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Mr. Paul A Austin, Mr. Marco Marini, Alberto Sanchez, Chima Simpson-Bell, and James Tebrake

measures of economic activity that can be used to increase the timeliness and frequency of official measures. This paper is organized as follows. Section II describes Google Places API and Google Trends and how they can be accessed by national statistical organizations. Section III explains how country compilers and researchers can process these data and develop high frequency indicators that align with the concepts, classifications, definitions, and methods used to produce official measures of economic activity. Section IV shows an application of these indicators to

Mr. Paul A Austin, Mr. Marco Marini, Alberto Sanchez, Chima Simpson-Bell, and James Tebrake
As the pandemic heigthened policymakers’ demand for more frequent and timely indicators to assess economic activities, traditional data collection and compilation methods to produce official indicators are falling short—triggering stronger interest in real time data to provide early signals of turning points in economic activity. In this paper, we examine how data extracted from the Google Places API and Google Trends can be used to develop high frequency indicators aligned to the statistical concepts, classifications, and definitions used in producing official measures. The approach is illustrated by use of Google data-derived indicators that predict well the GDP trajectories of selected countries during the early stage of COVID-19. To this end, we developed a methodological toolkit for national compilers interested in using Google data to enhance the timeliness and frequency of economic indicators.
Mr. Paul A Austin, Mr. Marco Marini, Alberto Sanchez, Chima Simpson-Bell, and James Tebrake

Copyright Page © 2021 International Monetary Fund WP/21/295 IMF Working Paper Statistics Department Using the Google Places API and Google Trends Data to Develop High Frequency Indicators of Economic Activity Prepared by Paul Austin, Marco Marini, Alberto Sanchez, Chima Simpson-Bell, and James Tebrake Authorized for distribution by J. R. Rosales December 2021 IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate . The views expressed in IMF Working Papers are those of