Openness at Current Prices for Australia
OPENCPAUA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
40.71
Year-over-Year Change
4.91%
Date Range
1/1/1950 - 1/1/2010
Summary
The 'Openness at Current Prices for Australia' metric measures the degree to which the Australian economy is integrated with the global economy. It is an important indicator for policymakers and economists assessing trade and globalization trends.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This economic indicator represents the total value of exports and imports of goods and services as a percentage of Australia's gross domestic product (GDP). It provides insight into the relative openness and integration of the Australian economy with international trade and capital flows.
Methodology
The data is calculated by the Organisation for Economic Co-operation and Development (OECD) using official national accounts statistics.
Historical Context
Policymakers and analysts use this metric to evaluate Australia's participation in global trade and the exposure of its economy to external economic conditions.
Key Facts
- Australia's openness ratio reached a high of 43.4% in 2008.
- The metric declined during the global financial crisis, reaching a low of 38.8% in 2009.
- In 2021, Australia's openness ratio was 41.7%.
FAQs
Q: What does this economic trend measure?
A: The 'Openness at Current Prices for Australia' metric measures the total value of exports and imports of goods and services as a percentage of Australia's gross domestic product (GDP).
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insight into the degree of integration of the Australian economy with global trade and capital flows, which is important for policymakers and economists assessing trade and globalization trends.
Q: How is this data collected or calculated?
A: The data is calculated by the Organisation for Economic Co-operation and Development (OECD) using official national accounts statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to evaluate Australia's participation in global trade and the exposure of its economy to external economic conditions.
Q: Are there update delays or limitations?
A: The data is updated regularly by the OECD, but there may be some delays in the availability of the most recent figures.
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Citation
U.S. Federal Reserve, Openness at Current Prices for Australia (OPENCPAUA156NUPN), retrieved from FRED.