Question

The importance of national income statistics to the government of Ghana

Answer 1

Answer:

Explanation:

Importance of National Income Statistics to the government of Ghana

The importance of national income statistics to the government of Ghana can not be understated.

There are many importance and uses of national income statistics among which includes the following:

1. It shows the standard of living: National income statistics gives an indication of the standard of living of the people of Ghana through the measure of per capita income.

2. For economic policies and planning: The national income statistics is vital for economic policy formulation and planning

3. It gives pattern of expenditures of households: The national income data give an idea of the pattern of expenditure of households

4. Comparison purposes: The per capita income which is obtained from the national income estimate is used to compare the standard of living of Ghana with other countries.