Openness at Current Prices for Trinidad and Tobago
OPENCPTTA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
98.27
Year-over-Year Change
-3.92%
Date Range
1/1/1950 - 1/1/2010
Summary
The 'Openness at Current Prices for Trinidad and Tobago' metric measures the degree of integration of the Trinidad and Tobago economy with global trade. It is an important indicator for policymakers and economists analyzing the country's economic performance and development.
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 openness ratio calculates the sum of exports and imports of goods and services as a percentage of the country's gross domestic product (GDP). It provides insight into the overall trade exposure and dependence of the Trinidad and Tobago economy.
Methodology
The data is calculated by the World Bank using national accounts and balance of payments statistics.
Historical Context
This metric is widely used by economists, policymakers, and international organizations to assess a country's integration into the global economy and its potential vulnerabilities.
Key Facts
- Trinidad and Tobago's openness ratio was 68.3% in 2021.
- The openness ratio has fluctuated between 50-70% over the past decade.
- High openness indicates the economy is heavily dependent on international trade.
FAQs
Q: What does this economic trend measure?
A: The 'Openness at Current Prices for Trinidad and Tobago' metric measures the degree of integration of the Trinidad and Tobago economy with global trade by calculating the sum of exports and imports as a percentage of GDP.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the trade exposure and dependence of the Trinidad and Tobago economy, which is crucial for policymakers and economists analyzing the country's economic performance and development.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using national accounts and balance of payments statistics.
Q: How is this trend used in economic policy?
A: The openness ratio is widely used by economists, policymakers, and international organizations to assess a country's integration into the global economy and its potential vulnerabilities, which informs economic policies and strategies.
Q: Are there update delays or limitations?
A: The data is updated annually by the World Bank, and there may be some delay in the most recent figures being available.
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Citation
U.S. Federal Reserve, Openness at Current Prices for Trinidad and Tobago (OPENCPTTA156NUPN), retrieved from FRED.