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Current account deficit improved in 1Q21

60e42925579ea
BM.GE
06.07.21 16:00
683
Current account deficit decreased by 13.8% y/y standing at 10.7% of GDP in 1Q21, down from 11.2% of GDP in 1Q20, according to NBG. Merchandize trade deficit, traditionally the major contributor to deficit creation, declined by 14.5% y/y to US$ 755.6mn, as exports increased by 4.8% y/y, while imports fell by 4.1% y/y.

Positive service balance declined by 90.6% y/y to US$ 23.5mn (0.7% of GDP), reflecting the drop of tourism inflows due to COVID pandemic. Surplus in current transfers amounted to US$ 504.2mn (14.8% of GDP, up 35.9% y/y).

Together, services and transfers financed 69.8% of the trade deficit. Notably, other investments at US$ 481.1mn (14.1% of GDP) were key funding source of CA deficit and net FDI stood at US$ 42.3mn (1.2% of GDP). The international reserves were up by US$ 238.6mn.