Openness at Current Prices for Singapore
OPENCPSGA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
392.09
Year-over-Year Change
25.15%
Date Range
1/1/1960 - 1/1/2010
Summary
The 'Openness at Current Prices for Singapore' metric measures the degree of integration between Singapore's economy and the global economy. It is a key indicator for economists and policymakers to assess Singapore's international trade and economic competitiveness.
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 series represents the ratio of the sum of Singapore's exports and imports of goods and services to its GDP, expressed as a percentage. It is used to gauge the openness and trade-orientation of the Singaporean economy.
Methodology
The data is calculated by the World Bank using national accounts and balance of payments data.
Historical Context
This metric helps inform economic and trade policy decisions in Singapore and internationally.
Key Facts
- Singapore has one of the highest trade-to-GDP ratios globally.
- The openness metric reached a peak of over 400% in 2013.
- The indicator reflects Singapore's role as a major global trade and financial hub.
FAQs
Q: What does this economic trend measure?
A: This metric measures the degree of Singapore's economic integration with the global economy by looking at the ratio of total trade (exports plus imports) to GDP.
Q: Why is this trend relevant for users or analysts?
A: The openness ratio is a key indicator of a country's trade orientation and exposure to international markets, which is highly relevant for economists, policymakers, and businesses analyzing Singapore's economic performance and competitiveness.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using official national accounts and balance of payments statistics provided by the government of Singapore.
Q: How is this trend used in economic policy?
A: Policymakers in Singapore and globally use this metric to inform trade, investment, and economic integration policies, as it reflects the country's degree of participation in the global economy.
Q: Are there update delays or limitations?
A: The data is published annually with a lag of approximately one year, so the most recent figure may not reflect the current economic situation.
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Citation
U.S. Federal Reserve, Openness at Current Prices for Singapore (OPENCPSGA156NUPN), retrieved from FRED.