Big data and macroeconomic nowcasting : from data access to modelling : 2016 edition

Parallel advances in IT and in the social use of Internet-related applications, provide the general public with access to a vast amount of information. The associated Big Data are potentially very useful for a variety of applications, ranging from marketing to tapering fiscal evasion. From the point of view of official statistics, the main questions is whether and to what extent Big Data are a field worth investing to expand, check and improve the data production process and which types of partnerships will have to be formed for this purpose. Nowcasting of macroeconomic indicators represents a well-identified field where Big Data has the potential to play a decisive role in the future. In this paper we present the results and main recommendations from the Eurostat-funded project "Big Data and macroeconomic nowcasting", implemented by GOPA Consultants, which benefits from the cooperation and work of the Eurostat task force on Big Data and a few external academic experts.