A group of people celebrating.

Eurostat is happy to announce the outcome of the first round of European Statistics Awards on nowcasting. With this challenge, Eurostat sought to provide faster and more accurate estimates of selected indicators by using innovative methods, like advanced modelling with real-time data.

The 2022-2023 Nowcasting challenges featured three separate competitions, each targeting a specific economic indicator. Participants were invited to deliver their estimates for at least 6 consecutive months for the producer price index (PPI), the production volume index (PVI) and tourism statistics on nights spent at tourist accommodation establishments. 

A total of 82 teams, with 144 participants from 21 countries, signed up for the challenge. 

Accuracy Award prizes were given to the top three teams that provided estimates closest to the published indicator. The Reproducibility Award prizes were given to the teams whose entries showed great potential to be scaled up to European statistics production. The Reproducibility Award supports the best described and documented solutions, with the most innovative, open approach using open data.

Graphic showing the winners of the nowcasting competition in 3 categories for accuracy awards and reproducability awards. 1. Accuracy Award Accuracy Award winners for producer prices in industry: 1st place with 3,000 Euro price money goes to the team called nbb_dsc_cl, the 2nd place with 2,000 Euro goes to dhopp1 and the 3rd place with 1,000 Eur to INSEE. 2. Accuracy Award winners for production volume in industry: 1st place with 3,000 Euro goes to GladGan, 2nd place with 2,000 Euro to YXAnalys and the 3rd place with 1,000 Euro to INSEE. 3. Accuracy Award winners for tourism: 1st place with 3,000 Euro goes to PM10, 2nd place with 2,000 Euro to bernese and 3rd place with 1,000 Euro to dhopp1. Reproducibility Award winners: for producer prices in industry 1st place with 5,000 Euro goes to dhopp1, for production volume in industry the first place was not attributed, for tourism the 1st place with 5,000 Euro to Bernese.

 

Congratulations to all the winners! 

Consider joining the ongoing nowcasting challenge focusing on energy and keep track of the European Statistics Awards to stay informed about the upcoming competitions.

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