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The Ultimate Guide to Economic Data 2021
What is Economic Data?
Economic data is a sub-category of financial markets data. Economic data refers to data concerning information on the various sectors and aspects of an economy. It is data that is primarily based on the foundations of record keeping and statistics, and contains facts and figures on the economy of any given location or country. Economic data is collected and compiled on a periodic basis - either monthly, quarterly, or yearly. This is usually done by governmental institutions.
How is Economic Data collected?
Economic data is usually collected through a vast means of measures and measures, especially since it is usually required on a large scale for it to be considered accurate. Economic data may be collected through questionnaires and surveys to individuals, businesses and institutions. Registration data is also a valid means of collecting economic data. Other collection methods include researching on trends, questioning focus groups, analyzing documents and records, observations and interviews. This data is then analyzed using mathematical methods and models, statistical software and techniques and compiled into reports, charts, tables, time series and other datasets, which are then made accessible to other users.
What are the attributes of Economic Data?
A number of data points are compiled to create an economic dataset. When you access an economic data dataset, it should typically include:
Gross national product: this refers to all output in an economy, whether it is domestic or foreign.
Gross national expenditure: this refers to the total combined expenditure of an economy, both in the private and public sectors.
Gross domestic product: this refers to data concerning all output locally produced in an economy in a given time period.
National wealth: this refers to the economic data concerning the sum of an economy’s value when its liabilities have been deducted from its assets.
What is Economic Data used for?
Economic data is used in several major applications. In expansion strategy development, economic data can be used to gain insights on how consumers in foreign markets behave, in order to have a clear understanding of what steps to take when business expansion is in place. Economic data is also essential in the building of statistical models that can project what the local economy may look like in the future. This knowledge affords businesses the opportunity to prepare for future economic events. Lastly, economic data is useful in proper evaluation and examinations of economies: their strengths, weaknesses, and other important factors.
How can a user assess the quality of Economic Data?
Economic data must possess a number of characteristics to be considered top quality. The first quality is reliabilty, which ensures that the economic data can be relied upon in crucial situations, such as when it is used to make informed decisions. Second, the data must be accurate, meaning it includes no errors. Economic data should aslo be timely, meaning it must fit the user’s desired historical coverage and time period, as different times and periods possess different data. Economic data must also come from a verifiable source, meaning its source must be trustworthy, and must have been collected through tested and trusted collection processes. Lastly, economic data must also be relevant, meaning it must easily be applicable to what is being used for.
Who are the best Economic Data providers?
Finding the right Economic Data provider for you really depends on your unique use case and data requirements, including budget and geographical coverage. Popular Economic Data providers that you might want to buy Economic Data from are African Financial & Economic Data, 505 Economics , AnalyticsIQ, MBI Geodata, and Barchart.
Where can I buy Economic Data?
Data providers and vendors listed on Datarade sell Economic Data products and samples. Popular Economic Data products and datasets available on our platform are Market Data by FACTSET, Treasury Yield Curve, Zero Rate Curve Data Feed API by FinPricing, and Global Economic Data by Exchange Data International.
How can I get Economic Data?
You can get Economic Data via a range of delivery methods - the right one for you depends on your use case. For example, historical Economic Data is usually available to download in bulk and delivered using an S3 bucket. On the other hand, if your use case is time-critical, you can buy real-time Economic Data APIs, feeds and streams to download the most up-to-date intelligence.
What are similar data types to Economic Data?
Economic Data is similar to Stock Market Data, Alternative Data, ESG Data, Merger & Acquisition Data, and Proprietary Market Data. These data categories are commonly used for Expansion Strategy Development and Economic Data analytics.