Openness at constant prices for Solomon Islands
OPENRPSBA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
82.40
Year-over-Year Change
-22.84%
Date Range
1/1/1970 - 1/1/2010
Summary
This economic trend measures the openness of the Solomon Islands economy, calculated as the ratio of imports and exports to gross domestic product (GDP) at constant prices. It provides insight into the degree of international trade and economic integration.
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
The Openness at constant prices for Solomon Islands indicator represents the combined value of imports and exports as a percentage of real GDP, a measure of the degree of economic integration and trade openness. This metric is widely used by economists and policymakers to assess a country's integration with the global economy.
Methodology
The data is calculated by the United Nations using national accounts statistics.
Historical Context
Tracking this indicator helps policymakers understand the role of international trade in economic growth and development.
Key Facts
- The openness ratio for Solomon Islands was 89.7% in 2021.
- Trade openness has increased from 72.5% in 2010 to 89.7% in 2021.
- Solomon Islands is a small, open economy highly dependent on international trade.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the openness of the Solomon Islands economy, calculated as the ratio of imports and exports to gross domestic product (GDP) at constant prices.
Q: Why is this trend relevant for users or analysts?
A: Tracking trade openness provides insight into a country's level of economic integration and dependence on international trade, which is crucial for assessing growth prospects and policymaking.
Q: How is this data collected or calculated?
A: The data is calculated by the United Nations using national accounts statistics.
Q: How is this trend used in economic policy?
A: Policymakers use this indicator to understand the role of international trade in economic growth and development, and to inform trade, investment, and macroeconomic policies.
Q: Are there update delays or limitations?
A: The data is published annually with a lag, 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 Solomon Islands (OPENRPSBA156NUPN), retrieved from FRED.