Openness at Current Prices for Gabon
OPENCPGAA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
82.79
Year-over-Year Change
-2.80%
Date Range
1/1/1960 - 1/1/2010
Summary
The 'Openness at Current Prices for Gabon' series measures the degree of trade openness in the Gabonese economy, which is an important indicator of economic integration and growth potential.
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 metric represents the ratio of the sum of exports and imports of goods and services to GDP, expressed as a percentage. It provides insights into the extent to which the Gabonese economy is connected to global trade and how dependent it is on international commerce.
Methodology
The data is calculated by the World Bank using official national accounts and balance of payments statistics.
Historical Context
Policymakers and analysts monitor this openness indicator to assess Gabon's trade competitiveness and exposure to external economic conditions.
Key Facts
- Gabon's trade openness ratio reached a high of 83.4% in 2008.
- The openness ratio declined to 64.1% in 2020 due to the COVID-19 pandemic.
- Diversifying Gabon's export base beyond oil and gas is a key economic policy goal.
FAQs
Q: What does this economic trend measure?
A: The 'Openness at Current Prices for Gabon' series measures the degree of trade openness in the Gabonese economy, calculated as the ratio of total exports and imports to GDP.
Q: Why is this trend relevant for users or analysts?
A: This openness indicator provides insights into Gabon's level of economic integration and exposure to global trade, which is important for assessing the country's growth potential and vulnerability to external shocks.
Q: How is this data collected or calculated?
A: The World Bank calculates this openness metric using official national accounts and balance of payments statistics from Gabon.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor Gabon's trade openness to evaluate the country's trade competitiveness and the effectiveness of policies aimed at diversifying the economy and integrating it further into global markets.
Q: Are there update delays or limitations?
A: The openness data is subject to the availability of national accounts and trade statistics, which can result in publication lags of up to a year or more.
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Citation
U.S. Federal Reserve, Openness at Current Prices for Gabon (OPENCPGAA156NUPN), retrieved from FRED.