Europe’s economy in 100 billion Google searches

LONDON: Confused about EU economy? Researchers in Finland say answers are on the Internet. They’re adding voices to the idea that Google data can help improve economic analysis and forecasts in areas like labour market.

By tracking searches for terms such as “unemployment benefits” or “career service” across the EU, the Research Institute of the Finnish Economy in Helsinki says it’s able to predict unemployment as much as three months in advance.

While central banks and statistics agencies have already expressed interest — some already use it — Researchers says it can now estimate real-time unemployment rates using web searches.