Economic statistics
Encyclopedia
Economic statistics is a topic in applied statistics that concerns the collection
, processing, compilation, dissemination, and analysis
of economic data
. It is also common to call the data themselves 'economic statistics', but for this usage see economic data
. The data of concern to economic statistics may include those of an economy
of region, country, or group of countries. Economic statistics may also refer to a subtopic of official statistics
for data produced by official organizations (e.g. national statistical services, intergovernmental organizations such as United Nations
, European Union
or OECD, central bank
s, ministries, etc.). Analyses within economic statistics both make use of and provide the empirical data needed in economic research, whether descriptive or econometric. They are a key input for decision making as to economic policy
.
The subject includes statistical analysis of topics and problems in microeconomics
, macroeconomics
, business
, finance
, forecasting
, data quality
, and policy
evaluation. It also includes such considerations as what data to collect in order to quantify some particular aspect of an economy and of how best to collect in any given instance.
Data collection
Data collection is a term used to describe a process of preparing and collecting data, for example, as part of a process improvement or similar project. The purpose of data collection is to obtain information to keep on record, to make decisions about important issues, to pass information on to...
, processing, compilation, dissemination, and analysis
Data analysis
Analysis of data is a process of inspecting, cleaning, transforming, and modeling data with the goal of highlighting useful information, suggesting conclusions, and supporting decision making...
of economic data
Economic data
Economic data or economic statistics may refer to data describing an actual economy, past or present. These are typically found in time-series form, that is, covering more than one time period or in cross-sectional data in one time period Economic data or economic statistics may refer to data...
. It is also common to call the data themselves 'economic statistics', but for this usage see economic data
Economic data
Economic data or economic statistics may refer to data describing an actual economy, past or present. These are typically found in time-series form, that is, covering more than one time period or in cross-sectional data in one time period Economic data or economic statistics may refer to data...
. The data of concern to economic statistics may include those of an economy
Economy
An economy consists of the economic system of a country or other area; the labor, capital and land resources; and the manufacturing, trade, distribution, and consumption of goods and services of that area...
of region, country, or group of countries. Economic statistics may also refer to a subtopic of official statistics
Official statistics
Official statistics are statistics published by government agencies or other public bodies such as international organizations. They provide quantitative or qualitative information on all major areas of citizens' lives, such as economic and social development, living conditions, health, education,...
for data produced by official organizations (e.g. national statistical services, intergovernmental organizations such as United Nations
United Nations
The United Nations is an international organization whose stated aims are facilitating cooperation in international law, international security, economic development, social progress, human rights, and achievement of world peace...
, European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
or OECD, central bank
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
s, ministries, etc.). Analyses within economic statistics both make use of and provide the empirical data needed in economic research, whether descriptive or econometric. They are a key input for decision making as to economic policy
Economic policy
Economic policy refers to the actions that governments take in the economic field. It covers the systems for setting interest rates and government budget as well as the labor market, national ownership, and many other areas of government interventions into the economy.Such policies are often...
.
The subject includes statistical analysis of topics and problems in microeconomics
Microeconomics
Microeconomics is a branch of economics that studies the behavior of how the individual modern household and firms make decisions to allocate limited resources. Typically, it applies to markets where goods or services are being bought and sold...
, macroeconomics
Macroeconomics
Macroeconomics is a branch of economics dealing with the performance, structure, behavior, and decision-making of the whole economy. This includes a national, regional, or global economy...
, business
Business
A business is an organization engaged in the trade of goods, services, or both to consumers. Businesses are predominant in capitalist economies, where most of them are privately owned and administered to earn profit to increase the wealth of their owners. Businesses may also be not-for-profit...
, finance
Finance
"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...
, forecasting
Economic forecasting
Economic forecasting is the process of making predictions about the economy. Forecasts can be carried out at a high level of aggregation - for example for GDP, inflation, unemployment or the fiscal deficit - or at a more disaggregated level, for specific sectors of the economy or even specific...
, data quality
Data quality
Data are of high quality "if they are fit for their intended uses in operations, decision making and planning" . Alternatively, the data are deemed of high quality if they correctly represent the real-world construct to which they refer...
, and policy
Policy analysis
Policy analysis is "determining which of various alternative policies will most achieve a given set of goals in light of the relations between the policies and the goals". However, policy analysis can be divided into two major fields. Analysis of policy is analytical and descriptive—i.e., it...
evaluation. It also includes such considerations as what data to collect in order to quantify some particular aspect of an economy and of how best to collect in any given instance.
Journals
- Journal of Business and Economic Statistics
- Review of Economics and Statistics (from Review of Economic Statistics, 1919-47)
External links
- Economic statistics section United Nations Economic Commission for Europe
- Statistics from UCB Libraries GovPubs
- Economic statistics: The White House pages on U.S. economic statistics
- OFFSTATS - Official statistics on the web: The University of Auckland Library
- Fundamental principles of official statistics: United Nations, Statistics Division
- Economic statistics (papers from methodological meetings): UNECE
- OANDA FXEconostats: Historical graphical economic data of major industrial countries
- OECD Official Statistics Organisation for Economic Cooperation and Development (OECD) Statistics
- Eurostat: The European Commission's Statistical Office