(Flash estimates)
GDP in monetary terms, current prices
According to the flash GDP estimates for the third quarter of 2012, the GDP at current prices amounted to 21 735 Million Levs .
GVA at current prices amounted to 18 571 Million Levs for the third quarter of 2012. The services sector has the largest share (57.3%) in total value added, followed by industrial sector (31.2%) and agricultural sector (11.5%).
In the structure of GDP by the expenditure approach the largest share has the final consumption (70.3%), which in nominal terms amounted to 15 292 Million Levs. In the third quarter of 2012 gross fixed capital formation is 3 580 Million Levs and has a share of 16.5% in GDP. The external balance (exports minus imports) has a possitive sign.
Growth rate of GDP, total and by components
Quarter-on-quarter growth rates
According to the seasonally adjusted data1, the GDP growth rate in the third quarter of 2012 has an increase of 0.1% compared with the previous quarter. In the third quarter of 2012 gross value added of the total economy increased by 0.1%, compared to the second quarter of 2012.
1 Seasonal adjustment of statistical indicators in the NIS is organized in accordance with ESS Guidelines on Seasonal Adjustment. The seasonal adjustment of GDP data is made with the help of Demetra software, where the TRAMO / SEATS algorithm is applied. The set of variables for seasonal adjustment covers gross value added and gross domestic product by industry and GDP components from the expenditure side. For more information, see “Quarterly seasonally adjusted data”.
According to flash estimates of GDP by final expenditure in the third quarter of 2012 major contribution to the growth registered have the final consumption expenditure and the gross fixed capital formation increased by 0.4%. Compared to the previous quarter, in the third quarter of 2012 exports of goods and services increased by 0.2% and imports of goods and services decreased by 3.7%.
Growth rates on annual basis
During the third quarter of 2012 GDP increased by 0.5% compared to the same quarter of the previous year. Gross value added increased by 0.2%. The indicator's movement is determined mainly by the increase recorded in the agricultural sector (by 6.3%) and industry (by 3.5%). Services sector has a negative contribution to value added with a decline of 1.0% over the period.
As regards the expenditure components of GDP, the final consumption registered a positive economic growth of 2.9% compared to the same quarter of the previous year. Gross fixed capital formation recorded increase by 1.0% compared to the same quarter of the previous year. Exports and imports of goods and services increased by 3.5 and 3.0% respectively.
Source: National Statistical Institute