Global | Tracking the COVID-19 Crisis with High-Resolution Transaction Data

Summary

Presentation released by BBVA Research at Big Things Data & AI Conference. Observing the evolution of the economy in real time and high definition can be essential when evaluating the economic impact of an event with few precedents in the world economy like the current Covid19 crisis.

Key points

• Key points:
• Measuring National Accounts in Real Time & High Definition. The use of card spending for nowcasting aggregate consumption and making granular economic analysis.
• Data may be analyzed between 1-3 months ahead than the official figures. Data has more granular detail on household spending than the official figures.
• The impact of Covid-19 on foreign spending was much higher than on national expenditure. Tourism related sectors are the most affected ones, while others like food, health or furnitures are growing more than last year.
• Transaction data has proved to be useful to track the economy and exploit time series, cross-sectional and geographical dimensions.

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