Summary

Machine learning methods and alternative data sources can be effectively used in economic analysis when official statistics are limited. The integration of satellite-based indicators (night-time lights, forest cover density, and greenhouse gas emissions) with traditional macroeconomic variables improves the quality of economic monitoring. In the case of Venezuela, the IMF shows that incorporating satellite data increases the accuracy of quarterly real GDP estimates by around 14%. At the same time, the IMF stresses that such approaches do not replace official statistics and require cautious interpretation of the results.