Exports flat in February 2020
In February 2020, exports decreased by a mere 0.5% y/y to US$ 263.6mn, imports were up 8.6% y/y to US$ 703.7mn and the trade deficit widened by 14.8% y/y to US$ 440.1mn according to Geostat’s preliminary figures. In 2M20, trade deficit was up 8.3% to US$ 802.5mn as exports increased by 4.5% y/y and imports were up by 6.8% y/y. Detailed foreign trade statistics will be available on March 19, 2020.
FDI doubled in 4Q19
FDI increased by 102.9% y/y to US$ 347.0mn in 4Q19, according to Geostat’s preliminary figures. As a result FDI for full 2019 reached US$ 1.3bn up 0.2% y/y. In 2019, financial sector was the largest FDI recipient (20.6% of total), followed by energy sector (15.3% of total) and hotels & restaurants (12.4% of total). UK topped the list of investors, followed by Turkey, Ireland and USA in 2019.
NBG sold US$ 20.0mn
On 13 March 2020, the NBG intervened on the FX market and sold US$ 20.0mn to curb GEL depreciation pressure. This was first FX intervention in 2020.
