15.Nov .2019 15:28

Georgia Enriches by 3.5 BLN - New Methodology is the Reason

Georgia Enriches by 3.5 BLN - New Methodology is the Reason
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Geostat has implemented methodological changes in National Accounts, related to transition to the new methodology – System of National Accounts (SNA) 2008.

According to the revised estimates Gross Domestic Product (GDP) of Georgia at current prices in 2018 amounted to 44 599.3 million GEL, up by 9.4 percent y-o-y. In 2018 the real growth of GDP amounted to 4.8 percent and the deflator percentage change equaled 4.4 percent y-o-y.

Implementation of the new methodology causes number of changes related to GDP and other aggregates of the National Accounts. Other changes in the National Accounts are related to the significant improvement in data sources, accounting non-observed economy and processing administrative data.

The main differences between the old (SNA 1993) and the new methodologies refer to changes in measuring Financial Intermediation Services Indirectly Measured (FISIM), capitalization of research and development related expences and output of owner occupied dwellings. Along with the above mentioned methodological changes, Geostat has introduced Statistical classification of economic activities (NACE Rev 2) in the National Accounts.

To remind, in order to keep the historical data harmonized with the updated methodology Geostat has re-vised time series of National Accounts from 2010 year.