BOK to use automated data collection for economic forecasts

The Bank of Korea will use an automated system to collect, save and update raw data on exports, imports, output and other economic indicators to help it better project how the nation's economy would perform in coming months, a bank official said Monday.

So far, BOK officials have put raw data into the bank's database by hand. A computer-assisted data collection system is expected to help the BOK save time in collecting and saving data. 

On Monday, the BOK opened a bid to select a company to devise the automated data collection system, which will be used from early next year.

"By reducing the burden of manual entry, it is expected to improve the speed and process of calculating economic forecasts," the bank official said.

The BOK plans to make the computer-assisted data collection system automatically update about 110 pieces of raw data used for economic forecasts, according to the official.

The BOK aims to complete development of the new system by the end of this year.  (Yonhap)