Tbilisi (GBC) - The estimated real Gross Domestic Product (GDP) growth rate amounted to 12.0% for August 2024 compared to the previous year and the average real GDP growth for January-August 2024 equalled 10.0%,  the National Statistic Service (GeoStat) reported.

According to their reports, in August 2024, compared to the corresponding period of the previous year, the following sectors made a significant contribution to growth: professional, scientific and technical activities, information and communication, construction, financial and insurance activities, real estate-related activities and trade.

As of the document, a downward trend was observed in the energy sector. For reference, geostat produces preliminary estimates of economic growth every month, which are calculated on the basis of departmental statistics (turnovers of VAT-paying enterprises, fiscal and monetary data). These estimates are internationally accepted practices used to obtain short-term preliminary operational data. In areas where monthly data are not available (for example, agriculture, unobservable economy size), estimates are made based on data from the previous period. In addition, every month it is possible to adjust the turnover of VAT-paying enterprises of the previous months, which, accordingly, leads to the adjustment of the data of the monthly preliminary assessment of real growth.