The IMF ROSC mission visited Georgia in October 2011 with the aim to assess the system of economic and financial statistics (produced by the Geostat, Ministry of Finance, and the National Bank of Georgia).
The mission assessed Georgia's compliance with the international standards of the IMF data quality. The IMF representatives observed the statistics compilation practices in the national accounts, price, fiscal, monetary, and balance-of-payments statistics. They measured the alignment of the existing practices with the best international standards. The mission members met with compilers and users of official statistics. The users' opinion was reflected in the document. The summary of the mission findings says that Georgia made significant progress since the previous ROSC mission in 2002 in terms of implementing best international practices. In 2006 Georgia joined the General Data Dissemination System and in 2010 Georgia accepted the Special Data Dissemination Standard, to which 68 out of 187 member countries have acceded.
The mission concluded that as a whole, the macroeconomic statistics of the country is generally of high quality and adequately meets the needs of the data users. Georgia achieved significant progress in ensuring proper legal, institutional and methodological framework for quality data procession and dissemination. Adoption of the new law on statistics and the consequent establishment of the independent statistics body were of critical importance. Adoption of the new budget classification for government finance accounting was also a big step forward. A new method of accounting was applied in compilation of the BOP.
Next to the achievements, the report also lists the recommendations for further improvement. Many of the recommendations are already implemented and will be reflected in the 2012 data.