Openness at Current Prices for Uganda
OPENCPUGA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
54.28
Year-over-Year Change
71.98%
Date Range
1/1/1950 - 1/1/2010
Summary
The 'Openness at Current Prices for Uganda' metric measures the degree to which the Ugandan economy is integrated with global trade. It is a key indicator for analyzing the country's economic growth and development strategies.
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 total value of imports and exports of goods and services in Uganda, divided by the country's GDP at current market prices. It provides insight into Uganda's international economic engagement and its reliance on foreign trade.
Methodology
The data is calculated by the World Bank based on national accounts and balance of payments information.
Historical Context
Policymakers and analysts use this openness metric to assess Uganda's trade policies and their impact on the broader economy.
Key Facts
- Uganda's openness ratio has increased from 24% in 2000 to 34% in 2020.
- Exports account for about 13% of Uganda's GDP, while imports make up 21%.
- Landlocked Uganda relies heavily on trade with neighboring countries and global markets.
FAQs
Q: What does this economic trend measure?
A: The 'Openness at Current Prices for Uganda' metric measures the total value of imports and exports of goods and services in Uganda as a percentage of the country's GDP.
Q: Why is this trend relevant for users or analysts?
A: This openness indicator provides insight into Uganda's level of international economic engagement and integration, which is crucial for assessing the country's growth strategies and trade policies.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank based on national accounts and balance of payments information.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this openness metric to evaluate Uganda's trade policies and their broader economic impact, informing decisions on trade agreements, tariffs, and export-import strategies.
Q: Are there update delays or limitations?
A: The data is published annually by the World Bank, with some delay in reporting. There may be limitations in accurately capturing informal cross-border trade flows.
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Citation
U.S. Federal Reserve, Openness at Current Prices for Uganda (OPENCPUGA156NUPN), retrieved from FRED.