BAKU, Azerbaijan, March 30
Tamilla Mammadova – Trend:
Net income account was -$224.7 million in the fourth quarter 2020 in Georgia, Trend reports via the National Bank of Georgia (NBG).
Compensation of employees, a positive component of income has decreased by 53.9 percent. At the same time negative component of income account, investment income, reduced by 20.4 percent.
The positive balance of the current transfers reduced the current account deficit.
The credit of current transfers increased by 59.5 percent annually totaling $645.9 million. The private sector transfers increased by 33.9 percent. Government transfers have also increased and amounted to $144.7 million.
Net foreign direct investments amounted to $120 million, accounting for 2.8 percent of GDP.
As of March 1, 2021, the banking sector in Georgia is represented by 15 commercial banks, including 14 - foreign-controlled banks.
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