03 December 2021,   04:18
The Georgian economy grew in August by 10.3% - GeoStat

Estimated real Gross Domestic Product (GDP) growth rate in August 2021 equaled 10.3 percent YoY and 12.0 percent in January-August of 2021 YoY, reads the report of GeoStat.

In August 2021 the estimated real growth compared to the same period of the previous year was observed in the following activities: Manufacturing, Financial and Insurance activities, Trade, Electricity, gas, steam and air conditioning supply, Hotels and restaurants, Transportation and storage, Arts, entertainment and recreation.

A decline was registered in Construction, Mining and quarrying.

Geostat produces monthly rapid estimates of real GDP growth rate using administrative data on VAT taxpayers’ turnover, fiscal and monetary statistics. Compilation of rapid estimates is an internationally adopted practice to obtain preliminary monthly growth rate of real GDP. For those sectors, where preliminary monthly data do not exist (e.g. agriculture. non-observed economy etc.), estimations are based on the data for previous periods.

Furthermore, the data on VAT taxpayers’ turnover for the previous months may be updated on a monthly basis, resulting in corresponding adjustments of real GDP growth rate estimates.