Estimated real Gross Domestic Product (GDP) declined by 3.9% in October 2020 YoY and by 5.1% in the first ten months of 2020 YoY, Geostat reports.
In October 2020 the estimated real growth compared to the same period of the previous year was posted negative in almost all activities, other than financial and insurance 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.
