Openness at Current Prices for Azerbaijan
OPENCPAZA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
72.90
Year-over-Year Change
-8.72%
Date Range
1/1/1993 - 1/1/2010
Summary
The 'Openness at Current Prices for Azerbaijan' measures the degree of economic openness in Azerbaijan, calculated as the ratio of total trade (exports plus imports) to GDP.
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 metric provides insight into Azerbaijan's level of international economic integration and dependence on foreign trade. It is a key indicator used by economists and policymakers to assess a country's global economic connectedness and exposure to external economic conditions.
Methodology
The data is calculated by the World Bank using official government statistics on exports, imports, and GDP.
Historical Context
Policymakers monitor this trend to gauge Azerbaijan's economic resilience and formulate appropriate trade and macroeconomic policies.
Key Facts
- Azerbaijan's trade openness ratio averaged 72% from 2010-2020.
- Openness is highest in the energy sector, with oil and gas exports comprising over 90% of total exports.
- Trade openness declined from 2014-2016 due to falling global oil prices.
FAQs
Q: What does this economic trend measure?
A: The 'Openness at Current Prices for Azerbaijan' measures the degree of Azerbaijan's economic integration with global trade, calculated as the ratio of total exports and imports to GDP.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into Azerbaijan's level of international economic integration and exposure to external economic conditions, which is crucial for policymakers and analysts assessing the country's economic resilience.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using official government statistics on exports, imports, and GDP.
Q: How is this trend used in economic policy?
A: Policymakers monitor Azerbaijan's trade openness to gauge the country's economic resilience and formulate appropriate trade, monetary, and fiscal policies.
Q: Are there update delays or limitations?
A: The data is published annually by the World Bank, with a potential delay of up to 2 years.
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Citation
U.S. Federal Reserve, Openness at Current Prices for Azerbaijan (OPENCPAZA156NUPN), retrieved from FRED.