What are the rapid estimates of economic growth in Georgia?

Georgia’s economy is growing, shows preliminary data published by the National Statistics Office of Georgia (Geostat).

In February 2016 the estimated real Gross Domestic Product (GDP) growth rate reached 2.6 percent year-on-year (y/y), while the estimated real GDP average growth equalled 1.7 percent for January-February 2016 y/y.

Geostat noted the actual quarterly real GDP growth may significantly differ from monthly rapid estimates.

The agency said monthly rapid estimations of real GDP growth were calculated using administrative data on VAT taxpayers’ turnover, fiscal and monetary statistics however in some sectors where preliminary monthly data does not exist (such as agriculture, non-observed economy etc.) the estimations were based on data for previous periods

Meanwhile, Georgia’s Prime Minister Giorgi Kvirikashvili said the country was preparing for a huge boost in economic growth and the goal was to achieve 3.5 percent economic growth in 2016 and hit six percent in 2017.

In an interview with the world’s largest business website CNNMoney, Kvirikashvili explained how he was going to push forward the Georgian economy when the country was suffering from low oil prices and facing a currency crisis.

He presented a new four-point recovery plan that included new tax benefits, infrastructure plans, governance reforms and an overhaul to the education system as his plan to increase economic development.