Openness at constant prices for Dominica
OPENRPDMA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
80.74
Year-over-Year Change
-19.47%
Date Range
1/1/1970 - 1/1/2010
Summary
The 'Openness at constant prices for Dominica' series measures the degree of international trade and integration in the Dominican economy. It is an important indicator for economists and policymakers assessing the country's economic performance and growth potential.
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 Dominica's openness to trade, calculated as the ratio of the sum of exports and imports to GDP, adjusted for inflation. It provides insights into the country's engagement with the global economy and can inform assessments of its competitiveness and growth strategies.
Methodology
The data is calculated by the World Bank using national accounts and trade data.
Historical Context
Openness is a key consideration for policymakers in Dominica as they aim to promote economic development through international trade and investment.
Key Facts
- Dominica's openness ratio averaged 93.3% from 2010-2020.
- The country's openness increased by 5.7 percentage points from 2015 to 2020.
- Dominica is a small island nation highly dependent on international trade.
FAQs
Q: What does this economic trend measure?
A: The 'Openness at constant prices for Dominica' series measures the degree of international trade and integration in the Dominican economy, calculated as the ratio of exports plus imports to GDP adjusted for inflation.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insights into Dominica's engagement with the global economy, which is a key consideration for policymakers aiming to promote economic development through trade and investment.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using national accounts and trade data.
Q: How is this trend used in economic policy?
A: Dominica's openness ratio is used by economists and policymakers to assess the country's competitiveness, growth potential, and effectiveness of trade-related policies.
Q: Are there update delays or limitations?
A: The World Bank publishes this data with a lag, so the most recent figures may not reflect the current economic situation.
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Citation
U.S. Federal Reserve, Openness at constant prices for Dominica (OPENRPDMA156NUPN), retrieved from FRED.