Georgia's current account gap declined to USD 233.4 million in the first quarter of 2019 from USD 441.1 million in the corresponding period of the previous year. The goods and services shortfall narrowed to USD 430.7 million from USD 597.8 million a year ago while the income deficit fell to USD 107.6 million from USD 176.9 million. Meantime, the current transfers surplus went down to USD 304.9 million from USD 323.5 million in first quarter of 2018. Current Account in Georgia averaged -326.76 USD Million from 2000 until 2018, reaching an all time high of 2.95 USD Million in the third quarter of 2018 and a record low of -925.90 USD Million in the second quarter of 2008.
Current Account in Georgia is expected to be -386.30 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Current Account in Georgia to stand at -409.00 in 12 months time. In the long-term, the Georgia Current Account is projected to trend around -559.50 USD Million in 2020, according to our econometric models.