USES OF NATIONAL INCOME STATISTICS

 

  • Indicators of standards of living. If the national income is equitably distributed, then the standards of living will be high.

  • Measuring economic growth. The statistics of one year are compared with previous year to show whether there is improvement or not.

  • Inter country comparison. They are used to compare the economic welfare among countries hence knowing which country is better off and by how much. However, the following challenges may be faced when carrying the comparisons: different in currencies, different goods and services, disparity in income distribution and difference in tastes and preferences.

  • Investment decisions. They assist the government and other investors to know the sectors to

put their money. The statistics provide relevant information concerning the performance of each sector.

  • Basis of equitable distribution of income. The statistics can be used to spread income to the hands of majority of the citizens incase a few individuals control the economy.

Planning purposes. The statistics will show the contribution of each sector thus helping the government in allocating the funds to the various sectors

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