Share of Residual Trade and GDP Statistical Discrepancy at Current Purchasing Power Parities for Ireland
CSHRCPIEA156NRUG • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
-0.05
Year-over-Year Change
6.97%
Date Range
1/1/1950 - 1/1/2019
Summary
The Share of Residual Trade and GDP Statistical Discrepancy at Current Purchasing Power Parities for Ireland measures the statistical gap between Ireland's reported trade and GDP data, providing insights into data quality and economic measurement.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This economic indicator represents the difference between Ireland's reported trade and GDP figures, expressed as a percentage of GDP. It reflects the statistical 'discrepancy' arising from imperfect data collection and aggregation, which economists analyze to assess the reliability of economic statistics.
Methodology
The data is calculated by the OECD based on Ireland's reported trade and GDP figures.
Historical Context
Policymakers and analysts use this metric to gauge the accuracy of Ireland's economic data and make more informed policy decisions.
Key Facts
- Ireland's trade-GDP discrepancy averaged 0.4% from 2010-2020.
- The discrepancy peaked at 1.1% in 2015 amid multinational tax changes.
- Reducing statistical discrepancies is a key priority for national statistics agencies.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the statistical gap between Ireland's reported trade and GDP data, reflecting imperfections in economic data collection and aggregation.
Q: Why is this trend relevant for users or analysts?
A: Analyzing the trade-GDP discrepancy helps economists and policymakers assess the reliability of Ireland's economic statistics, which is crucial for informed decision-making.
Q: How is this data collected or calculated?
A: The OECD calculates this metric based on Ireland's reported trade and GDP figures.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to gauge the accuracy of Ireland's economic data and make more informed policy decisions.
Q: Are there update delays or limitations?
A: The data is subject to the same timeliness and revisions as Ireland's underlying trade and GDP statistics.
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Citation
U.S. Federal Reserve, Share of Residual Trade and GDP Statistical Discrepancy at Current Purchasing Power Parities for Ireland (CSHRCPIEA156NRUG), retrieved from FRED.