The estimated real Gross Domestic Product (GDP) growth rate amounted to 8.3 percent YoY for December 2023 and 7.0 percent in 2023 compared to previous year, reads the report of GeoStat.

In December 2023, compared to the same period of the previous year, the estimated real growth in following activities contributed significantly: Construction, Manufacturing, Financial and insurance activities, Information and communication. Declines were registered in 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.