Net external debt to GDP fell to 29.89% in the second quarter of 2026, from 31.85% in the first quarter and 32.53% in the fourth quarter of 2025 — a decline of 2.64 percentage points across the three quarters shown. The direction of the headline ratio is favourable, though a ratio to GDP can fall on nominal output growth alone, so the composition underneath it matters more than the level.
That composition has shifted. Short-term external debt across all four sectors totalled USD 6,745,117 thousand in the second quarter, and commercial banks owed USD 5,164,563 thousand of it — the overwhelming bulk. Banks' short-term external debt rose by 343,003 from the first quarter and by 795,482 from the fourth quarter of 2025. Other sectors moved the other way, falling to USD 1,473,298 thousand from 1,784,127 thousand a quarter earlier. The government sector held USD 104,203 thousand, up from 89,474 thousand, and the National Bank USD 3,053 thousand; both are marginal at this maturity.
Coverage improved but remains incomplete. Reserves to short-term external debt stood at 0.93 in the second quarter, up from 0.83 in the first quarter and above the 0.86 recorded in the fourth quarter of 2025. Reserves therefore still do not fully cover the stock of external liabilities falling due within a year — and because that stock sits overwhelmingly with commercial banks, the rollover question is a banking-sector one rather than a sovereign one.
The annual series point the same way. Gross external debt to GDP was 70.40% in 2025, down from 73.50% in 2024 and 79.50% in 2023, while government external debt to GDP eased to 24.10% from 24.50% and 28.10% over the same years. The government ratio accounts for well under half of the fall in the gross ratio, which places the remainder — and the recent short-term build-up — with banks and other sectors.
Figures in this post
Every number below was checked against the source before publication.
BANKS_DEBT_SHORT_QCommercial banks short-term external debt National Bank of Georgia — downloaded filesEXTERNAL_DEBT_GROSS_TO_GDP_AGross external debt to GDP National Bank of Georgia — downloaded filesEXTERNAL_DEBT_TO_GDP_QNet external debt to GDP National Bank of Georgia — downloaded filesGOVT_DEBT_SHORT_QGovernment sector short-term external debt National Bank of Georgia — downloaded filesGOVT_EXTERNAL_DEBT_TO_GDP_AGovernment external debt to GDP National Bank of Georgia — downloaded filesNATL_BANK_DEBT_SHORT_QNational Bank short-term external debt National Bank of Georgia — downloaded filesOTHER_SECTORS_DEBT_SHORT_QOther sectors short-term external debt National Bank of Georgia — downloaded filesRESERVES_TO_SHORT_TERM_DEBT_QReserves to short-term external debt Computed from other indicators’ stored observations