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
- Market research
- Policy formulation
- Trade statistics
- Business decision-making
- Sectoral analysis
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
- ISIC code 0111: Growing of cereals (except rice), leguminous crops and oil seeds
- ISIC code 2511: Manufacture of structural metal products
- ISIC code 5110: Postal and courier activities
Similar Concepts and Synonyms
- NAICS (North American Industry Classification System)
- GICS (Global Industry Classification Standard)
- SIC (Standard Industrial Classification)
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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