The adapted version of the website for people with disabilities was developed by the National Statistics Office of Georgia (Geostat) with the support of the United Nations Development Program (UNDP) and the Government of Sweden.
The adapted version of the website for people with disabilities was developed by the National Statistics Office of Georgia (Geostat) with the support of the United Nations Development Program (UNDP) and the Government of Sweden.
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Date: 2 December 2022
From November 21 to December 2, Geostat hosts the working mission of the experts from the International Monetary Fund. The purpose of the visit is to further improve the Residential Property Price Index (RPPI) and develop modern data collection methods.
RPPI is an important indicator in terms of macroeconomic and financial stability. The main users of this indicator are the National Bank, private developers, research organizations and other users of statistical information. Geostat implemented RPPI in 2021, as a result of 3-year cooperation with the IMF. The introduction of the mentioned indicator contributed to the real estate market development and to the assessment of possible risks. Within the framework of the ongoing mission, the methodological issues of calculating the index were improved, as well as the skills of Geostat employees in the field of relevant software.
As for the development of modern alternative methods of data collection, work in this field is going in two directions. The first is the automatic download of data from web pages - the so-called "web scraping". This method is currently successfully implemented in the RPPI survey, but under the guidance of an IMF expert, its use has been significantly improved with the help of the R program.
The second direction is scanner data. The latter is the part of so-called "Big Data" and is one of the most up-to-date directions in price statistics. Scanner data represents information received from retail markets and shops about products sold in a specific period of time, according to the so-called barcodes. Compared to traditional methods of price collection, this type of data is much more accurate, timely and comprehensive, and its use will significantly increase the accuracy of the inflation rate.
The mission covers data analysis and processing and software development as well as the sharing relevant knowledge and experience with Geostat employees with the help of IMF expert.
