An economic indicator is a statistic that measures economic activity, such as the unemployment rate, the level of industrial production, or the level of output (Gross Domestic Product). Economic indicators are commonly calculated and recalculated in an attempt to create a constant analysis of various economic situations.
Government agencies, think tanks and watchdog groups may calculate various economic indicators based on financial information. Economic indicators represent statistical data showing past or future trends in an economy. Government agencies are usually considered the authority on economic indicators. Individuals and businesses often use economic indicators to make financial decisions. These decisions can relate to making financial investments, saving money, acquiring new assets or other important decisions.
The United Kingdom is the 6th largest economy in the world. Below is a list of key economic indicators and basic economic indicators, most of these indicators are produced by the Office for National Statistics (ONS).
We recommend you enroll on a training course to further your knowledge and understanding in the criteria’s used in the calculation of economic indicators.
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