Openness at Current Prices for Senegal
OPENCPSNA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
68.57
Year-over-Year Change
10.67%
Date Range
1/1/1960 - 1/1/2010
Summary
The 'Openness at Current Prices for Senegal' trend measures the ratio of Senegal's total trade (exports plus imports) to its gross domestic product (GDP) at current market prices. This metric provides insight into the degree of economic integration and globalization of the Senegalese 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 key economic indicator used to assess a country's level of engagement in international trade. A higher ratio generally signifies greater economic openness and integration with global markets, which can have implications for policy decisions and economic performance.
Methodology
The data is calculated by the World Bank using national accounts and trade statistics.
Historical Context
Policymakers and analysts monitor this trend to evaluate Senegal's trade orientation and exposure to external economic conditions.
Key Facts
- Senegal's openness ratio averaged around 60% from 2010-2020.
- The ratio peaked at 65.4% in 2013 before declining in recent years.
- Trade openness is a key factor in Senegal's economic development strategy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the degree of economic openness and integration of Senegal by calculating the ratio of total trade (exports plus imports) to its gross domestic product (GDP).
Q: Why is this trend relevant for users or analysts?
A: The openness ratio provides insight into Senegal's level of engagement with the global economy, which is an important consideration for policymakers, investors, and analysts assessing the country's economic performance and development.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using national accounts and trade statistics for Senegal.
Q: How is this trend used in economic policy?
A: Policymakers and economists monitor Senegal's trade openness to evaluate the country's economic integration, exposure to external conditions, and the effectiveness of trade-related policies.
Q: Are there update delays or limitations?
A: The data is published annually by the World Bank, with a typical lag of 1-2 years.
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Citation
U.S. Federal Reserve, Openness at Current Prices for Senegal (OPENCPSNA156NUPN), retrieved from FRED.