• Journal of Korea Society of Industrial Information Systems
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• v.28 no.5
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• pp.89-108
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• 2023

This study provides a comprehensive analysis of recent studies conducted on the topic of nowcasting in order to enhance the accuracy and promptness of official statistical data. Furthermore, we propose an alternative approach involving the utilization of real-time data and its corresponding collection methods to effectively operate a real-time nowcasting model capable of accurately capturing the current economic condition. We explore high-frequency real-time data that can predict economic indicators in both the public and private sectors and propose a pipeline for data collection processing and modeling that is based on cloud platforms. Furthermore we validate the essential elements required for the implementation of real-time nowcasting, as well as their data management protocols to ensure the reliability and consistency needed for accurate forecasting of official statistical indicators.