What are NACE Codes and What are They Used For The Statistical Classification of Economic Activities in the European Union is the standard industrial classification system used by the Member States and the Commission of the EU. The system is commonly referred to as NACE which is an acronym for the French term nomenclature statistique des activités économiques dans la Communauté européenne. The NACE is mandatory in the EU and mainly used for statistical purposes.
They segment and categorize the range of economic activities in a way in which a NACE code describes the statistical unit carrying out the economic activity it designates. For example code 63.12 refers to Whatsapp Mobile Number List web portals. Economic activity is defined when resources such as capital goods are combined to create a particular product or service. All economic activities are characterized by a resource input a production or manufacturing process and an output of particular products be they goods or services.
The NACE system is structured in a way in which economic activity is allowed to incorporate both a single process and multiple sub-processes with each sub-process relating to a distinct classification category. However the combination of all these activities is regarded as one activity if the production process is set up to constitute an integrated series of fundamental activities within a single statistical unit. This system was established in 1970 by the Member States of the European Union and the European Commission as a provisional framework for collecting and presenting comparable economic activities at the European level.