Geostat is to Publish Revised Data for GDP and National Accounts

Date: 7 February 2024

Geostat will revise the data of Gross Domestic Product (GDP) and National Accounts, in accordance with the Harmonized European Revision Policy (HERP).

 

Updated data will be published on February 12, 2024.

 

The revision of the historical series of GDP and other macroeconomic indicators is recommended by the international organizations (IMF, Eurostat) once every 5 years.  It aims to improve data quality and ensure compliance with international standards.

 

The System of National Accounts includes Gross Domestic Product (GDP) and a number of macroeconomic indicators. It is a set of integrated macroeconomic accounts and balance sheets based on internationally agreed concepts, classifications and general accounting rules. Its methodological basis is the international guidelines developed by the United Nations, Eurostat, the International Monetary Fund, the World Bank and the Organization for Economic Cooperation and Development (System of National Accounts (SNA), 2008).

 

The previous recalculation of the historical GDP series in Georgia was carried out in November 2019, while the next recalculation according to the Harmonized European Revision Policy should be carried out in 2024, under the recommendation of the Statistical Review by Eurostat, UNECE and EFTA.

 

During the data revision, a number of activities were carried out, including the improvement of data sources, based on new statistical surveys and processing additional administrative data sources. as well as methodological changes, in accordance with the recommendations of the International Monetary Fund (IMF).

 

Data revision has been carried out since January 2023 by IMF experts, in Geostat. Thus, the revision includes the historical series since 2010.