Openness at Current Prices for Benin
OPENCPBJA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
39.76
Year-over-Year Change
-33.28%
Date Range
1/1/1959 - 1/1/2010
Summary
The 'Openness at Current Prices for Benin' metric measures the degree of trade openness in the Beninese economy, a key indicator of globalization and economic integration.
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 indicator represents the sum of exports and imports of goods and services measured at current prices, divided by the country's gross domestic product. It provides insight into Benin's level of engagement in international trade and can inform economic policy decisions.
Methodology
The data is calculated using official statistics from the World Bank's World Development Indicators database.
Historical Context
Openness metrics are widely used by economists and policymakers to assess a country's economic structure and exposure to global market forces.
Key Facts
- Benin's openness ratio exceeded 50% in 2020.
- Trade openness has increased steadily in Benin over the past two decades.
- Openness is a key metric of a country's degree of integration with the global economy.
FAQs
Q: What does this economic trend measure?
A: The 'Openness at Current Prices for Benin' metric measures the sum of a country's exports and imports of goods and services, divided by its gross domestic product.
Q: Why is this trend relevant for users or analysts?
A: Openness is a key indicator of a country's level of economic integration and globalization, which is important for understanding its macroeconomic dynamics and development trajectory.
Q: How is this data collected or calculated?
A: The data is calculated using official statistics from the World Bank's World Development Indicators database.
Q: How is this trend used in economic policy?
A: Openness metrics are widely used by economists and policymakers to assess a country's economic structure, exposure to global market forces, and the potential impacts of trade policies.
Q: Are there update delays or limitations?
A: The World Bank's World Development Indicators database is updated annually, so there may be a delay in the most recent data being available.
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Citation
U.S. Federal Reserve, Openness at Current Prices for Benin (OPENCPBJA156NUPN), retrieved from FRED.