Every country uses the annual gross domestic product (GDP) measure to track and evaluate the strength of its economy, as well as the economies of trading partners and other countries. Calculating this key indicator requires collecting, analyzing and calibrating hundreds, if not thousands, of points of source data.
To perform this analysis quickly and precisely, the Australian Bureau of Statistics (ABS) relies on FIS’ MarketMap Analytic Platform to eliminate statistical discrepancies among the three approaches – production, income and expenditure – used to calculate the country’s annual GDP and present the most accurate measurement possible.
20 Years and Still Counting
In 1998, ABS began using a new supply and table framework to calculate GDP. To ensure the analytics worked accurately and efficiently, ABS turned to FIS to supply the high-powered upgrade required to manage high volumes of time series data stored on ABS servers. Best of all, the FIS solution integrated seamlessly with ABS’ publishing system.
So, for 20 years and counting, ABS has used FIS’ MarketMap Analytic Platform to aggregate data from multiple sources; reflect changes in methods, concepts and classifications; and present it within a consistent framework. ABS benefits from faster processing, interactive report generation and analytics, charts and graphing tools, modeling and forecasting functionality, and built-in time series functionality, including automatic processing at specific intervals.