Openness at constant prices for United Kingdom
OPENRPGBA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
57.29
Year-over-Year Change
17.22%
Date Range
1/1/1950 - 1/1/2010
Summary
The 'Openness at constant prices for United Kingdom' metric measures the degree of economic integration and trade openness of the UK economy. It is a key indicator used by economists and policymakers to analyze a country's international trade and competitiveness.
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 sum of exports and imports of goods and services measured at constant prices, divided by the GDP of the United Kingdom. It provides insight into the relative importance of international trade to the UK's domestic economic activity.
Methodology
The data is calculated by the OECD using national accounts statistics.
Historical Context
Openness is a critical factor in evaluating a country's economic performance and policies related to trade, globalization, and competitiveness.
Key Facts
- The UK's openness ratio has remained above 50% since the 1990s.
- Trade accounts for over half of the UK's GDP, highlighting its economic integration.
- Openness is a key metric for assessing a country's participation in the global economy.
FAQs
Q: What does this economic trend measure?
A: This metric measures the degree of economic openness and integration of the UK economy by calculating the ratio of imports and exports to GDP.
Q: Why is this trend relevant for users or analysts?
A: Openness is a critical indicator of a country's international competitiveness, exposure to global trade, and reliance on foreign markets, making it highly relevant for economists, policymakers, and market analysts.
Q: How is this data collected or calculated?
A: The data is calculated by the OECD using national accounts statistics on imports, exports, and GDP.
Q: How is this trend used in economic policy?
A: Openness is used by policymakers to evaluate trade and globalization policies, monitor a country's competitiveness, and assess the potential impact of external economic shocks.
Q: Are there update delays or limitations?
A: The data is published by the OECD with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Openness at constant prices for United Kingdom (OPENRPGBA156NUPN), retrieved from FRED.