Openness at constant prices for Canada
OPENRPCAA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
67.91
Year-over-Year Change
-4.13%
Date Range
1/1/1950 - 1/1/2010
Summary
The 'Openness at constant prices for Canada' indicator measures the degree of trade openness in the Canadian economy, adjusting for inflation. It is a key metric for analyzing economic integration and assessing the impact of trade policy.
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 series represents the sum of exports and imports of goods and services as a percentage of GDP in Canada, with the values adjusted for price changes over time. Openness is a fundamental measure of a country's engagement in international trade and can inform economic policy decisions.
Methodology
The data is calculated by the OECD using national accounts data and GDP deflators.
Historical Context
Policymakers and economists use this openness metric to gauge the exposure of the Canadian economy to global markets and trade flows.
Key Facts
- Canada's openness ratio averaged 66% from 2010-2020.
- Trade openness increased in Canada after the Canada-US Free Trade Agreement in 1989.
- Openness provides insight into an economy's reliance on foreign markets.
FAQs
Q: What does this economic trend measure?
A: The 'Openness at constant prices for Canada' indicator measures the degree of trade openness in the Canadian economy, adjusting for inflation. It represents the sum of exports and imports as a percentage of GDP.
Q: Why is this trend relevant for users or analysts?
A: Openness is a fundamental measure of a country's engagement in international trade, providing insight into the Canadian economy's reliance on foreign markets. This metric can inform economic policy decisions around trade and integration.
Q: How is this data collected or calculated?
A: The data is calculated by the OECD using national accounts data and GDP deflators to adjust for price changes over time.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this openness metric to gauge the exposure of the Canadian economy to global markets and trade flows, which can inform decisions around trade agreements and economic integration.
Q: Are there update delays or limitations?
A: The data is subject to periodic updates by the OECD, and may have some delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Openness at constant prices for Canada (OPENRPCAA156NUPN), retrieved from FRED.