DECIMAL and NUMERIC Datatypes

Both DECIMAL and NUMERIC datatypes in PostgreSQL are used to store fixed-point numbers. These data types are ideal for applications where precision is crucial, such as storing financial data, where rounding errors can lead to significant discrepancies.

DECIMAL Datatype

The DECIMAL datatype in PostgreSQL is used to store numbers with a fixed precision and scale. The syntax for defining a DECIMAL column in a table is as follows:

column_name DECIMAL(precision, scale)

Here, precision represents the total number of digits that can be stored, and scale represents the number of digits that can be stored after the decimal point.

NUMERIC Datatype

The NUMERIC datatype is functionally equivalent to DECIMAL and is used to store fixed-point numbers with a specified precision and scale. The syntax for defining a NUMERIC column is the same as for DECIMAL:

column_name NUMERIC(precision, scale)

PostgreSQL is a powerful open-source relational database management system known for its robustness, extensibility, and adherence to SQL standards. When it comes to storing numeric data, PostgreSQL offers two main datatypes: DECIMAL and NUMERIC. While these datatypes are often used interchangeably, understanding their differences can help you make informed decisions when designing your database schema.

Advanced Relational Database: PostgreSQL, often referred to as Postgres, is a highly advanced and feature-rich relational database system. It provides a wide range of features, including support for complex queries, transactions, JSON data types, and user-defined functions, making it a popular choice for both small-scale and large-scale applications.