Economic Nowcast
Empowering policy makers, analysts and service delivery organisations with real-time insights to drive informed and responsive policies and public services.
Introducing the Smart Data Foundry Economic Nowcast
Nowcasting is a crucial element in shaping more resilient and adaptive economic policies.
The Smart Data Foundry Economic Nowcast provides policymakers, analysts and public sector organisations with near-real time insight into key economic wellbeing indicators. These indicators are drawn from millions of de-identified consumer bank accounts and thousands of SMEs, providing instant insight into the realities of the UK economy.
The Smart Data Foundry Nowcast equips policymakers, analysts, and service providers with the timely insights necessary for proactive decision-making, enhancing their ability to address economic challenges swiftly and effectively.
register interest
Track critical UK economic wellbeing indicators in near-real time:
Average weekly income
This metric highlights shifts in economic wellbeing, providing a clear picture of how economic factors such as inflation or wage growth are impacting the population.
Living beyond means
This metric tracks the proportion of individuals spending more than their income, helping to identify potential risks related to debt accumulation, financial vulnerability, and economic stress.
Small business productivity
Get valuable insights into the financial health and operational efficiency of small businesses, which make up the vast majority of UK businesses.
What is Nowcasting?
Economic nowcasting involves gathering and combining data, released at high-frequency, to offer enhanced insights into the current state of the economy and potential near-term developments. In contrast to traditional forecasting, which often depends on historical data and long-term projections, nowcasting emphasises timely insights using current data. This approach allows economists and governments to respond more rapidly to economic shifts as they occur.
Near real-time, de-identified consumer financial data serves as a vital tool for nowcasting, offering detailed insights into ongoing economic activities and trends. By examining data such as spending behaviours, income patterns, and credit usage, economists and analysts can obtain a more immediate grasp of consumer behaviour, which is essential for understanding the broader economic landscape.
There is a vast wealth of information about aspects of the economy that can be gleaned from indicators that are released more quickly and frequently than either monthly or quarterly GDP.
- Name
- Office for National Statistics (ONS)
- Role
What data does the Economic Nowcast use?
Smart Data Foundry works with trusted data partners to responsibly share de-identified financial data for good. This data is used in research, policy making and public service delivery and supports decisions which improve economic wellbeing and reduce poverty and inequality.
The Economic Nowcast is underpinned by a dataset built on 5.3 million consumer bank accounts and thousands of SMEs. This data is regularly shared by our data partners, prepared and aggregated by our data science team to produce the Nowcast indicators. Each indicator is updated either monthly (or quarterly for SMB performance), and allows users to compare with the previous month and quarter.
As the Nowcast evolves, we will add more indicators as well as the ability to zoom in regionally and filter by demographic data such as age. Sign up below to be the first to know when the Nowcast is launched, and to stay up to date with future Nowcast launches.
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Coming soon: The Economic Wellbeing Explorer
Want deeper insights?
The Smart Data Foundry Economic Wellbeing Explorer is a groundbreaking map-based platform that unlocks previously inaccessible near real-time financial data alongside open data, offering powerful insights into economic wellbeing across national, regional, and local levels.
The Economic Wellbeing Explorer will help policymakers, analysts, economists, and service providers make informed decisions that drive impactful change—reducing poverty, tackling inequality, and improving overall economic wellbeing.
Register your interest to be the first to know when the Economic Wellbeing Explorer is available to use.
Register your interest
Be the first to know when we launch
Complete the form and we will make sure you're the first to know when the Economic Nowcast or the Economic Wellbeing Explorer are live.