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February 27, 2019
Smart Analytics' specialists held the annual training for the Directorate-General for Economic and Financial Affairs of the European Commission on the Forecast Data Management System (FDMS+).
To ensure the smooth operation of the Economic and Monetary Union (EMU), the DG ECFIN focuses on economic surveillance, monitoring, and forecasting.
To this end, it carries out a wide range of macroeconomic analytical tasks using appropriate high-quality economic and statistical indicators, produces comprehensive economic forecasts for all Member States and disseminates research findings relating to the ECFIN’s policy priorities with the help of FDMS+.
FDMS+ is built to provide a secure and flexible software environment to deal with day-to-day tasks on the collection, management, analysis, forecasting, and dissemination of big amounts of statistical data on the economy at the DG ECFIN. It is used for economic forecasting for all European countries.
The solution provides single entry point to the most commonly used data sources: both the Directorate’s internal data and external data collected from a number of sources such as Eurostat, the International Monetary Fund, the European Central Bank, the Organization for Economic Co-operation and Development, etc.
Reports and forecasts generated in FDMS+ are used for preparing European Economic Forecast, one of the key European Commission’s publications.
Thanks to automated routine tasks in processing data, generating forecasts and reports and verifying data, efficiency of the European Commission’s divisions and the consistency of analytical data.
The automation of tasks and creation of complex consistency checks improved both the work efficiency and the reliability of the data.
Project Manager
Smart Analytics
For several years our experts at Smart Analytics have provided support for FDMS+, conducted annual trainings for new users, and also provided services for the development of its content and functionality by adding new data sources, importing statistical data into the repository, creating new reports, working with metadata, etc.
