New developments in central bank statistics around the world1

Abstract

A key lesson from central banks’ experience during the COVID-19 pandemic, as both users and producers of economic and financial data, is the need to broaden their ability to face future shocks that can test the resilience of today’s economies in unexpected ways. This could be achieved by developing higher-frequency, more granular and timelier indicators, leveraging on the growing availability of alternative data sources. In particular, increased digitalization is bringing new types of information that can complement and expand traditional analysis and statistical measurements. Yet, a key issue is that reaping the full the benefits of such new and alternative data sources can face several important challenges.