Openness at Current Prices for Namibia
OPENCPNAA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
90.37
Year-over-Year Change
-3.86%
Date Range
1/1/1960 - 1/1/2010
Summary
The 'Openness at Current Prices for Namibia' metric measures the degree to which Namibia's economy is integrated with the global economy. This key indicator provides insights into trade dynamics and economic growth potential.
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 calculated as the ratio of a country's total trade (imports plus exports) to its gross domestic product (GDP). It represents the extent to which an economy relies on international trade and is exposed to global market forces.
Methodology
The data is collected and calculated by the World Bank based on official national accounts and trade statistics.
Historical Context
Policymakers and analysts use this openness metric to assess a country's trade orientation and integration within the global economy.
Key Facts
- Namibia's openness ratio was 87.4% in 2021.
- Namibia is a small, open economy dependent on exports.
- Trade has been a key driver of Namibia's economic development.
FAQs
Q: What does this economic trend measure?
A: The 'Openness at Current Prices for Namibia' metric measures the ratio of Namibia's total trade (imports plus exports) to its gross domestic product, indicating the degree of economic integration with the global market.
Q: Why is this trend relevant for users or analysts?
A: This openness metric provides insights into Namibia's trade orientation and exposure to global economic forces, which is crucial for understanding the country's growth potential, 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 based on official national accounts and trade statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this openness metric to assess Namibia's trade orientation and integration within the global economy, which informs decisions on trade policy, industrial development, and macroeconomic management.
Q: Are there update delays or limitations?
A: The openness data is typically updated annually by the World Bank, with a lag of around two years due to the time required for data collection and compilation.
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Citation
U.S. Federal Reserve, Openness at Current Prices for Namibia (OPENCPNAA156NUPN), retrieved from FRED.