Business Cycle Barometer as a Method of Economic Diagnosis and Forecasts in the Case of Warmia and Mazury Region

Abstract

The purpose of this article is to assess the possibility of using a business cycle barometer to measure both the current economic situation and short-term forecasts for a regional economy, on the example of the Warmia and Mazury. The basis of this assessment is the construction of regional business cycle barometer based on data obtained from the Regional Statistical Office in Olsztyn. A survey was conducted which showed that a regional business cycle barometer can be created using the official statistical data. It provides a way to assess the current economic situation and short-term prospects of its fluctuations. In comparison to business surveys made by other institutions, the business cycle barometer is more objective, because it consists of so-called hard economic data.

Keywords

• business cycle
• business indicator
• region
• business survey
• warmińsko-mazurskie