Estimation methods must be improved, and the statistical infrastructure must be strengthened to develop additional indicators describing the new digitalization-driven environment. In Chile, in order to continue leading official statistics, we have taken a number of steps to respond to the digital economy challenge:   We are closely involved in the international agenda on the measurement of the digital economy, conformed by various institutions, including the OECD, the United Nations, Eurostat and the IMF.   In the short term, one of the main challenges we are dealing with is to have an estimation for e-commerce, following the international guidelines. We expect to achieve this using a combination of administrative data and upgraded surveys collected by our National Statistics Office. Page 2 of 4  Central Bank of Chile October 2019    Regarding administrative data, Chile has built a complete and secure set of data that have helped to produce sound traditional statistics, placing the country at the forefront using this type of information. For example, this data is being used intensively as an input for National Accounts official statistics, namely, monthly indicator of economic activity, supply and use tables, regional GDP and international trade in services statistics.   Furthermore, since 2014 the CBC publishes the housing price index for Chile (HPI), which is built based on administrative data of the Internal Revenue Service, including actual transactions of dwellings. The index considers breakdowns by type of property (houses and apartments) and geographic areas.

Central Bank of Chile October 2019  Third Statistics Conference: “Measuring the Economy in the Digital Age” Opening remarks by Mario Marcel, Governor of the Central Bank of Chile October 1-2, 2019 – Santiago, Chile Good morning, It is a great pleasure to welcome you to the Third Statistics Conference organized by the Central Bank of Chile (CBC), on “Measuring the Economy in the Digital Age” that brings together distinguished experts on macro statistics from many agencies and countries around the globe. This conference follows the one on “Statistics for Financial and Monetary Analysis” in 2015 and on “Measuring the Economy in a Globalized World” in 2017 and it is becoming a landmark event for the CBC, and I hope for all participants as well. The conference we are opening today will address the opportunities and challenges that digitalization imposes on us in interpreting and analyzing increasingly dynamic economic and financial phenomena. The Digital Economy Digitization is progressively changing the way we understand our world, by creating new business models and processes, generating new smart products and services, with lower costs and more timely delivery, all of which is reshaping consumer behavior. Major questions are emerging about the ability of our conventional toolkit to measure economic activity in the face of such changes. Digital products, services and means of economic interaction are making the task of identifying economic phenomena more challenging, especially for economic and financial statistics. Traditionally, economic transactions were governed by the interaction between producers and households.