BBVA Research and Google team up to improve economic activity forecasts
BBVA Research and Google launch the BBVA-Google indicators to improve economic activity forecasts for certain productive sectors in Spain
- (1888PressRelease) January 23, 2012 - The first two BBVA-Google indicators for tourism in Spain will provide accurate data on foreign tourist arrivals and overnight stays in Spain a month of ahead of official data (Read related press release)
The results obtained improve the predictive capacity of conventional models that do not include Internet search data
BBVA Research and Google are teaming up to develop a project that improves economic activity forecasts for specific productive sectors. This initiative combines BBVA Research’s forecast models and Google’s search engine data, and has yielded excellent results, reducing forecast errors by 25%. The first pilot test focused on measuring current and future demand in the tourism industry.
The new project combines BBVA Research’s forecast models and Google’s search engine data. The results obtained for the various productive sectors will allow economic activity to be forecast more accurately, reducing forecast errors by 25%.
This partnership will allow BBVA Research and Google to offer strategic information on forecasts applied to different sectors of production. The results obtained are included in the new BBVA-Google indicators. These indicators will be published monthly, but will be provided first to customers of the bank and internet group.
The first pilot project carried out by BBVA Research and Google focused on tourism. It entailed the creation of two BBVA-Google tourism activity indicators in Spain, providing key information to gauge tourist arrivals and overnight stays in Spain more accurately a month before official data are released.
These forecasts will allow industry companies to have industry forecasts for the previous month (backcast), the present month (nowcast) and the next month (forecast), providing them with valuable data for making strategic decisions.
BBVA and Google will assess the results of the pilot programs before deciding to which strategic sectors and countries they can extend the new project, as the initial agreement was aimed at providing the broadest coverage possible.
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BBVA is a customer-centre global financial services group founded in 1857. The Group has a solid leadership position in Spain, it is the largest financial institution in Mexico and it has leading franchises in South America and the Sunbelt Region of the United States. Its diversified business is biased to high-growth markets and it relies on technology as a key sustainable competitive advantage. BBVA ranks among the leading Euro zone banks in terms of ROE and efficiency. Corporate responsibility is inherent to its business model, promotes inclusiveness and supports research and culture. BBVA operates with utmost integrity, long-term vision and best practices, and is included in the main sustainability indexes.
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