To make economic decisions, we need to understand how people and businesses spend their money. To do this, government and academics have historically had to rely on datasets that are small or significantly delayed. However, with the advent of digital economies, we are seeing a new wave of economic research and statistics based on large-scale anonymised transaction datasets. Such data helps us to understand and react to economic movements in real time, without the recurring risk of significant data revisions.
Fable was founded with a mission to provide better data to decision makers everywhere, including governments and academics. This is Fable’s ‘Data for Good’ philosophy. In this blog, we provide examples of how institutions such as the IMF, Eurostat, and the University of Nottingham are working with Fable’s European transaction data to advance economic thinking.
Anonymised real time spend data provides one of the most accurate reflections of inflation available, providing actionable insights to enhance the basis of economic decision making globally
Enhancing existing data sources to deliver better outcomes
Another exciting application of anonymised spend data is aiding the vital calculation of official statistics and the work of statistical agencies. Fable is proud to be supplying a sample dataset for Eurostat’s European Big Data Hackathon 2023. The event involves participants from national statistics agencies across the EU competing in teams to solve a statistical challenge using Fable’s spend data. The teams’ outputs will demonstrate how the powerful combination of official statistics and big data can be used to collectively “inform policy makers [on] pressing policy questions facing Europe.” Keep an eye out on Fable’s social media channels as we will have more exciting updates about this event soon!
Fable also works closely with universities and academics to support the latest research and economic thinking. Here, we see large-scale transaction datasets being used for both macro and micro economic analysis. For example, the University of Nottingham launched their ‘Track the Economy’ dashboard, which displays multiple sources of aggregated data including Fable’s anonymised spend data. The dashboard aims to support managerial decision making and policy formulation by providing real time insights on UK regional economic activity.
Real time transaction data holds the key
There are many ways that real time transaction data is being used by economists, statisticians, and academics. Fable’s ‘Data for Good’ initiative shows the importance of collaboration and shared thinking between the public and private sectors. Our enduring belief and ambition is to provide better data to economic decision-makers across the globe, enriching both societies and lives in the process.
To learn more about the data behind this article and what Fable Data has to offer, visit https://www.fabledata.com/.
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