explain importance of statistics in economic planning

helps to understand economic problems using various statistical tools

helps to present data in a definite form

helps in condensing mass of data into numerical terms

used in finding relationship between different variables

it predicts by how an economic variable changes due to changes in another variables

plays an important role in formulation of plans and policies

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Statistics is the most important tool in economic planning. Economic plan is the use of national resoures. The success of plan is dependent upon accurate statistical data available at low stages
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ECONOMIC PLANNINGS are done to manage the economy of nation. And the best way to know the status of poverty, inflation, etc. is STATISTICS. Because it gives us almost accurate data....
1  Statistics facilitates inter sectoral and inter temporal comparisons
2  It helps to formulate policies and forecast the upcoming economy
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Statistics is the main proccessing and conclusioning unit in economic planning.Statistics also help in future broadcasting.for the targets of planning..stats provide earlier data as well as help to make better conclusions.
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