Real Sector Statistics
In the area of real sector statistics, one of the key objectives of the Central Bank is to receive timely information on current trends of consumer prices. In particular, in order to control and effectively manage the general price level, the CBA conducts monitoring of prices through surveys in the consumer market on ten-day basis for its internal use. The results of these surveys are used in short-term estimations and forecasts of price indices (the National Statistical Service of RA is officially responsible for price statistics (official web site: www.armstat.am)).
Since price trends are featured to be largely fluctuating - particularly due to seasonality of production and consumption of certain goods and services as well as the impact of changes in government-administered prices - on the basis of international experience the CBA developed the Core Inflation Calculation Methodology to manage long-term changes in prices. The core inflation calculated by that methodology reflects the Central Bank's policy impact on the level of prices. The core inflation indicator is regularly published in official publications of the CBA.
After the adoption of inflation targeting policy, the CBA more than ever stresses the importance of precise calculation of the main macroeconomic indicators which will enable to get a clear understanding on the general economic situation. The Central Bank, therefore, stresses the importance of the consistent improvement of the real sector statistics methodology and creation of main macroeconomic indicators` databases.
Gross Domestic Product
According to the methodology of system of national accounts (SNA 2008)
According to the methodology of system of national accounts (SNA 1993)