Eurostat is the statistical system of the European Union in charge of compiling measurements of a large number of economic variables from the different statistical offices of the member countries. In this way, they are integrated into a single common database.
Eurostat, the most common name for the European Statistical Office, is a body belonging to the European Commission in charge of centralizing and managing statistical data for the European Union. Its evolution has gone hand in hand with that of the current Union since its origin in the last century.
This Luxembourg-based institution is, in turn, useful in providing cohesion and coherence to the statistical methodology used by the member countries of the Union. Thus, Eurostat has established itself in recent decades as a vital community tool when it comes to providing European statistics of various categories.
What types of data does Eurostat offer?
The data collected by Eurostat respond to the need for the European authorities to have elements of numerical comparisons between the different regions. The main measurement topics are:
- General and regional statistics .
- Economy and finance .
- Population and social conditions .
- Industry, commerce and services .
- Agriculture and fishing .
- Foreign trade
- Transport
- Environment and energy .
How the Eurostat works
The basic functioning of Eurostat is characterized by the integration of the different statistical institutions or offices of the Community members. This conglomerate forms the basis of the European Statistical System (SEE), which guarantees consistency in the common methodology of the data obtained.
Eurostat’s managerial organization chart is based on a list of seven addresses depending on the activity or scope of work.
The main topics on which statistical light is given in this body would be the behavior of price indices, economic growth ratios, the evolution of the unemployment rate in the different countries of the European Union and many others.
The databases collected are free, public and freely accessible through different means. For example, through regularly written publications in the form of plans, annual reports, or other electronic resources.
Eurostat’s main functions
This institution is in charge of the compilation and structuring of very diverse types of data in the different measurements carried out in the member countries. In this way, both these territories and the community governing bodies base their different economic policies on this information. In this way it takes care of:
- Establish a common statistical framework for all members of the European Union: Eurostat is responsible for providing a statistical framework for all members. In addition, it also does so for the main institutions at Community level, especially the European Commission.
- Offer these databases in a public and transparent way: One of Eurostat’s missions is to offer a public and reliable database. Not only to institutions, but to any type of user.
- Database for the European Central Bank (ECB): To make correct monetary policy decisions you need data. The ECB draws on Eurostat data to find out where it should direct monetary policy. In other words, if it should make an expansionary monetary policy or a restrictive monetary policy.
- Compare regions or countries: Derived from the first function, is the one to compare different economies. In other words, offering a common statistical framework allows the economic indicators of different countries to be compared with much more reliability.