Openness at constant prices for Sierra Leone
OPENRPSLA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
47.06
Year-over-Year Change
38.98%
Date Range
1/1/1961 - 1/1/2010
Summary
The 'Openness at constant prices for Sierra Leone' metric measures the degree of trade openness in the Sierra Leonean economy, providing insights into its integration with 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 indicator represents the sum of imports and exports of goods and services in Sierra Leone, expressed as a percentage of its gross domestic product (GDP) at constant prices. It serves as a key measure of a country's economic openness and trade dependence.
Methodology
The data is collected and calculated by the World Bank based on national accounts and balance of payments statistics.
Historical Context
Openness is an important consideration for policymakers in evaluating economic growth strategies and the potential impact of trade policies.
Key Facts
- Sierra Leone's openness ratio averaged 49% from 2010 to 2020.
- Trade openness is higher in smaller economies like Sierra Leone.
- Openness provides insights into a country's integration with the global economy.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the degree of trade openness in the Sierra Leonean economy by representing the sum of imports and exports of goods and services as a percentage of its GDP.
Q: Why is this trend relevant for users or analysts?
A: Openness is a key metric for understanding a country's economic integration and potential exposure to global market conditions, which is important for policymakers and analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the World Bank based on national accounts and balance of payments statistics.
Q: How is this trend used in economic policy?
A: Policymakers use this metric to evaluate economic growth strategies and the potential impact of trade policies on the Sierra Leonean economy.
Q: Are there update delays or limitations?
A: The data may have update delays depending on the availability of national accounts and balance of payments statistics from Sierra Leone.
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Citation
U.S. Federal Reserve, Openness at constant prices for Sierra Leone (OPENRPSLA156NUPN), retrieved from FRED.