The estimated real Gross Domestic Product growth rate in March 2022 amounted to 10.6% YoY and the average real GDP growth for the first quarter of 2022 equaled to 14.4% YoY, reads the report of GeoStat.
In March 2022 the estimated real growth compared to the same period of the previous year was observed in the following activities: Electricity, gas, steam and air conditioning supply, Transportation and storage, Hotels and restaurants, Construction, Arts, entertainment and recreation, Mining and quarrying and Manufacturing.
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.