Openness at constant prices for Costa Rica
OPENRPCRA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
90.94
Year-over-Year Change
-2.63%
Date Range
1/1/1950 - 1/1/2010
Summary
The 'Openness at constant prices for Costa Rica' metric measures the degree of international trade integration in the Costa Rican economy, calculated as the sum of exports and imports as a percentage of gross domestic product at constant prices.
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 provides insight into the level of international economic engagement for Costa Rica. It is a key metric for analyzing a country's integration with the global economy and can inform policymakers on trade, investment, and economic growth strategies.
Methodology
The data is calculated by the World Bank using national accounts and balance of payments data.
Historical Context
Policymakers and analysts use this openness metric to assess the relative importance of international trade for the Costa Rican economy.
Key Facts
- Costa Rica's openness ratio averaged 68.3% from 1960-2021.
- Trade openness peaked at 84.9% in 2000 before declining.
- Openness is a key indicator of a country's integration in the global economy.
FAQs
Q: What does this economic trend measure?
A: The 'Openness at constant prices for Costa Rica' metric measures the degree of international trade integration in the Costa Rican economy, calculated as the sum of exports and imports as a percentage of gross domestic product at constant prices.
Q: Why is this trend relevant for users or analysts?
A: This economic indicator provides insight into the level of international economic engagement for Costa Rica, which is a key metric for analyzing a country's integration with the global economy and can inform policymakers on trade, investment, and economic growth strategies.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using national accounts and balance of payments data.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this openness metric to assess the relative importance of international trade for the Costa Rican economy, which can inform policies related to trade, investment, and economic growth.
Q: Are there update delays or limitations?
A: The data is published annually by the World Bank, so there may be update delays of up to a year. Additionally, the metric may not capture all aspects of a country's economic openness, as it focuses solely on the ratio of trade to GDP.
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Citation
U.S. Federal Reserve, Openness at constant prices for Costa Rica (OPENRPCRA156NUPN), retrieved from FRED.