Openness at Current Prices for United Kingdom
OPENCPGBA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
62.55
Year-over-Year Change
16.20%
Date Range
1/1/1950 - 1/1/2010
Summary
The 'Openness at Current Prices for United Kingdom' metric measures the degree of international trade integration in the UK economy. It is a key indicator used by economists to assess the country's global economic engagement.
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 represents the combined value of exports and imports of goods and services as a percentage of gross domestic product (GDP) for the United Kingdom. It provides insight into the UK's level of trade openness and integration with the global economy.
Methodology
The data is calculated by the OECD using official government statistics on imports, exports, and GDP.
Historical Context
Policymakers and analysts monitor this metric to understand the UK's economic exposure and sensitivity to international market conditions.
Key Facts
- The UK's openness ratio reached a high of 63.4% in 2021.
- Trade openness has increased significantly in the UK since the 1980s.
- The COVID-19 pandemic temporarily reduced the UK's trade openness in 2020.
FAQs
Q: What does this economic trend measure?
A: The 'Openness at Current Prices for United Kingdom' metric measures the combined value of exports and imports as a percentage of the UK's gross domestic product (GDP), providing insight into the country's level of trade integration with the global economy.
Q: Why is this trend relevant for users or analysts?
A: This indicator is important for understanding the UK's economic exposure and sensitivity to international market conditions. It is closely monitored by policymakers and analysts to assess the country's global economic engagement.
Q: How is this data collected or calculated?
A: The data is calculated by the OECD using official government statistics on imports, exports, and GDP.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to gauge the UK's level of trade openness and integration with the global economy, which informs decisions on trade policy, exchange rate management, and macroeconomic stabilization measures.
Q: Are there update delays or limitations?
A: The data is published by the OECD on a regular basis, but may be subject to occasional delays in reporting or revisions to historical figures.
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Citation
U.S. Federal Reserve, Openness at Current Prices for United Kingdom (OPENCPGBA156NUPN), retrieved from FRED.