RSS South Wales Local Group: Faster indicators of UK economic activity: Shipping

Date: Friday 20 May 2022, 3.00PM - 3.45PM
Location: Online
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Local Group Meeting
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In this presentation, Dr Ioannis Kaloskampis, Senior Data Scientist at the Office for National Statistics, will talk about the data, methodology and economic analysis for the faster shipping indicators. These indicators provide insights into economic activity by monitoring ship traffic around major UK ports. They are derived from the Automatic Identification System (AIS) data, the international system for tracking ship movements.
 
In this presentation, Ioannis will talk about the data, methodology and economic analysis for the faster shipping indicators. These indicators provide insights into economic activity by monitoring ship traffic around major UK ports. They are derived from the Automatic Identification System (AIS) data, the international system for tracking ship movements.

The Independent Review of UK Economic Statistics (Bean, 2016) stated that “the longer a decision-maker has to wait for the statistics, the less useful are they likely to be”. Faster UK economic indicators enable policymakers such as HM Treasury and the Monetary Policy Committee of the Bank of England to set appropriate policy more quickly in response to economic changes.
 
The Faster indicators of UK economic activity project, led by the Office for National Statistics is a response to this challenge. The goals are to: 
  1. identify close-to-real-time big data or administrative data sources which represent useful economic concepts
  2. create a set of indicators which allow early identification of large economic changes
  3. provide insight into economic activity, at a level of timeliness and granularity not possible for official economic statistics.
 
 
Dr Ioannis Kaloskampis is a Senior Data Scientist at the Data Science Campus, Office for National Statistics,
 
Dorothee Schneider for RSS South Wales Local Group
 
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