Remittance Inflows to GDP for Norway
DDOI11NOA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.16
Year-over-Year Change
10.40%
Date Range
1/1/1975 - 1/1/2020
Summary
This economic trend measures the value of remittance inflows to Norway as a percentage of its gross domestic product (GDP). It provides insight into the role of international money transfers in the Norwegian 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 portion of a country's GDP that comes from money sent home by citizens working abroad. This metric is important for analyzing labor migration patterns and the impact of foreign worker income on domestic economic activity.
Methodology
The data is collected and reported by the World Bank based on central bank and national statistics.
Historical Context
Policymakers use this trend to understand Norway's reliance on remittance flows and the potential impact of policies affecting foreign workers.
Key Facts
- Norway's remittance inflows were 0.2% of GDP in 2020.
- Remittances have declined as a share of Norway's GDP over the past decade.
- Norway has a relatively low reliance on remittance inflows compared to other European countries.
FAQs
Q: What does this economic trend measure?
A: This trend measures the value of remittance inflows to Norway, which are the funds sent home by Norwegian citizens working abroad, as a percentage of the country's total GDP.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into Norway's reliance on international labor migration and the role of foreign worker incomes in supporting domestic economic activity.
Q: How is this data collected or calculated?
A: The data is collected and reported by the World Bank based on central bank and national statistics.
Q: How is this trend used in economic policy?
A: Policymakers use this trend to understand Norway's exposure to changes in foreign worker migration and the potential impacts on the domestic economy.
Q: Are there update delays or limitations?
A: The data is published annually with a lag, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Remittance Inflows to GDP for Norway (DDOI11NOA156NWDB), retrieved from FRED.