Using the Google Places API and Google Trends Data to Develop High Frequency Indicators of Economic Activity

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