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Adjusted GDP in Georgia for 2018 comes to $17.6 billion

Christian Fernsby ▼ | November 18, 2019
The gross domestic product (GDP) of Georgia at current prices in 2018 came to $17.6 billion, show the adjusted results of the National Statistics Office of Georgia (Geostat) taken into account the methodological changes in National Accounts implemented recently.
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Geostat transited to the new methodology, System of National Accounts (SNA) 2008, from the old one (SNA 1993) and thus implemented methodological changes, which resulted in changes related to GDP and other economic indicators.

Topics: GDP Georgia

"The main differences between the old (SNA 1993) and the new methodologies refer to changes in measuring Financial Intermediation Services Indirectly Measured (FISIM), capitalisation of research and development related expenses and output of owner occupied dwellings,” says Geostat.

Before the new methodology Georgian GDP of 2018 was $16.2 billion.

Geostat says that based on the new methodology, the real GDP growth amounted to 4.8 per cent in 2018, while it was 4.7 before the changes.

Adjusted GDP per capita accounted to $4,722 in 2018, while it was $4,345.5 before changes, says Geostat.