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30.Oct .2020 12:30

GDP decline by 5% in the first nine months – Geostat

GDP decline by 5% in the first nine months – Geostat
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Estimated real Gross Domestic Product (GDP) declined by 5% in the first nine months of 2020 YoY – recent report by the Geostat said. Decline in September was 0.7%.

The report which was released today shows that In September 2020 the estimated real growth compared to the same period of the previous year was posted negative in most of the sectors, including Transportation and storage, Accommodation and food service activities, Arts, entertainment and recreation, Construction, Professional, scientific and technical activities, Information and communication. “Increase was registered in Manufacturing, Mining and quarrying, wholesale and retail trade, Financial and insurance activities” – the report said.

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.