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Rapid Estimates of Economic Growth, February 2016

Rapid Estimates of Economic Growth, February 2016

The estimated real Gross Domestic Product (GDP) growth rate amounted to 2.6 percent y-o-y in February 2016. The estimated real GDP average growth equaled 1.7 percent for January-February 2016 y-o-y.

Geostat produces monthly rapid estimations of real GDP growth using administrative data on VAT taxpayers’ turnover, fiscal and monetary statistics. The compilation of rapid estimates is an internationally adopted practice to obtain preliminary monthly growth of real GDP.

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

Recall that in January, the economic growth was 0.8 percent. 

According to GeoStat, in February, export comprised 158,7 million US dollars. Whereas import amounted 723,1 US dollars.

The change of newly registered enterprises amounted 7.5% compared to previous year. Additionally, the number of newly registered plants comprised 4 208.

As for budget, in February, expenditures exceeded revenues, like in Janury. In particular, the expenditures were 625,2 million, whereas revenues comprised 571,2 miilion.