Trend 1950 - 2007. Center for International Comparisons of Production, Income and Prices. Penn World Table 6.3: Openness at 2005 Constant Prices | Country: Iceland, 1950-2007. Data-Planet™ Statistical Ready Reference by Conquest Systems, Inc. Dataset-ID: 070-003-028.

• Main Author: Center For International Comparisons Of Production, Income
• Format: Article in Journal/Newspaper
• Language: English
• Published: Data-Planet™ Statistical Ready Reference by Conquest Systems, Inc. 2015
• Subjects: Exports; Gross Domestic Product GDP; Imports; Trade Balance; International Trade; Milton; Iceland
• Online Access: https://dx.doi.org/10.6068/dp14bad5cd0941; http://statisticaldatasets.data-planet.com/dataplanet/Datasheet_DOI_Servlet?ID=14bad5cd0941&type=datasheet&version=1

Center for International Comparisons of Production, Income and Prices (2015). Penn World Table 6.3: Openness at 2005 Constant Prices | Country: Iceland, 1950-2007. Data-Planet™ Statistical Ready Reference by Conquest Systems, Inc. [Data-file]. Dataset-ID: 070-003-028. Dataset: Openness is defined as the value of exports plus imports divided by real gross domestic product (GDP), which shows total trade as a percentage of GDP, expressed in constant prices. Real GDP in the Penn World Table means GDP converted to international dollars using purchasing power parity (PPP) rates. (An international dollar has the same purchasing power over GDP as a US dollar has in the United States in a given base year, here, 2005.) The Penn World Table (PWT) displays a set of national accounts economic time series covering many countries. Its expenditure entries are denominated in a common set of prices in a common currency so that real quantity comparisons can be made, both between countries and over time. It also provides information about relative prices within and between countries, as well as demographic data and capital stock estimates. Since the regionalization of the United Nations International Comparison Programme (ICP) beginning with the 1980 benchmark, Robert Summers and Alan Heston at the Center for International Comparisons of Production, Income and Prices at the University of Pennsylvania have been using ICP benchmark comparisons as a basis for estimating PPPs (purchasing power parities) for non-benchmark countries and extrapolations backward and forward in time. The Penn World Tables are described in Summers and Heston "The Penn World Table (Mark 5): An Expanded Set of International Comparisons, 1950-1988" (Quarterly Journal of Economics, May 1991, 327-368). The current version of Penn World Tables, PWT 6.3, was prepared by Heston, Summers, and Bettina Akens, and was released in August 2009. V6.3 provides purchasing power parity and national income accounts converted to international prices for 189 countries, 1950-2007, where available, with 2005 as the reference year. PWT 6.3 is intended to provide a link for users to go between old and newer versions of PWT. The authors caution that the better PPP conversions for 2005 are in PWT 7.0, which incorporates the major benchmark comparison coordinated by the World Bank, and published in 2008, which also uses 2005 as the reference year. Category: Industry, Business, and Commerce, International Relations and Trade Source: Center for International Comparisons of Production, Income and Prices The Center for International Comparisons of Production, Income and Prices at the University of Pennsylvania (CICUP) was established in 1990 to continue an intellectual tradition begun at Penn during the 1940s by Simon Kuznets. Kuznets was on the faculty and was further elaborating the system of national accounts that he had helped create. Irving B. Kravis, a student of Kuznets’, moved forward research in the area of spatial national accounts, first with his work for the Organization for European Economic Cooperation with Milton Gilbert. Another Kuznets student, Richard Easterlin, engaged in a number of historical studies of the regional growth of the United States economy. CICUP was established as a center that would include these traditions in addition to other areas of research involving cross-country and inter-area comparisons of incomes and prices. https://pwt.sas.upenn.edu/ Subject: Exports, Gross Domestic Product (GDP), Imports, Trade Balance, International Trade