Gross Domestic Product
Source: Department of Statistics of Ministry of Economic Development. Gross Domestic Product at Market Prices – represents the final result of the production activity of resident producer units for the reporting period. Methods: In Georgia GDP is calculated by following methods: The production approach is a concept of value added. As an aggregate measure of production, the GDP of a country is equal to the sum of the gross value added of all resident institutional units engaged in production (plus any taxes, and minus any subsidies, on products not included in the value of their outputs). On the other hand, gross value added is the difference between output and intermediate consumption. By expenditure approach GDP is equal to final consumption expenditure plus gross capital formation, plus exports minus imports. By income approach GDP is equal to compensation of employees plus taxes, less subsidies, on production and imports, plus mixed income, gross, plus operating surplus, gross. Gross National Income (GNI) is equal to GDP less primary incomes payable to non-resident units plus primary incomes receivable from non-resident units. Net National Income (NNI) is obtained by deducting the consumption of fixed capital from GNI. Gross National Disposable Income is equal to GNI at market prices less current transfers (other than taxes, less subsidies, on production and imports) payable to non-resident units, plus the corresponding transfers receivable by resident units from the rest of the world. Net National Disposable Income is obtained by deducting the consumption of fixed capital from Gross National Disposable Income. Growth Rate of Real GDP reflects real picture of economic development; It Is calculated as the ratio of current and previous years’ GDP expressed in comparable (constant) prices (those of the previous year, as a rule). Periodicity: GDP is calculated on annual and quarter bases.