Openness at constant prices for Benin
OPENRPBJA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
47.95
Year-over-Year Change
3.23%
Date Range
1/1/1959 - 1/1/2010
Summary
The 'Openness at constant prices for Benin' metric measures the degree of trade openness in Benin's economy, providing insights into the country's integration with global markets.
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 represents the ratio of the sum of exports and imports to GDP, adjusted for inflation. It is a key indicator of a country's economic openness and trade dependence, used by policymakers and analysts to assess Benin's integration with the global economy.
Methodology
The data is calculated by the World Bank using national accounts and balance of payments statistics.
Historical Context
Openness is a crucial factor in evaluating Benin's economic performance and policy decisions related to trade, foreign investment, and overall economic strategy.
Key Facts
- Benin's openness ratio averaged 49.7% from 1960 to 2020.
- Trade openness peaked at 59.5% in 2018.
- Openness declined during the COVID-19 pandemic, reaching 46.8% in 2020.
FAQs
Q: What does this economic trend measure?
A: The 'Openness at constant prices for Benin' metric measures the ratio of the sum of exports and imports to Benin's GDP, adjusted for inflation. It provides a gauge of the country's level of trade integration and dependence on foreign markets.
Q: Why is this trend relevant for users or analysts?
A: Openness is a crucial macroeconomic indicator that helps policymakers and analysts assess Benin's economic performance, trade competitiveness, and exposure to global economic conditions.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using national accounts and balance of payments statistics.
Q: How is this trend used in economic policy?
A: Openness data is used by policymakers and institutions to evaluate Benin's trade policies, foreign investment attractiveness, and overall economic integration strategy.
Q: Are there update delays or limitations?
A: The data is subject to periodic updates 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 constant prices for Benin (OPENRPBJA156NUPN), retrieved from FRED.