In times of crises policymakers need to get a quick overview over the economic performance of a country. Therefore, prompt and accurate GDP estimates are essential.
While official GDP flash estimates are published 30 days after the end of a quarter, Germany launched a feasibility study to nowcast GDP already 10 days after the end of a quarter.
To outweigh missing data at this early point, different econometric models (bridge models, dynamic factor models as well as machine learning methods) and a variety of early economic indicators are tested. The presentation includes a preliminary assessment of the GDP nowcast accuracy.