GEOSTAT publishes report on GDP of Georgia in 3rd quarter of 2019

The National Statistics Office of Georgia (GEOSTAT) published a Gross Domestic Product of Georgia (GDP) during the third quarter of 2019.

According to the report, in the third quarter of 2019, the nominal GDP amounted to GEL 13 446.5 million. The real growth rate of Gross Domestic Product (GDP) equaled to 5.8 percent year-over-year, while the GDP deflator increased by 7.2 percent.

At the same time in 2018, the GDP at current prices was mil. GEL 11 850.9, this year, it amounted mil. GEL 13 446.5. GDP per capita has also raised from GEL 3 177.5 to GEL 3 611.3. And the real GDP growth rate has risen from 3.6% to 5.8%.

In 2019, according to the report, real growth was registered in the following activities: Construction (17.1 percent), Wholesale and retail trade; repair of motor vehicles and motorcycles (9.8), Arts, entertainment and recreation (19.9), Manufacturing (4.9), Information and communication (18.2), Real estate activities (3.8), Human health and social work activities (8.1), Education (6.3).

A decrease in the real value-added occurred in Mining and quarrying (-2.2 percent), Financial and insurance activities (-2.2 percent), Public administration and defence; compulsory social security (-4.0 percent).

The largest shares of GDP by activity are held by Trade (14.3 percent) and Real estate activities (10.9 percent), Manufacturing (10.8 percent), Construction (10.0 percent), followed by Agriculture, forestry and fishing (7.7 percent), Transportation and storage (6.4 percent), Public administration and defence; compulsory social security (6.2 percent), Accommodation and food service activities (5.2 percent).

Calculation of the quarterly Gross Domestic Product is based on monthly and quarterly data.

The data of annual surveys usually differ from the quarterly data. Therefore, it arises the necessity of adjusting the quarterly GDP taking into account annual survey results.

After receiving the annual survey results for the previous year, four quarters of the previous year are adjusted along with the first and second quarters of the current year. The final revision of 2019 quarters data will be conducted in November 2020, after receiving the data of annual surveys for 2019.

Gross Domestic Product (GDP) is the monetary value of all finished goods and services made within a country during a specific period. GDP provides an economic snapshot of a country, used to estimate the size of an economy and growth rate. GDP can be calculated in three ways, using expenditures, production, or income.