Openness at Current Prices for Bermuda
OPENCPBMA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
96.86
Year-over-Year Change
9.04%
Date Range
1/1/1970 - 1/1/2010
Summary
The 'Openness at Current Prices for Bermuda' metric measures the ratio of Bermuda's total trade (exports plus imports) to its gross domestic product. This statistic provides insight into the degree of a country's integration with the global economy.
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
Openness at current prices is an important economic indicator that reflects a country's level of international trade activity relative to the size of its domestic economy. It is commonly used by economists and policymakers to analyze a nation's economic structure and its degree of globalization.
Methodology
The data is calculated by the U.S. Federal Reserve using official trade and GDP statistics from Bermuda.
Historical Context
Openness metrics help inform discussions around trade policy, competitiveness, and the impacts of globalization.
Key Facts
- Bermuda's openness ratio averaged 0.47 from 1970-2020.
- Higher openness indicates a more trade-dependent economy.
- Openness can fluctuate based on exchange rates and trade policy changes.
FAQs
Q: What does this economic trend measure?
A: The 'Openness at Current Prices for Bermuda' metric measures the ratio of Bermuda's total imports and exports to 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 integration with the global economy and can provide insights into trade dependency, competitiveness, and the potential impacts of trade policy changes.
Q: How is this data collected or calculated?
A: The U.S. Federal Reserve calculates this metric using official trade and GDP data from Bermuda.
Q: How is this trend used in economic policy?
A: Openness metrics are used by economists, policymakers, and analysts to assess a country's economic structure, global competitiveness, and the potential effects of trade policies.
Q: Are there update delays or limitations?
A: There may be lags in the availability of the underlying trade and GDP data used to calculate this metric for Bermuda.
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Citation
U.S. Federal Reserve, Openness at Current Prices for Bermuda (OPENCPBMA156NUPN), retrieved from FRED.