"Geostat" will publish the updated data of GDP and national accounts

The National Statistical Service of Georgia has updated the data of the gross domestic product and national accounts.

According to "Geostat", the updated data will be published on February 12.

"In order to improve the data quality of national accounts and to ensure compliance with international standards, it is recommended by international organizations (IMF, Eurostat, etc.) to revise and recalculate historical rows of GDP and other macroeconomic indicators (General Revision) every 5 years.

The system of national accounts combines gross domestic product (GDP) and a number of macroeconomic indicators. It is a set of integrated macroeconomic accounts and balance sheets based on internationally agreed concepts, classifications and general accounting rules. Its methodological basis is the international guidelines developed by the United Nations, Eurostat, the International Monetary Fund, the World Bank and the Organization for Economic Cooperation and Development (System of National Accounts (SNA), 2008).

The last recalculation of the historical GDP series in Georgia was carried out in November 2019, and the next recalculation was planned for 2023. However, according to one of the recommendations of the global assessment of the statistics system carried out by Eurostat, UNECE and EFTA in the fall of 2023, such activities by Georgia should be in compliance with the Harmonized European Revision Policy, according to which the revision 2024 is considered as the period for EU countries.

The activities carried out in the process of data recalculation are divided into two groups: 1. Improvement of data sources, based on conducting new statistical surveys and processing additional administrative data sources. 2. Methodological changes, in accordance with IMF recommendations.

Based on the above, February 2024 was selected as the data recalculation period (date of publication of updated data). The recalculation includes the historical row from 2010, and the related works are ongoing from January 2023, with the involvement of IMF experts", - it is noted in the published information.