Monitoring and Nowcasting SDG 8 for Austria

To give a timely evaluation of the progress towards SDG 8 (Sustainable Development Goals), we apply dynamic factor models to nowcast SDG 8 indicators for Austria using higher frequency data available for the current year 2021. We support Erste Bank to set up country specific SDG 8 nowcasting models for Croatia, Czech Republic, Hungary, Poland, Romania, Serbia and Slovakia. SDG 8 calls for "Decent Work and Economic Growth" and is represented by 6 key indicators and 3 multipurpose indicators. The monitoring of SDG 8 indicators follows the procedure as applied by Eurostat, presenting average changes over the previous five years for the set of key and multipurpose indicators.