MAGYAR NEMZETI BANK All of us form part of the digital world and the digital society. The devices surrounding us, such as mobile phones, computers, tablets and smart watches provide us with access to the internet at any time of the day. As a result of this, just in one minute unbelievably large volume of data are generated globally, as we send vast number of e-mails, look for information, watch videos or shop online (Chart 5-3). This also continuously alters the measurement scale of the data traffic, and today data volume is already defined in exa-, zetta- and yottabytes (1018, 1021 and 1024 byte). The continuously growing volume of data poses challenges for economic agents dealing with the data. Chart 5-3: Events of one internet minute in 2019 3.8 million search queries
1 million logging in 18.1 million texts sent
694,444 hours watched
4.5 million videos viewed
$996,956 spent online 2.1 million snaps created 41.6 million messages sent 4.8 million gifs served
180 smart speakeres shipped
60
second
390,030 apps downloaded 347,222 scrolling 87,500 people twee�ng
1.4 million swipes
41 music streaming 188 million emails sent subscrip�ons 1 million views
Source: VisualCapitalist.
5.2 Impact of digitalisation on traditional statistics Expansion of the digital world and the large volume of data it generates represent new challenges for economists, policymakers and statistical offices wishing to understand economic trends. In addition to the previously used official data service, big data represents a secondary data source for strategic decisions. In terms of its volume, a significant amount of data is available and generated minute by minute, thereby causing a true data revolution in the age of digitalisation. Those who deal with data are all experiencing the sudden change represented by the data revolution, of which five different aspects should be highlighted. According to the UN’s 2013 report, the data revolution 1. 2. 3. 4. 5.
Accelerates the growth in the volume of data and the generation of data, Expands the range of phenomena examinable and presentable by data, Facilitates the availability of data faster and faster, Expands the range of data sources, and Increases the number data producers, processors and analysts.
These changes encourage statistical offices to modernise traditional measurement methods and integrate the secondary data source represented by big data as much as possible. This may play an important role in making official statistics more precise, particularly in the measurement of price changes and inflation. A digital revolution is currently taking place, in which big data and artificial intelligence are becoming increasingly important. The role of services has appreciated remarkably in recent decades, as they became increasingly important both for economic growth and price developments. E-commerce and online shopping are also consequences of the digital world, which are not only shaping consumer habits day by day, but are also transforming traditional sales channels. These are the new challenges faced by traditional measurement, which should see these changes as a new opportunity (Chart 5-4).
78
GROWTH REPORT • 2019
