Europe's Stats Agencies Struggle to Harness Alternative Data
European statistical agencies are facing challenges in fully utilising alternative data sources, as highlighted in a recent policy forum hosted by the Center for Data Innovation at the European Parliament. While these sources could offer better insights and timeliness, consistency and availability issues persist.
The policy forum brought together institutions to discuss opportunities and challenges in using non-traditional data. This includes leveraging data from employment agencies and professional networks like LinkedIn for labour market insights. However, consistency across European countries remains a hurdle due to lack of open data.
ETLA, a Finnish think tank, has pioneered using real-time Google search data and Eurostat's official data to forecast unemployment levels. Yet, government agencies may be hesitant to rely on private-sector alternatives due to future availability concerns. Public-private partnerships could potentially unlock more opportunities for government access to these data sources.
Government statistical agencies are urged to continue modernising their methods to provide quick and accurate economic data. ETLA's use of internet search data for immigration and business activity forecasting demonstrates the potential of alternative data sources. However, challenges such as data consistency, availability, and future reliability need to be addressed for wider adoption.
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