Economic data is vital for a country or organisation to keep track of the economy on both a local and global scale. Due to the complicated nature of modern economics, data is necessary to be able to manage and monitor all aspects of it.
The data itself can come in many different forms. Monthly updates for a variety of areas such as employment figures, growth, interest rates etc…, are the most commonly used. The data shows economists where the strengths and potential weaknesses may come from allowing them to make predictions or take action on areas that show troubling data.
Global economic data is gathered by international bodies such as the International monetary fund (IMF). Accurate economic data attracts International investors who are aware that good economic data is necessary for a country to effectively manage its affairs. They will tend to avoid countries that do not publish such data.