International Standard Industrial Classification (ISIC)

The International Standard Industrial Classification (ISIC) is a global system that groups businesses and organizations by the type of economic activity they perform. It provides a common framework for collecting, analyzing, and comparing economic data across countries. For example, ISIC categorizes everything from manufacturing and agriculture to services like healthcare and banking. This helps governments, economists, and researchers understand industry trends, develop policies, and make informed decisions. Essentially, ISIC standardizes how industries are classified worldwide, ensuring consistency and clarity in economic reporting and analysis.