An entry in a set of statistical data which lies a long way from any pattern apparent in the rest of the data set. The presence of an outlier suggests two possibilities which warrant further investigation. One is that something really exceptional occurred to cause it; such an occurrence is a shock. The other possibility is that the outlier occurred because of a mistake in recording or processing the data. See also inlier.
|Reference: Oxford Press Dictonary of Economics, 5th edt.|