As of March 31, 2025, Georgia’s gross external debt totaled $25.5 billion (70.5 billion GEL), representing 74.2% of the last four quarters’ GDP, the National Bank of Georgia (NBG) reported.

During the first quarter of 2025, the country’s gross external debt increased by $300.4 million. This change resulted from various factors: transactions and other activities reduced the debt by $19.1 million and $91.5 million respectively, while exchange rate fluctuations and price changes increased it by $381.8 million and $29.2 million.

Breakdown by sector:

• Public sector external debt: $11.0 billion (30.4 billion GEL), or 32.0% of GDP.

  • General government debt: $8.5 billion (23.5 billion GEL), 24.7% of GDP.

  • National Bank of Georgia liabilities: $822.8 million (2.3 billion GEL), 2.4% of GDP.

  • Public enterprises’ bonds and loans: $449 million (1.2 billion GEL), 1.3% of GDP and $1.2 billion (3.4 billion GEL), 3.6% of GDP, respectively.

• Banking sector external debt: $8.6 billion (23.9 billion GEL), 25.1% of GDP.

• Other sectors: $4.9 billion (13.5 billion GEL), 14.2% of GDP.

• Intercompany lending: $2.7 billion (7.4 billion GEL), 7.8% of GDP.

Notably, 88.6% of Georgia’s gross external debt is denominated in foreign currencies.

Georgia’s net external debt stood at $13.3 billion (36.7 billion GEL), or 38.7% of GDP, with the net public sector external debt amounting to $6.7 billion (18.4 billion GEL), or 19.4% of GDP, according to the NBG.