REPORTING POLICY

 

The Reporting Policy of the Parliamentary Budget Office of Georgia (PBO, hereinafter) on macroeconomic developments is based on the institutional mandate of the PBO in a capacity of an IFI within the existing fiscal architecture taking into account the provisions laid down in the Rules of Procedure of the Parliament of Georgia concerning its role in parliament’s budgetary oversight (also considering the relevant provisions of The Budget Code of Georgia).

 

 

Macroeconomic Forecasts

Having regard to its role as an IFI, PBO is mandated to evaluate the official macroeconomic forecasts used for budgetary planning as well as to produce its own independent medium term forecasts for the whole macroeconomic framework. Thorough evaluation of the government’s macroforecasts includes scrutiny of the economic assumptions underpinning them, comparison with its own forecasts and those prepared by other institutions, and evaluation of past forecast performance. As for PBO’s independent Macroeconomic Forecasting Model(PBOMFM), it has both long-run (theoretical) and short-run (data-based) dynamics and is consistent with the Financial Programming and Policy (FPP) framework developed by International Monetary Fund (IMF), thereby allowing for four sectors:

For the detailed description of the methodologies behind the PBOMFM, please see our Methodological Note.

Taking into account the budget cycle, in particular, provisions set out in the Articles 34, 38-39 of the Budget Code of Georgia and Articles 136-138 of the Rules of Procedure of the Parliament of Georgia, as well as the availability of the relevant data, PBO’s annual macroeconomic forecasts are revised  four times a year. The timetable is determined as follows:

Furthermore, to ensure that the stakeholders have timely and regular updates on key anticipated developments in macroeconomic environment using the most up-to-date information, PBO produces quarterly GDP growth forecasts, usually within the 1.5 month after the start of the quarter concerned.

 

Macroeconomic Reviews

Parliamentary Budget Office closely monitors core developments in macroeconomic environment throughout the year and reports to the Parliament at the following frequencies:

 

For the publication dates of our reports throughout 2020, please see The Calendar, 2020 below.

* Due to resource constraints, not all our publications are available in English. However, we try to do our best to ensure that non-Georgian speaking users of our products are provided with at least the summary of all our reports.