Openness at constant prices for Central African Republic
OPENRPCFA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
37.38
Year-over-Year Change
-25.30%
Date Range
1/1/1960 - 1/1/2010
Summary
The 'Openness at constant prices for Central African Republic' metric measures the degree of economic integration and trade openness of the Central African Republic. It is a key indicator for economists and policymakers analyzing the country's trade dynamics and economic development.
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 economic indicator represents the sum of exports and imports of goods and services measured at constant national prices as a percentage of gross domestic product (GDP) for the Central African Republic. It provides insights into the country's trade openness and integration with the global economy.
Methodology
The data is calculated based on national accounts statistics compiled by the World Bank.
Historical Context
This metric is widely used by economists, international institutions, and policymakers to assess the Central African Republic's trade orientation and its potential for economic growth through international commerce.
Key Facts
- The Central African Republic's openness ratio was 28.7% in 2020.
- Trade openness has fluctuated between 25-35% of GDP over the past decade.
- The country's economy remains heavily dependent on imports of manufactured goods.
FAQs
Q: What does this economic trend measure?
A: This metric measures the degree of economic openness and integration of the Central African Republic by calculating the sum of exports and imports as a percentage of the country's gross domestic product.
Q: Why is this trend relevant for users or analysts?
A: The openness ratio is a key indicator for understanding the Central African Republic's trade dynamics, economic diversification, and potential for growth through international commerce.
Q: How is this data collected or calculated?
A: The data is calculated based on national accounts statistics compiled by the World Bank.
Q: How is this trend used in economic policy?
A: Economists, international institutions, and policymakers use this metric to assess the Central African Republic's trade orientation and identify opportunities to boost economic development through increased integration with the global economy.
Q: Are there update delays or limitations?
A: The data is published with a lag, and there may be limitations in data quality and coverage for some years due to the challenging economic conditions in the Central African Republic.
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Citation
U.S. Federal Reserve, Openness at constant prices for Central African Republic (OPENRPCFA156NUPN), retrieved from FRED.