In the first quarter of 2021, the current account deficit totaled 365.5 million USD (1.2 billion GEL). The trade of goods and income account make negative contribution to current account, while services account and current transfers - positive. In the first quarter of 2021 current account deficit decreased by 13.8 percent annually and current account deficit to GDP from -11.2 percent to -10.7 percent, - says the National Bank of Georgia (NBG).
Balance of goods is the major contributor to the current account. Trade of goods deficit decreased by 14.5 percent annually and amounted to 755.6 million USD (2.5 billion GEL) in the first quarter. Among them exports increased by 4.8 percent, while imports decreased by 4.1 percent annually.
Net income account totaled -137.6 million USD (-455.9 million GEL) in the first quarter of 2021. Compensation of employees, a positive component of income account decreased by 35.2 percent and negative component, investment income, was down by 25.3 percent.
The current transfers balance is positive. Credit of current transfers increased by 30.2 percent annually totaling 526.9 million USD (1.7 billion GEL). The private sectors transfers was up by 28.9 percent to reach 482.7 million USD (1.6 billion GEL). Government transfers has also increased.
Net foreign direct investments amounted to 42.3 million USD (140.2 million GEL) accounting for 1.2 percent of GDP.
