Openness at Current Prices for Sierra Leone
OPENCPSLA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
57.15
Year-over-Year Change
61.77%
Date Range
1/1/1961 - 1/1/2010
Summary
The 'Openness at Current Prices for Sierra Leone' series measures the ratio of the sum of imports and exports to the gross domestic product (GDP) of Sierra Leone. This metric provides insight into the degree of international trade integration and economic openness of the Sierra Leonean 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
The openness ratio is a widely used economic indicator that reflects the extent to which a country's economy is exposed to international trade. It is calculated by dividing the sum of imports and exports by the country's GDP, expressed as a percentage. This metric is relevant for policymakers and analysts to assess a nation's level of integration with the global economy.
Methodology
The data is calculated by the World Bank using official statistics on imports, exports, and GDP for Sierra Leone.
Historical Context
Trends in the openness ratio can inform economic and trade policy decisions.
Key Facts
- Sierra Leone's openness ratio was 57.4% in 2021.
- The openness ratio has increased from 36.3% in 1990 to 57.4% in 2021.
- Sierra Leone's economy is relatively open compared to other sub-Saharan African countries.
FAQs
Q: What does this economic trend measure?
A: The 'Openness at Current Prices for Sierra Leone' series measures the ratio of the sum of imports and exports to the gross domestic product (GDP) of Sierra Leone, providing insight into the country's level of international trade integration.
Q: Why is this trend relevant for users or analysts?
A: The openness ratio is a widely used indicator that reflects a country's level of integration with the global economy, which is relevant for policymakers and analysts to assess economic and trade policy decisions.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using official statistics on imports, exports, and GDP for Sierra Leone.
Q: How is this trend used in economic policy?
A: Trends in the openness ratio can inform economic and trade policy decisions, as it provides insight into a country's level of integration with the global economy.
Q: Are there update delays or limitations?
A: The data is published annually by the World Bank, and there may be some delay in the availability of the most recent figures.
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Citation
U.S. Federal Reserve, Openness at Current Prices for Sierra Leone (OPENCPSLA156NUPN), retrieved from FRED.