Georgia: Technical Assistance Report-Residential Property Price Indices Mission
IMF Staff Country Reports, May 22, 2020
Source details
- Canonical URL
- Georgia: Technical Assistance Report-Residential Property Price Indices Mission
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Bibliographic details
- Published: May 22, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513544823.002
Mission purpose and scope
- Technical Assistance (TA) report on Residential Property Price Indices (RPPI) Mission provided by IMF staff to the authorities of Georgia in response to their request for TA.
- RPPI identified as a critical ingredient of financial stability policy analysis and macroprudential measures by the Second Phase of the G-20 Data Gaps Initiative and guidance on Financial Soundness Indicators.
- National Statistics Office of Georgia (Geostat) aims to compile a quarterly RPPI covering new flats and new detached houses for the capital city, Tbilisi.
Main activities and methods implemented
- The mission implemented successfully the programs developed in R based on the IMF’s draft for the RPPI Practical Compilation Guide with the available data.
- The mission provided guidance on the use of scanner data (SD) for consumer price index (CPI) compilation.
- At the request of the Geostat Director, the mission also addressed the use of SD and recommended a stepwise introduction.
Key findings and recommendations
- RPPI importance:
- RPPI is a critical ingredient of financial stability policy analysis and macroprudential measures.
- Data focus:
- Quarterly RPPI covering new flats and new detached houses for Tbilisi is the compilation target.
- Implementation outcomes:
- Programs in R based on the IMF draft RPPI Practical Compilation Guide were successfully implemented with available data.
- Scanner data (SD) guidance:
- The mission provided guidance on using SD for CPI compilation.
- Recommendation: The introduction of SD should be made on a stepwise approach to avoid huge impacts on the CPI and to make it more manageable, reliable, and safe.
Subject areas and keywords
- Subject: Consumer price indexes, Housing, National accounts, Prices
- Keywords: compilation of a residential property price index, Consumer price indexes, CR, data from the National Agency of Public Registry, data treatment, Eastern Europe, Geostat, Geostat staff, Housing, ISCR, NAPR data cover, quarterly RPPI, residential property price index, statistics mission
Content in this bundle
- 1geoea2020002