The Rushin Index: A Weekly Indicator of Czech Economic Activity

Tomáš Adam, Ondřej Michálek, Aleš Michl, Eva Slezáková

We introduce the Rushin, a weekly index of Czech economic activity. The index is based on alternative, high-frequency indicators and standard, low-frequency macroeconomic data. Various information from the economy is aggregated to extract a signal about real-time dynamics in the real economy. Although the information on the GDP growth rate is not used directly in the construction of the index, the indicator fits GDP data well, particularly in turbulent times such as the global financial crisis and the COVID-19 crisis. Therefore, it can be used for the real-time monitoring of economic activity, nowcasting and identifying turning points in the economy. The name of the index alludes to the name of Czechoslovakia’s first finance minister Alois Rašín and the timeliness (rush-) of the index (-in).

JEL codes: C32, C43, E01, E32

Keywords: COVID-19 crisis, economic activity index, high-frequency indicators, nowcasting

Issued: September 2021

Download: CNB WP No. 4/2021 (pdf, 1 MB)