The United States Department of Commerce and the Bureau of Economic Analysis in partnership with the European Commission's DG CONNECT and Eurostat have established a Transatlantic Open Data Partnership focused on economic data. The eu.us.opendata R library is the direct result of this collaborative effort, enabling easy access to comparable datasets from the Eurostat API and BEA API. Built following a Linked Open Data design, the R library taps into the Bureau of Economic Analysis' API and the Eurostat API to make comparable data accessible. In only a few lines of code, a data analyst can obtain economic data
|SWOT Analysis for
|Strengths• Allows users to "mix and match" regional macroeconomic data about the United States and the European Union.
• The R library uses Linked Open Data to establish relationships between comparable EU and US economic indicators.
• The library therefore makes it easier for data scientists and researchers to make comparisons of the EU and US economies.
• Offers integrated access to key indicators on the EU and US economies; on GDP, population, employment, and disposable income, by industry and region.
• More intensive usage of stored data
• Opening and connecting of data
• Diversity of opinion and interests
• Input for economic development
|Weaknesses• Provides data only for EU members and US
• Uncertainty of existing copyright laws
• Long standardisation processes
|Opportunities• Strengthening of economy.
• Re-use and recovery of data
• Transparency, participation, collaboration.
• External impulses of innovation.
• Usage of collective intelligence
• Data Visualisation
|Threats• Data quality
• Balance between openness and protection of information.