Deutsch: ISIC
ISIC is a four-letter acronym that stand for --->International Standard Industrial Classification.

Description

ISIC, short for International Standard Industrial Classification, is a framework used to classify economic activities in various sectors of industry. It provides a uniform structure for organizing information about industries and allows for easy comparison of data across different countries. The classification system is regularly updated to reflect changes in the global economy and technological advancements. ISIC codes are used by governments, businesses, and organizations to track economic trends, analyze market conditions, and facilitate international trade. The classification system covers a wide range of industries, from agriculture and mining to manufacturing and services, providing a comprehensive overview of the economic landscape.

Application Areas

Treatment and Risks

  • Regular maintenance and updates to ensure accuracy
  • Risk of misclassification due to complex industry structures
  • Potential for data discrepancies in cross-country comparisons

Examples

Similar Concepts and Synonyms

Weblinks

Summary

ISIC, or the International Standard Industrial Classification, is a system used to categorize economic activities in various industries for data analysis and comparison. It is a comprehensive framework that covers a wide range of sectors and is regularly updated to reflect changes in the global economy. ISIC codes are used for market research, policy formulation, trade statistics, and business decision-making. However, there are risks associated with misclassification and data discrepancies that need to be managed to ensure accurate analysis and interpretation of economic trends.

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