BOK tries to find ways to use big data in statistics

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BOK tries to find ways to use big data in statistics

The central bank will establish a unit specializing in the use of big data, in order to measure different economic indicators today to process information from mobile devices and social media.

The Bank of Korea said the Big Data Research Section will start operating Monday.

A four-member team will look into the feasibility of big data use in official economic statistics produced by the Bank of Korea.

“We’ve learned that big data could be used in measuring gross domestic product, consumer sentiment and other sections of statistics related to consumer spending,” said Yi Sang-ho, head of the new subdivision.

“We have yet to decide which data will be used and how,” he said.

But by incorporating big data, he expected that spending figures could be more precise and up to date.

The team will also lead the bank’s efforts to include the relevant figures from so-called sharing economy platforms.

Back in May, the central bank announced that it will include economic figures for the digital and sharing economy when calculating GDP, starting in 2019.

Digital on-demand platforms have exerted a growing influence in daily transactions and economic activities, but aren’t reflected in official statistics.

The Bank of Korea signed a memorandum of understanding with Shinhan Card, the country’s top card company, in June to use the card company’s transaction data for official statistics.

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