Using the Google Places API and Google Trends Data to Develop High Frequency Indicators of Economic Activity
IMF Working Papers, December 17, 2021
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- Using the Google Places API and Google Trends Data to Develop High Frequency Indicators of Economic Activity
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Bibliographic details
- Authors: Paul A Austin, Marco Marini, Alberto Sanchez, Chima Simpson-Bell, James Tebrake
- Published: December 17, 2021
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781616355432.001
Authors and publication
- Paul A Austin, Marco Marini, Alberto Sanchez, Chima Simpson-Bell, James Tebrake
- December 17, 2021
- IMF Working Papers, Working Paper No. 2021/295, Issue: 295, Volume: 2021
- Pages: 47
- DOI: https://doi.org/10.5089/9781616355432.001
- ISBN: 9781616355432
- ISSN: 1018-5941
- Stock No: WPIEA2021295
Research objective and approach
- 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.
- Develop a methodological toolkit for national compilers interested in using Google data to enhance the timeliness and frequency of economic indicators.
- Illustrate the approach using Google data-derived indicators that predict well the GDP trajectories of selected countries during the early stage of COVID-19.
Key findings and insights
- Traditional data collection and compilation methods to produce official indicators are falling short as policymakers demand more frequent and timely indicators.
- Real time data can provide early signals of turning points in economic activity.
- Google Places API and Google Trends data can be used to construct high frequency indicators that are aligned with official statistical concepts, classifications, and definitions.
- Google data-derived indicators predict well the GDP trajectories of selected countries during the early stage of COVID-19.
Subject coverage and keywords
- Subject: APIs, Big data, COVID-19, Economic and financial statistics, Economic sectors, Health, Manufacturing, Technology
- Keywords: Africa, APIs, Big data, Business Register., COVID-19, Global, Google data, Google Trends data, high frequency indicator, high-frequency data, High-Frequency Data, Manufacturing, Reopening, reopening Indicator
Policy relevance and practical application
- National statistical offices and compilers can use the provided methodological toolkit to enhance the timeliness and frequency of economic indicators using Google data.
- High-frequency indicators derived from Google data offer a complementary source to traditional statistics for early detection of economic turning points, particularly during rapid-onset events such as pandemics.
Publication and access notes
- Format listed: Chicago citation example provided on the page.
- The paper is categorized under IMF Working Papers and is available through the IMF eLibrary.
Source: Using the Google Places API and Google Trends Data to Develop High Frequency Indicators of Economic Activity, IMF Working Papers 2021/295, December 17, 2021.
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- Working Paper