The National Statistics Office of Georgia, GEOSTAT, published a report on the rapid estimates of economic growth. According to the report, the estimated real Gross Domestic Product (GDP) growth rate in January 2020 equaled 5.1 percent.
GEOSTAT publishes report on rapid estimates of economic growth
By Nika Gamtsemlidze
Monday, March 2
As the report reads, in January 2020, the estimated real growth compared to the same period of the previous year was posted in the following activities: Transport and Storage, Construction, Real estate activities, Accommodation and food service activities, Wholesale and retail trade; repair of motor vehicles and motorcycles, Information and communication, Electricity, gas, steam, and air conditioning supply, Manufacturing. A decrease was registered in Mining and quarrying.
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 estimations 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.
The Gross Domestic Product measures the value of economic activity within a country. Strictly defined, GDP is the sum of the market values, or prices, of all final goods and services produced in an economy during a period.
Total GDP can also be broken down into the contribution of each industry or sector of the economy. The ratio of GDP to the total population of the region is the per capita GDP and the same is called the Mean Standard of Living. GDP is considered the “world's most powerful statistical indicator of national development and progress”.
The 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 the 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.
The goal of international cooperation in the field of statistics is to introduce the international practice and methodology and share relevant experience based on the agreements and treaties concluded with the international organizations engaged in this field, while cooperation with the local organizations means the cooperation and coordination of the GEOSTAT with the bodies producing the statistics to effectively produce the statistics.