Georgia, Tbilisi, Jan. 2/ Trend. Trend N.Kirtskhalia /
The current account deficit of Georgia's balance of payments in the third quarter of 2012 amounted $454 million (750.6 million GEL), which is 10.3 per cent less compared to the same period last year, the National Bank of Georgia informed Trend.
Compared to the same period last year, merchandise exports increased by 146.3 million and imports by 304.4 million, resulting in the trade deficit increasing to $1142.3 million (1.9 billion GEL), which is 16.1 per cent more compared to the third quarter of 2011.
During the reporting period, the balance of services is positive and amounts to 360.4 million (595.1 million GEL). Hence the export of services is $790.4 million (1.3 billion GEL), which is 28.3 per cent more and imports of services is 430.1 million (710.1 million GEL), which is 24.0 per cent more.
Of trade in services, tourism had the largest positive balance ($411.7 million or 679.8 million GEL), which is 56.6 per cent more than the same period last year.
The balance of income was -$8.2 million (-13.6 million lari). Loan income was $251.7 million, a 13.9 per cent increase and debit income - $260.0 million, 21.7 per cent less.
Current transfers with the largest positive component of the current account, make 335.6 million (554.4 million GEL), which is 5.1 per cent higher. Hence 362.7 million received transfers and 27.1 million issued. Net transfers of the government sector declined by 30.8 per cent, and other sectors rose by 8.6 per cent.
Net foreign direct investment in the third quarter of 2012 amounted to $136.2 million (224.9 million GEL) and direct foreign investment in Georgia in the reporting period amounted to $195.4 million (322.7 million GEL), which is 38.3 per cent less. Foreign direct investment has been presented in the following forms: equity investments - 59.9 per cent, reinvestment income - 27.9 per cent and other capital - 12.2 per cent.
The balance of portfolio investment was $298.4 million (492.7 million GEL) and overseas portfolio investment from Georgia totalled $0.3 million (0.6 million lari). Portfolio investment from abroad to Georgia - $298.7 million (570.4 million GEL).
Growth of liabilities was mainly due to issuance of new debt securities by Georgian Railways.
The balance of other investments in the third quarter amounted to $84.7 million (139.9 million GEL). During the quarter, assets increased by $370.7 million (612.2 million GEL) which was due to the growth of deposits and the obligation to $455.4 million (752.1 million GEL). Growth of other investment commitments in this period was due to the growth in private sector credit.
Reserve assets in the third quarter of 2012 increased by $108.2 million (178.7 million GEL) and totalled $2.9 billion (4.8 billion lari), which will provide the imports of 3.8 months.
