Alternative data specialist QuantCube Technology has launched the the QuantCube real-time GDP Canada Nowcast giving investment firms and hedge funds real-time insight, based on alternative data sources, on whether an event or trend happening in the US economy is affecting Canada. 

The latest GDP indicator is part of a series of expansions to its GDP Nowcasts for the main global economies: the US, China, the UK, Japan, and the Eurozone, including France, Germany, Spain, and Italy.
 
The QuantCube Canada GDP Nowcast enables users to see whether an event or trend happening in the US economy is affecting Canada’s economy, with insights delivered daily. QuantCube GDP Nowcasts are real-time indicators quantifying current economic growth trends at a country level. QuantCube does this by dynamically processing multiple subcomponents of GDP nowcasting and establishing patterns from robust observations.
 
QuantCube’s GDP Nowcasts demonstrate—in real-time—economic growth over a 12-month period at the country level by tracking and aggregating each component of the GDP.

“With its close relationship to the US, Canada is an important country to track, especially given its status as a significant producer and exporter of fossil fuels,” says QuantCube CEO, Thanh-Long Huynh. “Tracking Canada’s GDP is essential for any fund involving mining, oil and gas extraction, construction, and manufacturing to wholesale trade and transportation and warehousing. Investment professionals can gain a significant competitive edge by getting valuable information ahead of anyone else, before the publication of official GDP data, to generate greater Alpha.”
 
For every country, QuantCube uses different proxies that track the most important parts of the variance of GDP. To compute each subcomponent of the GDP, multiple layers of analytics and pre-processing are necessary to extract an accurate proxy from the massive flow of alternative datasets. QuantCube’s GDP Nowcasts for current-quarter growth rates are updated daily, a capability achieved via QuantCube’s Data Infrastructure, which can process massive amounts of data in real-time.
 
The real-time GDP Canada Nowcast indicator is available to view through the QuantCube Macroeconomic Intelligence Platform (MIP). Alongside country GDP nowcasts, the platform also provides real-time information on various indicators from tourism and global trade to inflation and other key macro-economic variables.