Forecasting is crucial for the European Commission's macro-economic decision making.
The Nowcasting team of the European Commission Joint Research Centre works with other organizations to develop and use econometric methods for nowcasting and forecasting. These methods use real-time data, including big data, to quickly identify changes in GDP and other important indicators.
The Nowcasting dashboard shows the group's ongoing activities. They are mainly related to:
- GDP real-time monitoring
- Inflation forecasting
- Nowcasting regional economic activity
Nowcasting uses current data to predict economic trends as they happen.
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