Statistical Analysis Of Economic Data
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- 6 Pages
- Report
Statistical Analysis of Economic Data
[Name of the Author]
[Name of the Institute]
Introduction3
Data3
Visual Statistics4
Descriptive Statistics8
Inferential Statistics11
Correlation11
Covariance12
Conclusion13
References15
Introduction
This paper is an attempt to statistically analyze the economic data of two countries. Both of the countries discussed in this paper belong to the EU. The first country is Denmark and the second country is France. The data about the employment, unemployment, gross domestic product at current market prices, Exports of goods and services at current prices, Imports of goods and services at current prices of both of the countries is present in this report and also discussed with the help of statistical tools. The statistical tools used in this report are descriptive statistics, visual statistics and inferential statistics. The paper will also explain relationship between the data of the countries, if any. The variable for the data analysis are the employment rate, unemployment rate, gross domestic product at current market prices, Exports of goods and services at current prices, Imports of goods and services at current prices
Data
YEAR
Employment rate
Unemployment rate
Denmark
France
Denmark
France
1990
0.9
1.8
4.5
10.3
1991
0
0.6
4.6
11.1
1992
-1.1
0.1
5.4
11.1
1993
-0.6
0.1
5.5
10.6
1994
1
0.6
4.8
9.2
1995
2.1
1
3.9
8.4
1996
2.9
1.4
3.8
7.8
1997
1.4
0.5
3.3
9.5
1998
-3.6
-1.3
6
10.2
1999
-1.9
-0.7
7
10.7
GDP (in billions)
Exports (in billions)
Denmark
France
Denmark
France
1336
1497
47.2
28.1
1373
1549
47.2
27.1
1401
1595
45.3
25.6
1466
1660
45.3
25.7
1545
1726
49
26.1
1632
1806
52.1
26.7
1691
1895
52.4
26.5
1737
1950
55
26.4
1660
1922
47.2
22.9
1704
1962
49.9
23.9
Imports (in billions)
Denmark
France
40.6
27
41.4
25.4
39.1
24.6
40.4
25.6
44.1
26.9
48.9
28
50
28.4
52.3
28.9
43.8
24.8
46.5
26.2
This is the collected data. The data is gathered from the statistical annex of the European Union. The data includes the employment, unemployment, gross domestic product at current market prices, Exports of goods and services at current prices, Imports of goods and services at current prices of both of the countries is present in this report and also discussed with the help of statistical tools.
Visual Statistics
Below are the plots made up of the collected data on Denmark and France. On Y axis the range of the unit value of the concerned indicators are present while on the X axis the numbers represent the years where 1=1990, 2=1992 ….10=1999.
The charts above give visual information about the data. This technique is called visual statistics. The charts are about the employment, unemployment, gross domestic product at current market prices, Exports of goods and services at current prices, Imports of goods and services at current prices of both of the countries.
Descriptive Statistics
The descriptive statistics of both the countries' data sets are given below. Descriptive statistics usually include mean and variances. They are used to summarize the whole data set into meaningful combination of numbers that are few and are easy to understand and read. The descriptive statistics are about the employment, unemployment, gross domestic product at current market prices, Exports of goods and services at current prices, Imports of goods and services at current prices of both of the countries.
EMPLOYMENT RATE
Denmark
France
Mean
0.11
Mean
0.41
Standard Error
0.620116
Standard Error
0.29229
Median
0.45
Median
0.55
Mode
#N/A
Mode
0.6
Standard Deviation
1.96098
Standard Deviation
0.924302
Sample Variance
3.845444
Sample Variance
0.854333
Kurtosis
-0.08516
Kurtosis
0.117488
Skewness
-0.52259
Skewness
-0.4488
Range
6.5
Range
3.1
Minimum
-3.6
Minimum
-1.3
Maximum
2.9
Maximum
1.8
Sum
1.1
Sum
4.1
Count
10
Count
10
Largest(1)
2.9
Largest(1)
1.8
Smallest(1)
-3.6
Smallest(1)
-1.3
Confidence Level(95.0%)
1.402801
Confidence Level(95.0%)
0.661205
UNEMPLOYMENT RATE
Denmark
France
Mean
4.88
Mean
9.89
Standard Error
0.353648
Standard Error
0.358531
Median
4.7
Median
10.25
Mode
#N/A
Mode
11.1
Standard Deviation
1.118332
Standard Deviation
1.133774
Sample Variance
1.250667
Sample Variance
1.285444
Kurtosis
-0.07849
Kurtosis
-0.47338
Skewness
0.505388
Skewness
-0.7904
Range
3.7
Range
3.3
Minimum
3.3
Minimum
7.8
Maximum
7
Maximum
11.1
Sum
48.8
Sum
98.9
Count
10
Count
10
Largest(1)
7
Largest(1)
11.1
Smallest(1)
3.3
Smallest(1)
7.8
Confidence Level(95.0%)
0.800007
Confidence Level(95.0%)
0.811053
GDP (IN BILLIONS)
Denmark
France
Mean
1554.5
Mean
1756.2
Standard Error
47.56218
Standard Error
55.31883
Median
1588.5
Median
1766
Mode
#N/A
Mode
#N/A
Standard Deviation
150.4048
Standard Deviation
174.9335
Sample Variance
22621.61
Sample Variance
30601.73
Kurtosis
-1.73894
Kurtosis
-1.66931
Skewness
-0.29059
Skewness
-0.20927
Range
401
Range
465
Minimum
1336
Minimum
1497
Maximum
1737
Maximum
1962
Sum
15545
Sum
17562
Count
10
Count
10
Largest(1)
1737
Largest(1)
1962
Smallest(1)
1336
Smallest(1)
1497
Confidence Level(95.0%)
107.5931
Confidence Level(95.0%)
125.1399
Exports (in billions)
Denmark
France
Mean
49.06
Mean
25.9
Standard Error
1.02764
Standard Error
0.479583
Median
48.1
Median
26.25
Mode
47.2
Mode
#N/A
Standard Deviation
3.249684
Standard Deviation
1.516575
Sample Variance
10.56044
Sample Variance
2.3
Kurtosis
-0.63867
Kurtosis
0.740058
Skewness
0.606709
Skewness
-0.86795
Range
9.7
Range
5.2
Minimum
45.3
Minimum
22.9
Maximum
55
Maximum
28.1
Sum
490.6
Sum
259
Count
10
Count
10
Largest(1)
55
Largest(1)
28.1
Smallest(1)
45.3
Smallest(1)
22.9
Confidence Level(95.0%)
2.324684
Confidence Level(95.0%)
1.084892
Imports (in billions)
Denmark
France
Mean
44.71
Mean
26.58
Standard Error
1.43546
Standard Error
0.478145
Median
43.95
Median
26.55
Mode
#N/A
Mode
#N/A
Standard Deviation
4.539322
Standard Deviation
1.512026
Sample Variance
20.60544
Sample Variance
2.286222
Kurtosis
-1.17173
Kurtosis
-1.31861
Skewness
0.447373
Skewness
0.218756
Range
13.2
Range
4.3
Minimum
39.1
Minimum
24.6
Maximum
52.3
Maximum
28.9
Sum
447.1
Sum
265.8
Count
10
Count
10
Largest(1)
52.3
Largest(1)
28.9
Smallest(1)
39.1
Smallest(1)
24.6
Confidence Level(95.0%)
3.247235
Confidence Level(95.0%)
1.081638
These are the descriptive statistics that show the (calculated through excel) mean, standard error, median, mode, standard deviation, sample variance, kurtosis, skewness, range, minimum, maximum, sum, count, largest value smallest value and the confidence level of mean. The descriptive statistics are about the employment, unemployment, gross domestic ...