Gross Domestic Product by Expenditure in Constant Prices: Less: Imports of Goods and Services for the European Union
NAEXKP07EUA659S • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3.64
Year-over-Year Change
-41.71%
Date Range
1/1/1996 - 1/1/2019
Summary
This economic trend measures the imports of goods and services for the European Union in constant prices, excluding them from the calculation of Gross Domestic Product (GDP). It provides insight into the international trade dynamics and competitiveness of the EU 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 'Gross Domestic Product by Expenditure in Constant Prices: Less: Imports of Goods and Services for the European Union' trend represents the value of imported goods and services subtracted from the EU's GDP calculation. This is a key indicator of the EU's reliance on foreign trade and its impact on domestic economic activity.
Methodology
The data is collected and calculated by the Organization for Economic Co-operation and Development (OECD) based on official national accounts statistics.
Historical Context
This trend is widely used by economists, policymakers, and investors to analyze the EU's trade balance, international competitiveness, and the broader macroeconomic conditions.
Key Facts
- The EU is the world's largest single market, with a GDP of over $17 trillion.
- Imports account for around 45% of the EU's GDP.
- The EU runs a substantial trade surplus, with exports exceeding imports.
FAQs
Q: What does this economic trend measure?
A: This trend measures the value of imported goods and services subtracted from the Gross Domestic Product (GDP) calculation for the European Union, providing insight into the EU's trade dynamics and international competitiveness.
Q: Why is this trend relevant for users or analysts?
A: This trend is crucial for understanding the EU's reliance on foreign trade, its trade balance, and the overall macroeconomic conditions in the region. It is widely used by economists, policymakers, and investors to analyze the EU's economic performance and international competitiveness.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the Organization for Economic Co-operation and Development (OECD) based on official national accounts statistics.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, central banks, and international organizations to assess the EU's trade dynamics, monitor macroeconomic conditions, and inform policy decisions related to trade, fiscal, and monetary policies.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to revisions as more complete information becomes available. Additionally, the trend may be influenced by exchange rate fluctuations and changes in the composition of EU member states.
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Citation
U.S. Federal Reserve, Gross Domestic Product by Expenditure in Constant Prices: Less: Imports of Goods and Services for the European Union (NAEXKP07EUA659S), retrieved from FRED.