A short-term forecasting model for the Spanish economy: GDP and its demand components
Ana Arencibia Pareja,
Ana Gómez Loscos (),
Mercedes de Luis López and
Gabriel Perez Quiros
Additional contact information
Ana Arencibia Pareja: Banco de España
Ana Gómez Loscos: Banco de España
Mercedes de Luis López: Banco de España
Authors registered in the RePEc Author Service: Ana Gómez-Loscos ()
No 1801, Occasional Papers from Banco de España
This document describes the key aspects of the extended and revised version of Spain-STING (Spain, Short-Term Indicator of Growth), which is a tool used by the Banco de España for the short-term forecasting of the Spanish economy’s GDP and its demand components. Drawing on a broad set of indicators, several dynamic factor models are estimated. These models allow the forecasting of GDP, private consumption, public expenditure, investment in capital goods, construction investment, exports and imports in a consistent way. We assess the predictive power of the GDP and its demand components for the period 2005- 2017. With regard to the GDP forecast, we find a slight improvement on the previous version of Spain-STING. As for the demand components, we show that our proposal is better than other possible time series models.
Keywords: business cycles; spanish economy; dynamic factor models. (search for similar items in EconPapers)
JEL-codes: C22 E27 E32 (search for similar items in EconPapers)
Pages: 39 pages
New Economics Papers: this item is included in nep-eec, nep-for and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
https://www.bde.es/f/webbde/SES/Secciones/Publicac ... 18/Files/do1801e.pdf First version, February 2018 (application/pdf)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:bde:opaper:1801
Access Statistics for this paper
More papers in Occasional Papers from Banco de España Contact information at EDIRC.
Bibliographic data for series maintained by María Beiro. Electronic Dissemination of Information Unit. Research Department. Banco de España ().