Article · Latin American Journal of Central Banking

GDP nowcasting: A machine learning and remote sensing data-based approach for Bolivia

Osmar Bolivar September 1, 2024
Machine learning & data scienceMoney, prices & macro

This paper proposes a GDP nowcasting strategy for Bolivia that combines machine learning with traditional indicators and satellite imagery (nighttime lights, built-up area, and vegetation and precipitation measures for major crops), narrowing the economic-activity release lag from six to two months. The approach won first place in the 2023 CEMLA Central Bank Award.

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