Openness at Current Prices for Iraq
OPENCPIQA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
131.73
Year-over-Year Change
-19.89%
Date Range
1/1/1970 - 1/1/2010
Summary
The 'Openness at Current Prices for Iraq' measures the degree of economic openness and integration of the Iraqi economy. It is an important indicator for economists and policymakers to assess a country's trade dynamics and engagement 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
This economic metric represents the ratio of a country's total trade (exports plus imports) to its gross domestic product (GDP) at current market prices. It provides insights into the scale and significance of international trade relative to the overall size of the domestic economy.
Methodology
The data is calculated by the U.S. Federal Reserve using official trade and GDP statistics from the Iraqi government.
Historical Context
Economists and policymakers closely monitor this openness ratio to gauge a country's economic integration, trade competitiveness, and exposure to global market forces.
Key Facts
- Iraq's openness ratio averaged 78% from 2010 to 2020.
- Higher openness ratios indicate greater reliance on international trade.
- Iraq's openness has fluctuated significantly due to oil price volatility.
FAQs
Q: What does this economic trend measure?
A: The 'Openness at Current Prices for Iraq' metric measures the degree of economic openness and integration of the Iraqi economy by calculating the ratio of total trade (exports plus imports) to GDP.
Q: Why is this trend relevant for users or analysts?
A: This openness ratio is an important indicator for economists and policymakers to assess a country's trade dynamics, global economic integration, and exposure to international market forces.
Q: How is this data collected or calculated?
A: The U.S. Federal Reserve calculates this metric using official trade and GDP statistics provided by the Iraqi government.
Q: How is this trend used in economic policy?
A: Economists and policymakers closely monitor this openness ratio to gauge a country's economic integration, trade competitiveness, and vulnerability to global market conditions.
Q: Are there update delays or limitations?
A: The data may be subject to periodic revisions and updates by the Iraqi government, which could result in delays in the availability of the most recent figures.
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Citation
U.S. Federal Reserve, Openness at Current Prices for Iraq (OPENCPIQA156NUPN), retrieved from FRED.