(30 June 2021) According to 505 Economics, most sub-national regions of the United Kingdom — referred to as NUTS 2* regions — responded uniformly to the first lockdown in April 2020, with economies contracting by approximately 20%. A similar pattern could be seen at a more granular NUTS 3 level*. However, local economies (NUTS 3) do not appear to have returned to pre-COVID levels of economic growth.
As opposed to Eurostat or national statistics offices who provide national GDP estimated on a quarterly basis and subnational — on an annual basis, 505 Economics provides monthly estimates of GDP at a local level for 26 European countries. They use high-resolution satellite imagery and transform luminosity data into GDP estimates using machine learning.
*NUTS or Nomenclature of Territorial Units for Statistics is the European Union's geocode standard for referencing the subdivisions of countries for statistical purposes.
Live data and insights on Coronavirus around the world, including detailed statistics for the US, EU, and China — confirmed and recovered cases, deaths, alternative data on economic activities, customer behavior, supply chains, and more.
Which is the world's largest economy, China or the United States? As is usual in the field of economics, “It depends.” It depends on the methods used to estimate the size of an economy and to compare one economy to another. Despite modern discussions on refining the calculation of gross domestic product (GDP), the standard measure of an economy’s size and performance, to be more inclusive of economic factors that have been ignored to date, such as environmental and natural resource depletion, there is no commonly accepted alternative to GDP. There are, however, at least two commonly...
For the first time during the post World War II era, the global economy is expected to shrink due to measures in force worldwide to suppress the coronavirus, according to the IMF World Economic Outlook (WEO) released on April 14, 2020. In this edition of the WEO, the IMF shortened the forecast horizon to 2021 instead of the expected 2025 horizon and limited the number of indicators available in its statistical tables because of the high level of uncertainty in current global economic conditions. In the baseline scenario—which assumes that the pandemic fades in the second half of...
(8 April 2021) Amid COVID-19 vaccination progress and new stimulus measures from the US government, IMF economists are predicting a shining near-term future for the global economy. Here are the key takeaways from the April 2021 edition of the IMF's World Economic Outlook (WEO) report: The IMF now estimates 2020 growth to have been -3.3 percent, a 1.1 percentage point upward revision from its October 2020 projection. The outlook for 2021 improved by 0.8 percentage points, to 6%, based on expected additional fiscal support in the US and other large economies and anticipated...
(14 October 2020) The corona-crisis is different from past economic recessions in that it has touched all economies without exception. But if we look from economy to economy, we quickly observe that the economic consequences of the corona-crisis are far from uniform. To understand why, for example, GDP in Korea dropped just 2.8% YoY in Q2 2020 while India experienced a 23.9% YoY contraction, we collected key macroeconomic indicators for Q2 2020 for the world's 15 largest economies. At first blush the data was disappointing, because the economic strain appeared again to be rather...
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