Openness at Current Prices for the Gambia
OPENCPGMA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
35.76
Year-over-Year Change
-52.93%
Date Range
1/1/1960 - 1/1/2010
Summary
The 'Openness at Current Prices for the Gambia' indicator measures the degree of openness of the Gambian economy by comparing the sum of exports and imports to its Gross Domestic Product (GDP). This metric is a key statistic for economists and policymakers to assess a country's participation in global trade.
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 a common measure of economic globalization, calculated as the ratio of a country's total trade (exports plus imports) to its GDP. It provides insight into the relative importance of international trade to the domestic economy.
Methodology
The data is collected and calculated by the World Bank using national accounts and balance of payments statistics.
Historical Context
Openness is a valuable indicator for analyzing a country's trade policies, competitiveness, and integration with the global economy.
Key Facts
- The Gambia's openness ratio was 60.3% in 2021.
- Openness has increased from 31.9% in 1960 to 60.3% in 2021.
- The Gambia is a small, open economy highly dependent on international trade.
FAQs
Q: What does this economic trend measure?
A: The 'Openness at Current Prices for the Gambia' indicator measures the degree of openness of the Gambian economy by comparing the sum of exports and imports to its Gross Domestic Product (GDP).
Q: Why is this trend relevant for users or analysts?
A: Openness is a key indicator of a country's integration with the global economy and can provide insights into its trade policies, competitiveness, and vulnerability to external shocks.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the World Bank using national accounts and balance of payments statistics.
Q: How is this trend used in economic policy?
A: Openness is a valuable metric for policymakers to assess a country's trade orientation and the potential impact of trade policies on the domestic economy.
Q: Are there update delays or limitations?
A: The World Bank updates this data annually, with a potential delay of 1-2 years before the latest figures are available.
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Citation
U.S. Federal Reserve, Openness at Current Prices for the Gambia (OPENCPGMA156NUPN), retrieved from FRED.