GEOTSTAT reports on rapid estimates of economic growth

GEOSTAT published a report on rapid estimates of economic growth, according to which, the estimated real Gross Domestic Product (GDP) growth rate in December 2019 equaled 3.8 percent y-o-y. An average estimated real GDP growth equaled 5.2 percent for 2019 y-o-y.

In December 2019 the estimated real growth compared to the same period of the previous year was posted in the following activities: Manufacturing, Transport, and Storage, Wholesale and retail trade; repair of motor vehicles and motorcycles, hotels and restaurants.

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.

Geostat produces monthly rapid estimates of real GDP growth rate using administrative data on VAT taxpayers’ turnover, fiscal and monetary statistics. The compilation of rapid estimates is an internationally adopted practice to obtain a preliminary monthly growth rate of real GDP. For those sectors, where preliminary monthly data do not exist (e.g. agriculture. non-observed economy etc.), the estimates are based on the data for previous periods.

Furthermore, the data on VAT taxpayers’ turnover for the previous months may be updated monthly, resulting in corresponding adjustments of real GDP growth rate estimates.

National Statistics Office of Georgia, the legal entity of public law, carries out its activities independently. It is an institution established to produce the statistics and disseminate statistical information according to the Georgian legislation. The National Statistics Office of Georgia is established by the Law of Georgia, 11 December 2009, on Official Statistics.