Called GDPLive, the online portal uses machine learning algorithms and the most up-to-date data possible, including live data sources. It allows users to instantly see estimates of how the New Zealand economy is performing on a daily basis, and provides GDP forecasts.
“GDP measures all market-based transactions, so it’s a very good indicator of how well an economy is performing,” says Professor Christoph Schumacher from Massey University’s School of Economics and Finance.
“GDPLive has been developed with the most up-to-date data from government sources and a diverse range of partners, including PayMark, KiwiRail and PortConnect, so we can get a sense of how the New Zealand economy is tracking in real time.”
Professor Schumacher says GDPLive’s use of cutting-edge machine learning technologies provides informed forecasts, making it a valuable supplementary decision-making tool for businesses. He says it will be a significant improvement on government reporting, which currently releases national GDP figures quarterly and regional figures annually. . .