How to Download Economic Data and Import it into EViews

This instructional video provides a detailed guide on how to import data from Excel into EViews. Whether you're a novice or an expert in EViews, this video contains essential tips and tricks to ensure a smooth data import process. You'll discover how to source data from a reputable website, customize datasets, and specify data structures. Additionally, we'll furnish you with supplementary learning materials to further develop your skills. Remember to subscribe to our channel for more EViews tutorials and valuable insights on data analysis. Take the initiative to improve your data analysis proficiencies today!

The importance of data

To start any economic research project, you'll need a dataset. While some students may think that the math involved in the model is the most complex part, finding the right data can also be a challenge.

So why is it so difficult to find data? The truth is, compiling data can be costly. We all know that information is key to making informed decisions, but to get that information, we need to collect it first. And that process can be very expensive. Some datasets may not be accessible for free, while others may contain confidential data that cannot be released.

It's also worth noting that the availability of data for research will depend on the country you're trying to model. While countries in Europe and North America tend to have detailed data in various frequencies, countries in South America, Asia, or Africa may have limited data available. For instance, GDP data may only be available on a yearly basis, starting from 1990.

That's why many research projects in universities focus on the US. They have a wealth of data available at almost any frequency.

If you're considering an economic research project, make sure that the data you need is accessible before starting. To help you get started, I've compiled a list of some of the most commonly used data sources in economic analysis: 

Some websites to download economic data for your research

1. Federal Reserve Bank of St. Louis

The Federal Reserve Bank of St. Louis is a go-to resource for many economists and researchers. The website, called FRED (Federal Reserve Economic Data), provides access to more than 800,000 data series on a wide range of economic topics, including inflation, employment, and GDP. The website is user-friendly, and the data can be downloaded in multiple formats, including Excel and CSV.

Link: https://fred.stlouisfed.org/

2. World Data Bank

The World Data Bank is a comprehensive source of economic data from countries around the world. It's maintained by the World Bank and provides access to data on topics such as poverty, education, and health. The website has an intuitive interface, and the data can be downloaded in various formats, including Excel and CSV.

Link: https://data.worldbank.org/

3. International Monetary Fund 

The International Monetary Fund (IMF) is an organization that promotes international monetary cooperation and exchange rate stability. Its data portal provides access to a wealth of economic data, including data on exchange rates, international trade, and financial markets. The data can be downloaded in various formats, including Excel and CSV.

Link: https://data.imf.org

4. OECD data base 

The Organisation for Economic Co-operation and Development (OECD) is an international organization that promotes economic growth and development. Its data portal provides access to a vast range of economic data, including data on economic outlooks, social and welfare issues, and environmental indicators. The website is user-friendly, and the data can be downloaded in multiple formats, including Excel and CSV.

Link: https://data.oecd.org/