The estimated real Gross Domestic Product (GDP) growth rate in May 2022 amounted to 11.6% YoY and 11.2% in January-May of 2022 YoY, reads the report of the National Statistics Office.
In May 2022 the estimated real growth compared to the same period of the previous year was revealed in almost all sectors. Significant contributions to real GDP growth was observed in the following activities: Transportation and storage, Electricity, gas, steam and air conditioning supply, Hotels and restaurants, Manufacturing, Construction, Mining and quarrying.
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.