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Measuring Macroeconomic Performance Using a Composite Index

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  • Julian Gough

Abstract

Large quantities of economic data, varying in accuracy and reliability and subject to later revision, are continually produced and published so interpretation using only one data source is subject to risk. The complex world of data can be simplified by combining different measures of economic performance—economic growth, unemployment and inflation into a single composite index. A composite index of cross-sectional data relating to the economic performance of all of the European Union in 2017 puts Ireland, Romania and Malta in the top three positions, while Germany is ranked 12th. Tracking the UK with the composite index using time-series data shows the impact of the financial crisis in 2008–09 with a gradual improvement in performance which peaks in 2015.

Suggested Citation

  • Julian Gough, 2018. "Measuring Macroeconomic Performance Using a Composite Index," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 19(3), pages 27-44, July.
    • Handle: RePEc:wej:wldecn:714
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    File URL: https://www.worldeconomics.com/Journal/Papers/Article.details?ID=714
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