The article, "Economic and financial indicators," in The Economist provides financial analysis for over twenty countries. The data is tabulated in two sections: one outlining output based on jobs and prices while the other provides insight on trade, exchange, and interest rates (The Economist, 2020). The data analysis is based on the economic groupings of nations, including the G20 and BRICS.
Outline of the variables
The Economist utilizes various variables in the analysis. These variables include the gross domestic product, the budget balance, the current-account balance, interest rates, the industrialization percentile change, the currency units, the percentile difference of consumer prices, and the unemployment rate.
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Measurement of Variables
In the analysis, The Economist utilizes nominal data to label variables without quantitative value. Nominal data used in the analysis include the names of countries such as Brazil, Russia, India, China, and South Africa (BRICS). The article also incorporates over twenty countries such as the USA and Britain, which are part of the twenty (G20) group on the nominal scale. The nominal data is analyzed using the grouping method, where categorization is conducted based on calculated percentages (Gentle, 2020). Most of the data in "Economic and financial indicators" was analyzed using the interval scale (The Economist, 2020). The interval scale data examples include the budget balance, the current account balance, the industrialization percentile change, and the percentile difference of consumer prices. The interval scale provides significantly more information as compared to ordinal scales (Gentle, 2020). The article also utilizes ratio scales in the data analysis. The examples of data analyzed using the ratio scale include consumer prices and the unemployment rate.
Missing Information
Although the data analysis is precise, it could be refined through the utilization of ordinal data. The growth domestic growth of all the countries incorporated in the evaluation should be determined and ranked. The report should then outline the GDP of the various systematically in descending order of performance (Kimmel et al., 2018). The introduction of visualization tools such as bar charts would also have been crucial in making the data analysis clearer.
References
The Economist. (2020, March 19). Economic and financial indicators . Retrieved from https://www.economist.com/economic-and-financial-indicators/2020/03/19/economic-and-financial-indicators
Gentle, J. (2020). Introduction to numbers, accounting, and financial analysis. Accounting and Financial Analysis in the Hospitality Industry , 12-37. https://doi.org/10.4324/9780080458113-6
Kimmel, P. D., Weygandt, J. J., & Kieso, D. E. (2018). Financial accounting: Tools for business decision making . John Wiley & Sons
