UK statistics body to launch high-speed indicators
Big data approach should allow faster estimates of economic activity, ONS says
The UK’s Office for National Statistics is to launch a set of high-frequency indicators based on big data in a bid to deliver more timely snapshots of the UK economy.
A major challenge, however, is ensuring statistics can be produced with speed while maintaining their quality. The ONS’s Data Science Campus, established in 2017, is leading the initiative to produce faster economic information.
Researchers aim to identify close-to-real-time big data and administrative data sets that could be
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