Adjusted GDP for 2018 comes to $17.6 billion

The gross domestic product (GDP) of Georgia at current prices in 2018 came to $17.6 billion, show the adjusted results of the National Statistics Office of Georgia (Geostat) taken into account the methodological changes in National Accounts implemented recently. 

Geostat transited to the new methodology, System of National Accounts (SNA) 2008, from the old one (SNA 1993) and thus implemented methodological changes, which resulted in changes related to GDP and other economic indicators.

The main differences between the old (SNA 1993) and the new methodologies refer to changes in measuring Financial Intermediation Services Indirectly Measured (FISIM), capitalisation of research and development related expenses and output of owner occupied dwellings,” says Geostat.

Before the new methodology Georgian GDP of 2018 was $16.2 billion.

Geostat says that based on the new methodology, the real GDP growth amounted to 4.8 per cent in 2018, while it was 4.7 before the changes.

Adjusted GDP per capita accounted to $4,722 in 2018, while it was $4,345.5 before changes, says Geostat.

GDP per capita, USD. Photo: Geostat.

The largest shares of GDP by activity came to the following sectors:

• Wholesale and retail trade; repair of motor vehicles and motorcycles - 13.9 percent
• Real estate activities - 11.4 percent
• Manufacturing - 10.2 percent
• Construction - 8.3 percent
• Agriculture, forestry and fishing - 7.8 percent
• Public administration and defence; compulsory social security - 7.5 percent
• Transportation and storage - 6.3 percent
• Financial and insurance activities - 6.1 percent

Real GDP growth rate. Photo: Geostat.

Real growth was registered in the following sectors:

• Agriculture, forestry and fishing - 13.8 percent
• Wholesale and retail trade; repair of motor vehicles and motorcycles - 5.5 percent
• Financial and insurance activities - 11.6 percent
• Public administration and defence; compulsory social security - 7.6 percent
• Accommodation and food service activities - 10.5 percent
• Manufacturing - 4.1 percent
• Education - 6.5 percent
• Transportation and storage - 4.5 percent

A decrease of 7.2 per cent was registered in construction.

Geostat has revised time series of National Accounts from 2010 to keep historical data harmonised with the updated methodology.