Question

Please use the following information from the World Bank to calculate the percentage of openness for...

Please use the following information from the World Bank to calculate the percentage of openness for Italy and Sweden in 2003-2015:

  1. Imports of goods and services (in current US$)
  2. Exports of goods and services (in current US$)
  3. GDP (in current US$)

Homework Answers

Answer #1

Percentage of Openness is measured by the Openness Index, where

Openness Index = (Exports + Imports) / GDP

Using world Bank database, the following are computed.

Italy Sweden
2013 2014 2015 2013 2014 2015
Imports (US$ Billion) 566.796 569.203 494.802 227.405 233.644 202.601
Exports (US$ Billion) 614.915 630.598 548.504 253.493 258.408 226.808
GDP (US$ Billion) 2,130 2,152 1,833 578.742 573.818 497.918
Openness Index 55.48% 55.75% 56.92% 83.09% 85.75% 86.24%
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