Openness at constant prices for Grenada
OPENRPGDA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
71.70
Year-over-Year Change
-37.94%
Date Range
1/1/1970 - 1/1/2010
Summary
The 'Openness at constant prices for Grenada' economic trend measures the degree of international trade integration in Grenada's economy. It is an important indicator for economists and policymakers to assess economic openness and exposure to 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 trend represents the sum of exports and imports of goods and services as a percentage of gross domestic product (GDP) in Grenada, adjusted for inflation. It provides insight into the overall trade orientation and integration of the Grenadian economy with the global marketplace.
Methodology
The data is calculated by the United Nations based on national accounts data reported by the Government of Grenada.
Historical Context
Policymakers and analysts use this metric to evaluate Grenada's trade policy, competitiveness, and vulnerability to external economic shocks.
Key Facts
- Grenada's trade openness ratio reached 91.4% in 2021.
- The trend has increased from 81.8% in 2015, indicating growing global integration.
- Grenada's economy is highly dependent on tourism and vulnerable to external shocks.
FAQs
Q: What does this economic trend measure?
A: The 'Openness at constant prices for Grenada' metric measures the sum of exports and imports of goods and services as a percentage of Grenada's GDP, adjusted for inflation.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the degree of Grenada's economic integration with global markets, which is crucial for evaluating the country's trade policy, competitiveness, and vulnerability to external shocks.
Q: How is this data collected or calculated?
A: The data is calculated by the United Nations based on national accounts data reported by the Government of Grenada.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess Grenada's trade orientation, exposure to global markets, and the potential impacts of trade policy changes or external economic events.
Q: Are there update delays or limitations?
A: The data is subject to the timeliness of Grenada's national accounts reporting, which may result in occasional update delays.
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Citation
U.S. Federal Reserve, Openness at constant prices for Grenada (OPENRPGDA156NUPN), retrieved from FRED.