The OECD Weekly Tracker of Economic Activity provides real-time high-frequency indicators of economic activity using machine learning and Google Trends data. It has wide country coverage of OECD and G20 countries. The Tracker is particularly well-suited to assessing activity when it is changing very rapidly due to the impact of a major shock.
The Tracker is based on a statistical model that combines a large number of Google Trends variables with other high-frequency indicators such as mobility data and consumer confidence. The model is then used to estimate the year-on-year growth rate of "weekly GDP" (the same week compared to the previous year).
The Tracker has been shown to be a reliable indicator of economic activity in a number of studies. For example, a study by the OECD found that the Tracker was able to predict the first quarter of 2020 US GDP growth with an error of just 0.2 percentage points.
The Tracker is a valuable tool for policymakers and economists who need to track economic activity in real time. It is also a useful tool for businesses and investors who need to make informed decisions about the economy.
Here are some of the key features of the OECD Weekly Tracker of Economic Activity:
* **Real-time:** The Tracker is updated weekly, so it provides the most up-to-date information on economic activity.
* **High-frequency:** The Tracker uses weekly data, which is more granular than monthly or quarterly data. This means that it can detect changes in economic activity more quickly.
* **Wide country coverage:** The Tracker covers 38 OECD and G20 countries.
* **Reliable:** The Tracker has been shown to be a reliable indicator of economic activity in a number of studies.
I hope this information is helpful. Please let me know if you have any other questions.
