The estimated real Gross Domestic Product (GDP) growth rate in October 2022 amounted to 8.3 percent YoY and 10.0 percent in January-October of 2022 YoY, reads the report of GeoStat.
In October 2022 the estimated real growth compared to the same period of the previous year was observed in the following activities: Construction, Transportation and storage,
Financial and insurance activities, Mining and quarrying, Hotels and restaurants, Arts, entertainment and recreation. A decline was registered in Manufacturing and Real estate activities.
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.