Georgia’s GDP grows 2.6% in Q1 2015

Georgia’s economy saw an improvement in the first four months of 2015.

Georgia’s estimated real Gross Domestic Product (GDP) growth reached 3.2 percent in Q1 2015 – which was a 2.6 percent increase year-on-year (y/y), said the country’s National Statistics Office (Geostat).

Last month alone the estimated real GDP growth rate amounted to 0.9 percent y/y.

Today Geostat published information about the Rapid Estimates of Economic Growth for April 2015 and the first quarter of the year.

In January-April 2015, external merchandise trade (excluding non-organised trade) in Georgia amounted to just over $3 billion USD; a 13 percent decreased y/y.

In the same time exports equalled $689 million (26 percent lower), while imports stood at $2.3 billion (8 percent lower).

The Geostat preliminary data revealed a negative trade balance of $1.6 billion in January-April 2015 and its share in external trade turnover constituted 54 percent.

Geostat produces monthly rapid estimations of real GDP growth using administrative data on VAT taxpayers’ turnover, fiscal and monetary statistics. The compilation of rapid estimates is an internationally adopted practice to obtain preliminary monthly growth of real GDP. For those sectors, where preliminary monthly data do not exist, the estimations are based on the data for previous periods.

Geostat noted in this respect, actual quarterly real GDP growth may significantly differ from monthly rapid estimates. 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.