CBC stresses key role of statistics in economic decision-making

Central Bank highlights value of reliable data for citizens and businessesThe Central Bank of Cyprus (CBC) has highlighted the importance of official statistics in helping citizens, businesses and policymakers understand economic and social developments, marking European Statistics Day on Tuesday. Celebrated every year on October 20, European Statistics Day aims to raise awareness of the role official statistics play in understanding the economy and society, the CBC said in an announcement. The bank stated that statistics also help provide a clearer picture of the complexity of the world, with figures encountered in everyday life covering everything from interest rates on loans and deposits to card payments, investments and external transactions. “These numbers are not just data, they are information that helps citizens, businesses and decision-makers make informed decisions,” the CBC said. The bank also stressed that producing reliable statistics requires continuous work to collect, process, validate and disseminate data in line with the highest European and international standards. Because of this, the CBC continued, the bank “commemorates this day and highlights the importance of official statistics and its role as a primary source of statistics in the fields of monetary and financial statistics, external statistics, quarterly financial accounts and payment statistics”. However, it added that understanding statistical information can be complex and requires both knowledge and education. In this context, the CBC said it had joined forces with other statistical bodies in the Republic to promote a shared strategic effort to strengthen statistical literacy. The initiative aims to make data, and their correct interpretation, more accessible to all groups of potential users. The CBC’s statistics are available on its website through the bank’s dedicated statistics section.