The estimated real Gross Domestic Product (GDP) growth rate amounted 5.8 percent for August 2023 year-over-year and the average real GDP growth for January-August 2023 equaled 7.0 percent, reads the report of GeoStat.
In August 2023, compared to the same period of the previous year, the estimated real growth in following activities contributed significantly: Financial and insurance activities, Construction, Manufacturing, Trade.
Declines were registered in Real estate activities, Transportation and storage, Information and communication 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.