Remittance Inflows to GDP for Czech Republic
DDOI11CZA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1.71
Year-over-Year Change
256.16%
Date Range
1/1/1993 - 1/1/2020
Summary
This economic trend measures the ratio of remittance inflows to the gross domestic product (GDP) for the Czech Republic. It provides insight into the importance of international money transfers to the country's 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 funds sent by foreign workers back to their home countries. This indicator shows the size of these transfers relative to the overall economic output of the Czech Republic, offering a measure of the country's reliance on income from abroad.
Methodology
The data is collected and calculated by the World Bank using information from national central banks and statistical agencies.
Historical Context
Remittance flows are an important consideration for policymakers and economists analyzing a country's economic stability and development.
Key Facts
- Remittances account for over 1% of Czech GDP.
- The Czech Republic ranked 36th globally in total remittance inflows in 2020.
- Remittance flows can provide a stable source of external financing for developing economies.
FAQs
Q: What does this economic trend measure?
A: This trend measures the ratio of remittance inflows to the gross domestic product (GDP) for the Czech Republic. It provides insight into the importance of international money transfers to the country's economy.
Q: Why is this trend relevant for users or analysts?
A: Remittance flows are an important consideration for policymakers and economists analyzing a country's economic stability and development. The size of remittances relative to GDP can indicate a country's reliance on income from abroad.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the World Bank using information from national central banks and statistical agencies.
Q: How is this trend used in economic policy?
A: Remittance inflows are used by economists and policymakers to assess a country's economic stability, development, and reliance on external financing.
Q: Are there update delays or limitations?
A: The World Bank data on remittance inflows may have update lags of several months or more, and may not capture all informal money transfer channels.
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Citation
U.S. Federal Reserve, Remittance Inflows to GDP for Czech Republic (DDOI11CZA156NWDB), retrieved from FRED.