What are the rapid estimates of economic growth in Georgia?
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Georgia’s economy is growing, shows preliminary data published by the National Statistics Office of Georgia (Geostat).
The estimated real Gross Domestic Product (GDP) growth rate reached 1.3 percent year-on-year (y/y) in October 2016, while the estimated real GDP growth reached 2.5 percent for the first ten months of 2016.
Source: National Statistics Office of Georgia.
Geostat produced monthly rapid estimations of real GDP growth using administrative data on VAT taxpayers’ turnover, fiscal and monetary statistics. The compilation of rapid estimates was an internationally adopted practice to obtain preliminary monthly growth of real GDP.
For sectors where preliminary monthly data does not exist (eg agriculture, non-observed economy etc.), estimations were based on the data for previous periods, noted Geostat.
Therefore the actual quarterly real GDP growth may significantly differ from monthly rapid estimates,” Geostat said.
Furthermore, data on VAT taxpayers’ turnover for the previous months might be updated on a monthly basis, implying corresponding adjustments of real GDP growth estimates, the agency added.
This afternoon Prime Minister of Georgia Giorgi Kvirikashvili hosted the first meeting of the new Cabinet of Ministers, where he said "radical changes" were needed to boost the country's economy and halt the devaluation of the national currency against the greenback.
Georgia's future Cabinet have today introduced their agenda for the next four years, with the main goal to improve the welfare of the country.
The Government of Georgia is promising to take steps to stabilise the national currency and even support the Georgian Lari (GEL) to regain value following a sharp decline since mid-August.
Georgia’s economy is growing steadily and is on track to reach three percent growth by the end of the year.