Economic decisions increasingly require the support of real-time information. Help can be derived from short-term forecasting models (nowcasting), which are suitable for processing continuously updated data and using it to form an overall picture of the current state of the economy.

Digital technology has improved our well-being in ways that are difficult to measure in monetary terms. Not all the effects of digitalisation are fully reflected in GDP.

Precise information on the current state of the economy comes only with a considerable time delay, although many economic decisions require the support of real-time data. Before official statistics are released, the situation is nowcast using short-term forecasting models.

The cover and transparency of China’s GDP statistics need to be improved. According to the statistics, the deceleration in growth has been very evenly spread, which has increased suspicions over the reliability of the data.