Real Time GDP

Massey University has launched a real-time gross domestic product (GDP) tracker, which is believed to be the first of its kind in the world.

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. . . 

One Response to Real Time GDP

  1. adamsmith1922 says:

    Reblogged this on The Inquiring Mind and commented:
    Good idea, but some correlation with actual will be necessary to check validity

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