Politicians and commentators frequently use economic indicators to support their opinion on economic policy. Economic data is also widely quoted in the media and companies use it to help plan future production and delivery of goods and services.
Most of us are familiar with the usual suspects of GDP, unemployment levels, and inflation as economic indicators. However, there is a large variety of economic indicators available. The public availability of reliable and up-to-date economic data is valuable to a variety of stakeholders.
Some indicators are valuable to governments as they can influence economic policy. Some are valuable to investors as they can predict how financial markets might move to an acceptable degree of certainty. Businesses are keen to predict how consumer demand may increase or decrease in the future. Other indicators are more useful to analysts as a reflective tool, and to analyze historical or cross-sectional data.
Publicly available information can also reassure international investors by allowing them to monitor economic developments and to manage their investment risk.
