The Role of Economic Information as a Generator of Knowledge in the Forecasting Process: Empirical Comparisons of Spanish Regional GDP Growth

The current age and the internet development give raise accessibility to different sources of statistical information. We have more information, though not always it means an increase of knowledge. The great challenge is to turn the available economic data into information and this one into economic knowledge. The possibility of going more deeply into the area of economic forecasting is an interesting focus of knowledge in economic science, supported by the availability of information and specific software. The gross domestic product (GDP) still continues being used as the main magnitude to qualify the economic prosperity of a country or geographic area. It is necessary to interpret correctly the GDP variation in order to extract relevant conclusions for the economic decisions, for the generation and dissemination of knowledge. We review some relevant aspects to consider in the process of regional economic forecasting: forecast combination or to choose the most accurate prediction.