Remittance Inflows to GDP for Colombia
DDOI11COA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2.56
Year-over-Year Change
28.62%
Date Range
1/1/1970 - 1/1/2020
Summary
This economic trend measures the ratio of remittance inflows to GDP in Colombia. It provides insight into the importance of international money transfers to the Colombian economy.
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
Remittance inflows represent the value of personal transfers and compensation of employees received from non-resident individuals and households to residents in Colombia. This indicator offers a perspective on the role of remittances in supporting domestic consumption and economic activity.
Methodology
The data is reported by the World Bank, calculated as a percentage of Colombia's gross domestic product.
Historical Context
Remittance flows are a key consideration for policymakers assessing the resilience and external dependence of the Colombian economy.
Key Facts
- Remittances contribute over 2% of Colombia's GDP.
- Colombia ranks among the top recipients of remittances in Latin America.
- Remittance flows help support household consumption in Colombia.
FAQs
Q: What does this economic trend measure?
A: This trend measures the ratio of remittance inflows to Colombia's gross domestic product, providing insight into the importance of international money transfers to the Colombian economy.
Q: Why is this trend relevant for users or analysts?
A: Remittance flows are a key consideration for policymakers assessing the resilience and external dependence of the Colombian economy.
Q: How is this data collected or calculated?
A: The data is reported by the World Bank, calculated as a percentage of Colombia's gross domestic product.
Q: How is this trend used in economic policy?
A: Remittance inflows offer insights into household income sources and the role of international money transfers in supporting domestic consumption and economic activity in Colombia.
Q: Are there update delays or limitations?
A: The data is subject to the reporting schedules and methodological practices of the World Bank.
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Citation
U.S. Federal Reserve, Remittance Inflows to GDP for Colombia (DDOI11COA156NWDB), retrieved from FRED.