Explain the use of statistics for economic analysis and planning?

Question: Explain the use of statistics for economic analysis and planning?

Statistics play a crucial role in economic analysis and planning. Statistics are used to understand the current economic situation, analyze the past to predict the future, and inform decision making. Statistical analysis is used to measure the performance of government policy, identify trends and patterns in the economy, analyze consumer spending and preferences, identify consumer needs and develop strategies for production or services, and measure the economic impact of government programs. Statistics also help decision makers understand the relationships between economic indicators and formulate strategies to increase economic growth. Additionally, economists use statistics to help evaluate the effectiveness of policies and determine the costs and benefits of various economic decisions.

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