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Monday, August 19, 2019

Georgia reduces budget deficit in Q2 2013

The central bank of Georgia's current account deficit was $225.1 million in the second quarter of 2013, down 61.4 percent from the same period in 2012.

The export of goods in the second quarter was $106.9 million, while imports were $127.3 million, a trade balance deficit amounting to $848.7 million, down 21.6 percent from the second quarter of 2012.

The export of services was $725.7 million, 21.6 percent higher than the same quarter in 2012, and the import of services was $381.7 million, 6.6 percent higher than the same quarter last year.

Tourism reached $355.1 million in the second quarter, up 32.8 percent from the same period last year.

Net foreign direct investment during the same period totaled $195.5 million, 6.9 percent higher than for last year, while portfolio investments equaled $91.1 million, with assets increasing by $1 million and liabilities decreasing by $90.1 million.

Overall, with the help of the IMF and World Bank, Georgia has made substantial economic gains since 2000, achieving strong GDP growth and curtailing inflation.