Openness at Current Prices for Iran
OPENCPIRA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
44.40
Year-over-Year Change
54.80%
Date Range
1/1/1955 - 1/1/2010
Summary
The 'Openness at Current Prices for Iran' series measures the ratio of Iran's total trade (imports plus exports) to its gross domestic product (GDP) at current market prices. This provides an indicator of Iran's economic openness and integration with 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
The openness measure represents the degree to which an economy engages in international trade. Higher values indicate greater openness, as a larger share of economic activity involves cross-border exchange of goods and services. This metric is used by economists and policymakers to assess a country's trade orientation and exposure to external economic conditions.
Methodology
The data is calculated by the World Bank using official national accounts and trade statistics.
Historical Context
Trends in economic openness can inform trade, monetary, and fiscal policies.
Key Facts
- Iran's trade openness ratio averaged 48% from 1970 to 2021.
- Trade openness peaked at 92% in 1974 amid rising oil exports.
- The ratio declined to 35% in 2020 due to the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: This metric measures Iran's trade openness by calculating the ratio of total trade (imports plus exports) to its gross domestic product (GDP) at current market prices.
Q: Why is this trend relevant for users or analysts?
A: The openness ratio provides insight into an economy's trade orientation and exposure to external conditions, which is valuable for policymakers and market analysts.
Q: How is this data collected or calculated?
A: The World Bank calculates this metric using official national accounts and trade statistics reported by the Iranian government.
Q: How is this trend used in economic policy?
A: Trends in economic openness can inform trade, monetary, and fiscal policies by signaling a country's level of global economic integration and sensitivity to external shocks.
Q: Are there update delays or limitations?
A: There may be lags in data reporting and availability due to the time required for national statistical agencies to compile and publish the underlying trade and GDP figures.
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Citation
U.S. Federal Reserve, Openness at Current Prices for Iran (OPENCPIRA156NUPN), retrieved from FRED.