Name Predicting Economic Indicators with Google Trends
Source Google Inc.
Hyperlink to Source http://people.ischool.berkeley.edu/~hal/Papers/2011/ptp.pdf
Description This paper shows how to use search engine data to forecast near-term values of economic indicators.
Long description Government agencies periodically release indicators of the level of economic activity in various sectors. However, these releases are typically only available with a reporting lag of several weeks and are often revised a few months later. It would clearly be helpful to have more timely forecasts of these economic indicators. Nowadays there are several sources of data on real-time economic activity available from private sector companies such as Google, MasterCard, Federal Express, UPS, Intuit and many others. This study examines Google Trends, which is a real-time daily and weekly index of the volume of queries that users enter into Google. The researchers have found that these query indices are often correlated with various economic indicators and may be helpful for short-term economic prediction.
Lead Institution Google Inc.
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Info link http://people.ischool.berkeley.edu/~hal/Papers/2011/ptp.pdf
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Type Research
Potential for reuse Medium
Open source N/A
Open Source URL
Data Input Formats
Data Output Formats
Maintenance Requirements
Plug & Play N/A
Outputs compatible with indicators from Official Statistics N/A
Status Pilot
Country use cases
Target Groups
Statistical Institute
Other Government Agencies
Sectors where the innovation can be applied
  • Areas of technological innovation
  • Log Data
  • ,
  • Real Time Data
  • Areas of management practice innovations
    Use of Alternative Data Sources
    Areas of institutional process innovations
    Non-Official Statistics
    Case Study URL with Public Sector Participation
    Case Study Description
    Picture describing Case Study
    Good practices displayed
    Created On 2014-04-12
    Updated On 2014-04-12
    Status Published
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