Direction de la Science, de la technologie et de l'innovation
Nowcasting the growth rate of the ICT sector
This paper details the methodology used to nowcast the growth rate of the information
and communication technology (ICT) sector in the "The growth outlook of the ICT sector"
chapter of the OECD Digital Economy Outlook 2024, Volume 1. In an era of rapid digital
transformation, innovative data sources for economic measurement are crucial. Internet
search data have gained prominence for tracking real-time economic activity. This
paper details a nowcasting model that leverages Google Trends data to provide policymakers
with timely, up-to-date and comparable data on the economic growth of the ICT sector.
Having timely data on ICT sector performance is essential to evaluating the effectiveness
of sector-related policies. By addressing data challenges and employing a data-driven
approach, this paper advances economic measurement of the digitalisation of the economy
and provides insights into ICT sector growth dynamics.