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MACROECONOMIC POLICYMAKING/GOOGLE TRENDS/MACHINE LEARNING/OECD – Tracking GDP using Google Trends and machine learning: A new OECD model (Nicolas Woloszko, VOXEU)

A pre-requisite for good macroeconomic policymaking is timely information on the current state of the economy, particularly when economic activity is changing rapidly. Given that GDP figures are usually only available on a quarterly basis, the current crisis has prompted a search for alternative high‑frequency indicators of economic activity. This column presents evidence from a new tracker developed by OECD which uses Google Trends and machine learning to provide real-time estimates of GDP growth in countries all over the world.

https://voxeu.org/article/tracking-gdp-using-google-trends-and-machine-learning