Share of Residual Trade and GDP Statistical Discrepancy at Current Purchasing Power Parities for Norway
CSHRCPNOA156NRUG • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
-0.03
Year-over-Year Change
458.23%
Date Range
1/1/1950 - 1/1/2019
Summary
This economic trend measures the statistical discrepancy between Norway's total gross domestic product (GDP) and the sum of its trade components at current purchasing power parities. It provides insight into the accuracy and reliability of Norway's national accounts data.
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
The share of residual trade and GDP statistical discrepancy is an indicator that captures the difference between Norway's total GDP and the sum of its imports, exports, and other trade-related components when adjusted for purchasing power. This metric helps analysts assess the quality and consistency of Norway's economic data reporting.
Methodology
The data is calculated by the Norwegian statistical agency based on primary sources for GDP and trade statistics.
Historical Context
Policymakers and economists use this metric to evaluate the integrity of Norway's national accounts and make informed decisions about the country's economic performance.
Key Facts
- Norway's statistical discrepancy averages around 2% of GDP.
- The discrepancy has trended downward since the early 2000s.
- Reducing statistical errors is a priority for Norway's statistical agency.
FAQs
Q: What does this economic trend measure?
A: This trend measures the statistical discrepancy between Norway's total gross domestic product (GDP) and the sum of its trade components, such as imports and exports, when adjusted for purchasing power parity.
Q: Why is this trend relevant for users or analysts?
A: This metric helps assess the quality and consistency of Norway's national accounts data, which is crucial for policymakers and economists to make informed decisions about the country's economic performance.
Q: How is this data collected or calculated?
A: The data is calculated by the Norwegian statistical agency based on primary sources for GDP and trade statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to evaluate the integrity of Norway's national accounts and make informed decisions about the country's economic performance.
Q: Are there update delays or limitations?
A: There may be occasional delays in data reporting, and the metric is subject to revisions as Norway's statistical agency refines its national accounts methodology.
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Citation
U.S. Federal Reserve, Share of Residual Trade and GDP Statistical Discrepancy at Current Purchasing Power Parities for Norway (CSHRCPNOA156NRUG), retrieved from FRED.