Openness at Current Prices for Federated States of Micronesia
OPENCPFMA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
91.29
Year-over-Year Change
-7.40%
Date Range
1/1/1970 - 1/1/2010
Summary
The 'Openness at Current Prices for Federated States of Micronesia' metric measures the degree of international trade integration for the Federated States of Micronesia. It is a key indicator of economic openness and globalization.
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 statistic represents the sum of exports and imports of goods and services expressed as a percentage of gross domestic product (GDP) for the Federated States of Micronesia. It provides insight into the country's level of engagement with the global economy.
Methodology
The data is calculated by the World Bank using national accounts and balance of payments data.
Historical Context
Policymakers use this metric to assess economic policy and trade strategies.
Key Facts
- The Federated States of Micronesia's openness ratio was 89.4% in 2020.
- Trade accounts for a significant portion of the country's economic activity.
- Openness has remained relatively stable over the past decade.
FAQs
Q: What does this economic trend measure?
A: This metric measures the degree of international trade integration for the Federated States of Micronesia by calculating the sum of exports and imports as a percentage of GDP.
Q: Why is this trend relevant for users or analysts?
A: The openness ratio provides insight into a country's level of engagement with the global economy, which is important for assessing economic policy and trade strategies.
Q: How is this data collected or calculated?
A: The World Bank calculates this statistic using national accounts and balance of payments data.
Q: How is this trend used in economic policy?
A: Policymakers use this metric to evaluate the Federated States of Micronesia's economic openness and inform trade and integration policies.
Q: Are there update delays or limitations?
A: The data is published annually with a slight delay, and may not fully capture certain aspects of international trade.
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Citation
U.S. Federal Reserve, Openness at Current Prices for Federated States of Micronesia (OPENCPFMA156NUPN), retrieved from FRED.