Remittance Inflows to GDP for Ecuador
DDOI11ECA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3.37
Year-over-Year Change
-32.66%
Date Range
1/1/1976 - 1/1/2020
Summary
The 'Remittance Inflows to GDP for Ecuador' trend measures the value of money transfers received by Ecuador as a percentage of its gross domestic product. This provides insight into the importance of remittances for the Ecuadorian 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
Remittances, which are funds sent by migrant workers to their home countries, are a key source of income for many developing economies. Tracking remittance inflows as a share of GDP offers economists and policymakers a valuable metric to assess Ecuador's reliance on these international transfers and their broader macroeconomic impact.
Methodology
The data is collected and reported by the World Bank based on balance of payments statistics.
Historical Context
Remittance flows are closely monitored by Ecuador's central bank and government as they influence exchange rates, consumption, and investment.
Key Facts
- Ecuador ranked 7th globally for remittance inflows in 2020.
- Remittances accounted for over 2.5% of Ecuador's GDP in 2021.
- The COVID-19 pandemic initially reduced remittance flows to Ecuador but they rebounded in 2021.
FAQs
Q: What does this economic trend measure?
A: The 'Remittance Inflows to GDP for Ecuador' trend measures the value of money transfers received by Ecuador from migrant workers abroad as a percentage of its gross domestic product.
Q: Why is this trend relevant for users or analysts?
A: Tracking remittance inflows as a share of GDP provides valuable insight into Ecuador's reliance on these international transfers and their broader macroeconomic impact.
Q: How is this data collected or calculated?
A: The data is collected and reported by the World Bank based on balance of payments statistics.
Q: How is this trend used in economic policy?
A: Remittance flows are closely monitored by Ecuador's central bank and government as they influence exchange rates, consumption, and investment.
Q: Are there update delays or limitations?
A: The data is reported annually with some delay, and may not capture all informal remittance channels.
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Citation
U.S. Federal Reserve, Remittance Inflows to GDP for Ecuador (DDOI11ECA156NWDB), retrieved from FRED.