An economic indicator is a statistic that provides insight into the overall health of an economy. These indicators can be classified as leading, lagging, or coincident, depending on their timing in relation to economic trends. Common examples include Gross Domestic Product (GDP), unemployment rates, and consumer price index (CPI). Economists and policymakers use economic indicators to make informed decisions and forecasts. By analyzing these statistics, they can assess economic performance, identify trends, and implement strategies to promote growth or stability. Understanding these indicators helps businesses and individuals navigate economic conditions effectively.