On economic data
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.
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