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What Can Big Data Tell Us about the Economic Recovery in Spain?

50 mins.
21 JULY, 2020
big data
Ignacio de la Torre de la Torre
Leopoldo Torralba Torralba
Diego Mejía Mejía
Macro Spain Spain Ad Hoc
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The medical evolution and economic implications of the coronavirus crisis prompt us to search for the most up-to-date data for insight on the actual state of affairs, to facilitate the decision-making process as much as possible amidst the current high-uncertainty environment. Since official economic statistics are generally either published too infrequently or too late, economists use other sets of “alternative” data and so-called big data, which, despite (usually) less rigorous statistical treatment, are useful for anticipating trend shifts. But we have picked only those which we deem really useful, after studying their correlation with associated economic variables.
What is the actual performance of the Spanish economy in June and July based on alternative data?
What conclusions can we infer from the analysis of credit card expenditure, keyword searches in Google, mobility indexes or electricity demand, among others?
What is the potential sustainability of these data?

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