The estimated real Gross Domestic Product (GDP) growth rate amounted to 7.3 percent for March 2023 compared to previous year and the average real GDP growth of Q1 2023 equaled 7.2 percent, reads the report of GeoStat.

In March 2023 the estimated real growth compared to the same period of the previous year was observed in the following activities: Construction, Financial and insurance activities, Transportation and storage, Trade. Declines were registered in Manufacturing, Energy and Real estate activities.

Geostat produces monthly rapid estimates of real GDP growth rate using administrative data on VAT taxpayers’ turnover, fiscal and monetary statistics. Compilation of rapid estimates is an internationally adopted practice to obtain preliminary monthly growth rate of real GDP. For those sectors, where preliminary monthly data do not exist (e.g. agriculture. non-observed economy etc.), estimations are based on the data for previous periods.

Furthermore, the data on VAT taxpayers’ turnover for the previous months may be updated on a monthly basis, resulting in corresponding adjustments of real GDP growth rate estimates.