TBILISI, DFWatch–Georgia’s estimated real GDP growth rate amounted to 1.1 percent in August 2013. For the first eight months of 2013, the same figure was 1.6 percent, according to Georgia’s National Statistics Department, GeoStat.

GeoStat’s monthly rapid estimates of real GDP growth uses administrative data on VAT taxpayers’ turnover, fiscal and monetary statistics.

For those sectors where preliminary monthly data do not exist (e.g. agriculture and other non-observable economy), the estimations are based on the data for previous periods. Therefore, the actual quarterly real GDP growth may significantly differ from monthly rapid estimates.

The data on VAT taxpayers’ turnover for the previous months might be updated on a monthly basis, implying corresponding adjustments of real GDP growth estimates.