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GeoStat explains the reasons for FDI corrections

5aaf6ef5a9aee
BM.GE
19.03.18 12:03
1019
As explains Lika Dzebisauri, the Head of Foreign Trade and Foreign Investment Statistics Office of GeoStat, revision of direct investment data dynamic rows was the recommendation given by International Monetary Fund (IMF). Actually, according to the information published by GeoStat after the revision policy, in Georgia in 2007, direct foreign investments in Georgia amounted not to 2 bln 14 mln USD but 1 bln 758 mln USD and it turned out that since Georgia gained independence, FDI record rate was not in 2007 but in 2017, which was 1 bln 861 mln USD. As GeoStat explains, the above recommendation was elaborated by IMF experts in November 2016 and according to this recommendation, bringing the National Bank and GeoStat data into compliance was determined as the priority action. 

The thing is that GeoStat publishes FDI preliminary data on day 70 and the National Bank publishes Balance of Payments, one of the components of which is FDI, on day 90 from the end of the accounting period. Both institutions use similar foreign investment methodology, however, as GeoStat claims, due the difference of information publishing dates, data published by GeoStat and National Bank do not coincide – National Bank had more accurate data, besides, unlike GeoStat, NBG is able to double-check National Statistics Office corrected information only on publishing annual data.