Bibliografie

(eng): We analyze performance of a broad range of nowcasting and short-term forecasting models for a representative set of 6 new and 12 old European Union (EU) countries that are characterized by substantial differences in aggregate output variability. In our analysis we generate ex-post out-of-sample nowcasts and forecasts based on hard and soft indicators that come from a comparable set of identical data. We show that nowcasting works well for new EU countries because despite that variability of their GDP growth data is larger than that of the old EU economies, the economic significance of nowcasting is on average somewhat larger.