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Statistics play an important role in economics. Economics largely depends upon statistics. National income accounts are multipurpose indicators for the economists and administrators. Statistical methods are used for preparation of these accounts. In economics research statistical methods are used for collecting and analysis the data and testing hypothesis. The relationship between supply and demands is studies by statistical methods, the imports and exports, the inflation rate, the per capita income are the problems which require good knowledge of statistics.

Q: What are the importance of statistics in economics?

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what is the importance of statistics?

Statistics is very important in business and Economics because it helps businesses make informed and accurate decision based on certain trends. It helps the planning and production process.

Some of the sub-branches of economics that rely on fields of statistics and mathematics are econometrics, transport economics, managerial economics and international economics.

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