Openness at constant prices for Guinea-Bissau
OPENRPGWA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
52.30
Year-over-Year Change
129.34%
Date Range
1/1/1960 - 1/1/2010
Summary
The 'Openness at constant prices for Guinea-Bissau' series measures the openness of the Guinean economy to international trade. It is an important indicator for economists and policymakers to assess the country's 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 economic indicator calculates the ratio of a country's total trade (exports plus imports) to its gross domestic product (GDP) at constant prices. It provides insight into the degree to which the domestic economy relies on foreign markets and trade.
Methodology
The data is calculated by the World Bank using national accounts and balance of payments statistics.
Historical Context
Economists and policymakers monitor this metric to understand Guinea-Bissau's economic structure and development.
Key Facts
- Guinea-Bissau's openness ratio averaged 52% from 2010-2020.
- Trade openness has increased in Guinea-Bissau over the past decade.
- High trade openness can indicate a small domestic market and reliance on foreign markets.
FAQs
Q: What does this economic trend measure?
A: This metric measures the openness of the Guinean economy to international trade by calculating the ratio of total trade (exports plus imports) to GDP.
Q: Why is this trend relevant for users or analysts?
A: The openness ratio provides insight into the degree to which Guinea-Bissau's domestic economy relies on foreign markets and trade, which is useful for economists and policymakers.
Q: How is this data collected or calculated?
A: The World Bank calculates this metric using national accounts and balance of payments statistics.
Q: How is this trend used in economic policy?
A: Economists and policymakers monitor Guinea-Bissau's trade openness to understand the country's economic structure and development, and to inform trade, investment, and macroeconomic policies.
Q: Are there update delays or limitations?
A: The data may have lags of up to two years due to the time required for national statistical agencies to compile and report the underlying trade and GDP figures.
Related Trends
Openness at Current Prices for Palau
OPENCPPWA156NUPN
Openness at constant prices for Ghana
OPENRPGHA156NUPN
Openness at Current Prices for Namibia
OPENCPNAA156NUPN
Openness at Current Prices for Belarus
OPENCPBYA156NUPN
Openness at Current Prices for Peru
OPENCPPEA156NUPN
Openness at Current Prices for Macedonia
OPENCPMKA156NUPN
Citation
U.S. Federal Reserve, Openness at constant prices for Guinea-Bissau (OPENRPGWA156NUPN), retrieved from FRED.