
10.3%
2012
2013
2014
2015
2016
2017
2018
2019
9M19
9M20
25%
3600
8.7
7.9
20%
3100
6.7
6.3
2600
5.7
5.9
15%
11.1%
11.7%
4.7
10.3%
2100
7.2% 7.1% 7.4%
10%
1600
3.1
6.2%
1100
5%
600
☐
100
0%
Sources: GNTA, NBG
Tourism revenues fell by 83% in 2020, as borders remain closed, including a 96% fall in Apr-Dec
9.4
1.7
10
1
298765432-0
Millions
2020
2011
2012
Tourism Revenues, $ mn
International Traveler Trips, mn
FDI, % of GDP
FDI, US$ mn
Remittances at record levels
Source: NBG
Remittance inflows have reached record high levels after bouncing back in June, with average
annual growth in 2H20 equaling 20.2%
million $
225
205
185
165
137
132
145
126
126
Merchandise exports
Source: Georstat
Goods exports fell by 12% y-o-y in 2020
60%
40%
450
400
350
200
300
193
182
184
170
250
m
189
200
169
150
100
125
105
85
65
79
45
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2017
2018
2019
2020
50
0
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
Exports, US$ mn, LHS
Mar-19
May-19
Jul-19
% change y/y, exports, RHS
Sep-19
Nov-19
Jan-20
Mar-20
쫑 May-20
Jul-20
Sep-20
W
20%
0%
-20%
-40%
Nov-20
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