Openness at constant prices for Nigeria
OPENRPNGA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
55.35
Year-over-Year Change
-1.78%
Date Range
1/1/1950 - 1/1/2010
Summary
The 'Openness at constant prices for Nigeria' economic trend measures the ratio of a country's total trade (exports plus imports) to its GDP, adjusted for inflation. This metric provides insights into a country's level of international economic integration and trade dependence.
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
Openness at constant prices is a key indicator of a country's economic openness and integration with the global market. It shows the relative size of a country's total trade (exports plus imports) compared to its overall economic output, providing context on the importance of international trade to that economy.
Methodology
The data is calculated by the World Bank using constant local currency unit values to control for inflation.
Historical Context
Policymakers and analysts use this metric to assess a country's trade orientation and exposure to external economic conditions.
Key Facts
- Nigeria's openness ratio was 25.6% in 2020.
- Trade openness has fluctuated between 20-30% of GDP in Nigeria since 2000.
- High trade openness can make a country more vulnerable to external economic shocks.
FAQs
Q: What does this economic trend measure?
A: The 'Openness at constant prices for Nigeria' metric measures the ratio of total trade (exports plus imports) to GDP for Nigeria, adjusted for inflation.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into Nigeria's level of international economic integration and trade dependence, which is useful for policymakers and analysts assessing the country's trade orientation and exposure to external conditions.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using constant local currency unit values to control for inflation.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess a country's trade orientation and exposure to external economic conditions, which informs policy decisions.
Q: Are there update delays or limitations?
A: The data is updated annually by the World Bank, so there may be a 1-2 year delay in the most recent figures.
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Citation
U.S. Federal Reserve, Openness at constant prices for Nigeria (OPENRPNGA156NUPN), retrieved from FRED.