The Economics Benchmarks 2022 survey revealed that the majority of central banks utilize alternative data sources in their work. Specifically, 81% of the 32 respondents reported using Google search data, while only 6% relied on Scanner data. These alternative sources are employed in various aspects of the banks’ official roles, such as forecasting analysis and scenario analysis. Additionally, the text mentions that certain subscription options are required to access content and subscription benefits. It also highlights copyright information and provides contact details for further inquiries. The themes that emerge from this text include the use of alternative data sources, the importance of subscription benefits, and the role of risk management in central banking.
| Signal | Change | 10y horizon | Driving force |
|---|---|---|---|
| Central banks using alternative data sources | From traditional data sources to alternative data sources | Increased reliance on alternative data sources | Improved accuracy and efficiency in data analysis |
| Increased use of Google search data | From limited use of Google search data to more widespread use | Greater reliance on Google search data | Availability of vast amounts of real-time search data |
| Low usage of scanner data | From low usage of scanner data to potentially higher usage | Increased adoption of scanner data | Development of more advanced scanning technologies |
| Restrictions on printing and copying content | From unrestricted printing and copying to restricted access | Continued restriction on printing and copying content | Protection of intellectual property rights |
| Shift towards subscription-based access | From free access to subscription-based access | Widespread use of subscription-based access | Need for sustainable revenue streams for information providers |
| Cybersecurity as top concern for central banks | From other concerns to cybersecurity as top concern | Increased focus on cybersecurity measures | Rising threat of cyber attacks |
| Market and personnel as rising risks for central banks | From other risks to market and personnel risks | Heightened attention to market and personnel risks | Increased complexity and volatility in financial markets |
| Limited progress on climate risk capabilities | From limited climate risk capabilities to improved capabilities | Enhanced climate change risk management | Growing recognition of the impact of climate change on the economy |
| Decrease in centralised risk units | From high usage of centralised risk units to lower usage | Decentralisation of risk management functions | Need for more agile and flexible risk management structures |