The paper is divided into two main parts, namely the theoretical as well as the practical section. The examination addressed the question to which extent each element of the online tool is compatible with the current dataset.

The first section, in particular the theoretical analysis focuses on the phenomenon of business cycle, its elements and measures, provides an overview on selected economic indicators and several composite indexes. The practical part is about the economic indicators that were retrieved from publicly available sources in the World Wide Web in order to substitute the existing databank. In addition, the second part includes a comparative analysis for each of our findings with respective charts from the provided databank.

The results of the theoretical analysis have highlighted that there is a possibility to predict the future conditions of real economy using so-called economic indicators. Although, the economic forecasting is not a precise discipline, it is still a significant complementary decision-making instrument for consumers, investors and policy makers. On the other hand, the outcome concerning the practical analysis show that 29 out of 47 proxies can be substituted using free Internet in the given framework. This outcome from the findings implies that the existing dataset may be partially substituted by the newly developed online tool. Moreover, the work may serve as a foundation for further development of free business cycle forecasting models by means of main economic indicators.