Statistics Korea Partners with Korea Credit Data to Develop Additional Real-Time Indicators

[Asia Economy Sejong=Reporter Lee Jun-hyung] Statistics Korea is strengthening data-related cooperation with Korea Credit Data.

On the 18th, Statistics Korea announced that it signed a "Business Agreement for Strengthening Future Competitiveness Based on Big Data" at the headquarters of Korea Credit Data in Seoul. In the agreement, Statistics Korea and Korea Credit Data agreed to jointly promote the expansion of the Nowcast portal service and research on small business trends through the fusion analysis of public and private data.

Statistics Korea will first collaborate with Korea Credit Data to add real-time indicators to the Nowcast portal. The Nowcast portal is a system that provides eight real-time indicators in four major sectors?households, businesses, jobs, and public health?on a weekly basis by utilizing public and private big data. Statistics Korea plans to launch the newly developed real-time indicators within this year.

Han Hoon, Commissioner of Statistics Korea, said, "This will be another example of cooperation that enhances data value through mutual collaboration in data exchange and analytical capabilities between the two organizations," adding, "We hope this will be an opportunity to strengthen future competitiveness based on data and promote coexistence between the public and private sectors."

From the right in the photo, Han Hoon, Commissioner of the Korea National Statistical Office, and Kim Dong-ho, CEO of Korea Credit Data. [Photo provided by the Korea National Statistical Office]