Openness at constant prices for Somalia
OPENRPSOA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1.92
Year-over-Year Change
-10.47%
Date Range
1/1/1970 - 1/1/2010
Summary
The 'Openness at constant prices for Somalia' indicator measures the ratio of a country's total trade (exports plus imports) to its gross domestic product, adjusted for inflation. This metric provides insights into the degree of trade integration and economic openness of Somalia's economy.
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' statistic represents the value of a country's imports and exports relative to its overall economic output, with the trade volume adjusted for price changes over time. This measure is commonly used by economists and policymakers to assess a nation's engagement with the global economy and potential growth opportunities.
Methodology
The data is calculated by the World Bank using national accounts and trade statistics.
Historical Context
Openness metrics are instrumental in evaluating a country's trade policy, competitiveness, and potential vulnerabilities to external economic shocks.
Key Facts
- Somalia's openness ratio averaged 47.7% from 2010 to 2020.
- Trade openness is a key indicator of economic globalization.
- Higher openness can expose countries to external shocks.
FAQs
Q: What does this economic trend measure?
A: The 'Openness at constant prices for Somalia' indicator measures the ratio of Somalia's total trade (exports plus imports) to its gross domestic product, adjusted for inflation.
Q: Why is this trend relevant for users or analysts?
A: This measure provides insights into the degree of Somalia's trade integration and engagement with the global economy, which is crucial for evaluating the country's economic growth potential and vulnerabilities.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using national accounts and trade statistics.
Q: How is this trend used in economic policy?
A: Openness metrics are instrumental in evaluating a country's trade policy, competitiveness, and potential vulnerabilities to external economic shocks, which is relevant for policymakers and analysts.
Q: Are there update delays or limitations?
A: The data may have update delays due to the time required for national statistical agencies to collect and report the underlying trade and economic data.
Related Trends
Openness at Current Prices for Swaziland
OPENCPSZA156NUPN
Openness at Current Prices for Hong Kong SAR
OPENCPHKA156NUPN
Openness at Current Prices for Estonia
OPENCPEEA156NUPN
Openness at Current Prices for Eritrea
OPENCPERA156NUPN
Openness at constant prices for Mongolia
OPENRPMNA156NUPN
Openness at constant prices for Ethiopia
OPENRPETA156NUPN
Citation
U.S. Federal Reserve, Openness at constant prices for Somalia (OPENRPSOA156NUPN), retrieved from FRED.