1. A method for encoding a video sequence, the method comprising: selecting a frame of a group of pictures (GOP) that has been designated as an intra-coded frame; inter-prediction processing of at least one current macroblock of the intra-coded frame; generating spatial statistics of the at least one current macroblock of the intra-coded frame; determining a rate control for video encoding based on temporal statistics from the inter-prediction processing and the spatial statistics of the at least one current macroblock of the intra-coded frame; and allocating a number of bits to the intra-coded frame from a total number of bits allocated to the GOP based on the determined rate control.