  We use the aggregate information from individual-to-firm and firm-to-firm in
Garanti BBVA Bank transactions to mimic domestic private demand. Particularly,
we replicate the quarterly national accounts aggregate consumption and
investment (gross fixed capital formation) and its bigger components (Machinery
and Equipment and Construction) in real time for the case of Turkey. In order
to validate the usefulness of the information derived from these indicators we
test the nowcasting ability of both indicators to nowcast the Turkish GDP using
different nowcasting models. The results are successful and confirm the
usefulness of Consumption and Investment Banking transactions for nowcasting
purposes. The value of the Big data information is more relevant at the
beginning of the nowcasting process, when the traditional hard data information
is scarce. This makes this information specially relevant for those countries
where statistical release lags are longer like the Emerging Markets.
