The Importance of Australian GDP Statistics

Anka: It's very easy to confuse accuracy with precision. Consider the GDP of a country like Australia. The World Bank estimates that in 2021 Australia's output was $1,542,660 million. That figure is precise down to the closest million dollars but its accuracy might not be that great. Anka says people making big decisions based off this data definitely know that it's not preciseDown to the nearest million dollars. But if you are making calculations like this yourself, make sure to round it to the factor of 10 that you can be confident of.