Openness at constant prices for Australia
OPENRPAUA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
47.87
Year-over-Year Change
35.28%
Date Range
1/1/1950 - 1/1/2010
Summary
The 'Openness at constant prices for Australia' trend measures the degree of integration between the Australian economy and the global economy. It is a key economic indicator used by policymakers and analysts to assess trade and financial linkages.
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 metric tracks the ratio of the sum of exports and imports to gross domestic product (GDP) in Australia, adjusting for inflation. It provides insight into how open and globally connected the Australian economy is over time.
Methodology
The data is calculated by the Australian Bureau of Statistics using official trade and GDP statistics.
Historical Context
Openness is a crucial factor considered in formulating macroeconomic and trade policies in Australia.
Key Facts
- Australia's openness ratio averaged around 40% over the past decade.
- Higher openness is associated with greater economic growth but also increased exposure to external shocks.
- Australia's openness has fluctuated significantly over time due to commodity price changes and trade policy shifts.
FAQs
Q: What does this economic trend measure?
A: The 'Openness at constant prices for Australia' metric tracks the ratio of total imports and exports to GDP in Australia, adjusted for inflation.
Q: Why is this trend relevant for users or analysts?
A: Openness is a key indicator of a country's integration with the global economy and can provide insights into trade dynamics, competitiveness, and vulnerability to external shocks.
Q: How is this data collected or calculated?
A: The data is calculated by the Australian Bureau of Statistics using official trade and GDP statistics.
Q: How is this trend used in economic policy?
A: Policymakers in Australia closely monitor the openness metric to inform trade, fiscal, and monetary policies that aim to balance domestic and international economic objectives.
Q: Are there update delays or limitations?
A: The openness data is published on a regular basis with minimal delays, providing timely insights into Australia's global economic integration.
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Citation
U.S. Federal Reserve, Openness at constant prices for Australia (OPENRPAUA156NUPN), retrieved from FRED.