Economic statistics such as GDP and unemployment rates fall under what category?

Economic statistics such as GDP and unemployment rates are classified as economic indicators because they provide essential information about the health and performance of an economy. Economic indicators help analysts, policymakers, and investors gauge the current state of economic activities and trends over time.

Gross Domestic Product (GDP) measures the total value of all goods and services produced in a country, serving as a comprehensive indicator of economic activity and prosperity. Meanwhile, the unemployment rate reflects the percentage of the labor force that is jobless and actively seeking work, providing insight into labor market conditions.

These indicators can be leading, lagging, or coincident, helping to formulate policies and make decisions by showing whether the economy is growing, stagnating, or in recession. Overall, economic indicators play a crucial role in understanding economic dynamics and informing strategic responses to various economic challenges.