What is the Importance of Statistics in Economics?

Answer: Statistics is a field that relates the presentation of data among analysis and interpretation. It simplifies complex data. It is important in economics as:-

1. A person spends on necessities after the necessity the point of comfort and luxury come. These all come under the study of consumption in statistics. 
2. It allows forecasting trends in the economy.
3. The production study is another importance where progressive production every year is measured by statistics. It includes factors like labour, capital, land etc. 
4. The study of exchange includes national and international demands like product-related information of cost, selling, price and demand in market needs.