We present a new set of Geopolitical Risk (GPR) indices, both general and bilateral, developed from local media narratives across 34 economies.
General GPR Indices
The general indices are constructed using a standardized textual analysis applied to national news sources via the Factiva platform. The methodology relies on carefully designed queries of geopolitical terms, translated into 15 languages, covering around 78% of global GDP. By harmonizing source selection, translation, and query design, the approach ensures comparability across countries, as detailed in Alonso-Álvarez et al. (2025).
The study covers a diverse group of economies, including Algeria, Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Egypt, France, Germany, India, Iran, Ireland, Italy, Japan, Malaysia, Mexico, New Zealand, Nigeria, Pakistan, the Philippines, Poland, Portugal, Qatar, Russia, Singapore, Spain, Switzerland, Thailand, the United Kingdom, and the United States.
Monthly general indices can be accessed through the following link 
(165 KB).
Bilateral GPR Indices
In addition to the general measures, four bilateral indices are reported for each country. These capture how national media perceive geopolitical risks originating from four focal regions: Russia, China, the Western Bloc, and the Middle East and North Africa (MENA). The bilateral indices are derived from modified queries that incorporate geographic tagging.
The reference regions include (always excluding the country of origin):
- MENA region: Egypt, Israel, Jordan, Kurdistan, Lebanon, Palestine, the Gulf countries, Syria, Turkey, Yemen, Afghanistan, Cyprus, and the Islamic State (ISIS/Daesh).
- Western Bloc: Europe, the United States, Canada, Australia, and New Zealand.
Quarterly bilateral indices are available for download at the following link (566 KB).
Methodology
The indices follow the framework of Caldara and Iacoviello (2022), Bondarenko et al. (2025), and Alonso-Álvarez et al. (2025). A local GPR index is defined as the share of relevant articles in national press coverage. An article is considered relevant if it contains at least one combination of terms linked to geopolitical risk, as established in the seminal work of Caldara and Iacoviello (2022).
Sources are required to be reputable and broadly representative of the national media landscape, ensuring that the indices reflect prevailing domestic narratives.
As an illustration, we present the general GPR indices for Spain, Germany, and India. These indices highlight how geopolitical risk is perceived in each country’s media, capturing different events and dynamics, as shown in the chart.
For the bilateral indices, we illustrate the results for Spain. These measures capture how national media perceive both the intensity and the origin of geopolitical tensions linked to four key regions: Russia, China, the Middle East and North Africa (MENA), and the Western Bloc (Europe, the United States, Canada, Australia, and New Zealand).
