Economic data is primarily a collection of information on various important aspects of a country's economy. Economics data are brought out in definite intervals by authorities who are responsible for such functions. These organizations are basically statistical institutes that are employed by national governments or similar administrative bodies to provide economic data for a certain period of time.
Since these institutes recruit statisticians and economists to collate data, information provided by them is highly reliable and authentic. However, at times, economic data can also be brought out by quasi governmental organizations as well as central banks. Economic data could be providing economic information of any geographical region – state, country or continent. Under normal circumstances economic data is published once in a month but there are other variations like quarterly and yearly as well.
Importance of Economic Data
Economic data is important as it reveals a true picture of an economy's condition. It allows one to understand how an economy stands in respect to other economies and whether it has been governed properly or not. Economic data can help one determine whether financial plans and programs, which have been adopted by a government, have been fruitful or not.
Categories of Economic Data
There are several important categories of economic data like real sector, financial sector, fiscal sector and external sector. Important parts of real sector economic data are national accounts, production index, gross domestic product and consumer price index.
Important parts of fiscal sector economic data include categories such as general government operations, central government debt and central government operations, in financial sector categories of note are analytical accounts of banking sector, details of premier stock exchange, analytical accounts of apex financial bodies, details of national stock exchange and rates of interest.
In external sector, main categories are balance of payments, external debt, international reserves, exchange rates and international investment position. There are other important parts of economic data like gross national expenditure and gross national income.
When economic data is being compiled on an international basis there are other important categories that come into picture like international trade, direct investment flows, international financial flows and rates of exchange.
World Economic Data
As per latest world economic data in 2008 fiscal GWP or gross world product was $70.65 trillion. Global economic data confirmed that in same economic year GWP, with regard to official exchange rate was $78.36 trillion.
Latest economic data of world has revealed that in 2008 fiscal real growth rate of GWP was 3.8 percent. In 2008 fiscal 4 percent of this GWP was contributed to by world agricultural sector and 32 percent came from industrial sector of world. Global services sector was biggest contributor with 64 percent.
According to economic data in world for 2008 fiscal combined workforce around world was 3.167 billion. 40 percent of these people were engaged in agricultural sector and 20.5 percent were employed in industries around world. World services sector accounted for 39.5 percent of aggregate workforce of world in 2008 fiscal.
As far as economic data at world in fiscal 2008 was concerned rate of unemployment in economically developed countries ranged from 4 to 12 percent and in countries that have not been industrialized as yet combination of underemployed and unemployed accounted for 30 percent.
Economic data for world revealed that in fiscal 2008 rate of inflation was within 5 to 20 percent in economically developing nations and in economically developed countries it ranged from 1 to 4 percent.
Information from world economic data revealed that global industrial scenario primarily featured technological industries such as computers, medicines, robotics, medicinal equipments and telecommunications. Members of OECD did very well in this front.
World economic data has also shown that as of 2008 fiscal entire financial worth of all goods and services exported throughout world was $16.34 trillion. Electrical equipments occupied top position in this case with 14.8 percent of all exports made and mineral fuels came second with 14.4 percent. USA exported maximum amount of goods and services, amounting for 13.7 percent of aggregate world exports and Germany came second with 7.3 percent.
As of 2008 world economic data shows that aggregate value goods and services imported throughout world was $16.21 trillion. Total amount of debt, private and public, owed by all countries was $52.15 trillion in 2008 fiscal.