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NOWCASTING VS FORECASTING GDPNow - Federal Reserve Bank of Atlanta
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Our GDPNow forecasting model provides a "nowcast" of the official estimate prior to its release by estimating GDP growth using a methodology similar to the one Nowcasting is predicting the present, ie, estimating the current or near-term state using real-time data and predictive analytics. Nowcasting is a form of very short-range weather forecast, up to 3β6 h, initiating from observational data merged with predictions from conventional atmospheric
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