New tools for assessing the economy
During the corona crisis, Danmarks Nationalbank has implemented new tools for its ongoing monitoring of the Danish economy. These include models for nowcasting gross domestic product, GDP, growth. Nowcasting models are advanced statistical models
that process a wide range of key economic indicators and real-time indicators as they are released. The models include figures for employment, unemployment, inflation, house sales and a number of other key economic indicators as they are released. That way, the models can produce nowcasts of GDP growth for the current quarter.