New tools for assessing the economy

News - July 2020 - No. 6

Authors Danmarks Nationalbank
Subject Models; Other economic analyses
Type News
Year 2020
Published 1 July 2020
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.