Trade deficit up 5.0% y/y in April 2016
In April 2016, imports decreased 0.5% y/y to US$ 549.3mn (excluding one-offs), exports were down 11.1% y/y to US$ 165.3mn, and the trade deficit widened 5.0% y/y to US$ 384mn, according to GeoStat’s preliminary figures. In 4M16, the trade deficit was down 13.7% y/y to US$ 1.4bn (excluding one-offs). Detailed foreign trade statistics will be available on May 20, 2016.
NBG buys US$ 20mn
On 10 May 2016, NBG intervened for the 7th time on a purchasing side since Mar-16 and bought US$ 20mn aimed at curbing the appreciation of the national currency, which strengthened 7.9% against the US$ YTD. The central bank bought total of US$ 95mn in these 7 interventions in a period between March 17 and May 10. In Jan-16, the central bank made 3 interventions and sold total of US$ 60mn. As a result, NBG is a net buyer of US$ 35mn YTD.
EBRD forecasts 3.4% growth in 2016
EBRD revised up Georgia’s 2016 growth forecast to 3.4% from 2.6% forecasted before (in November 2015). EBRD expects that Georgia will benefit from a strong tourist season and increased investor confidence in 2016.
