Remittance Inflows to GDP for Senegal
DDOI11SNA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
10.46
Year-over-Year Change
18.95%
Date Range
1/1/1974 - 1/1/2020
Summary
The 'Remittance Inflows to GDP for Senegal' metric measures the percentage of Senegal's gross domestic product (GDP) that consists of money sent home by Senegalese citizens working abroad. This data point is important for policymakers assessing the role of foreign remittances in the Senegalese 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 sum of personal transfers and compensation of employees from Senegalese citizens working in other countries back to Senegal. This metric provides insight into Senegal's reliance on foreign remittances as a source of national income and the potential vulnerabilities in the event of economic shocks affecting overseas workers.
Methodology
The data is collected and calculated by the World Bank using national account and balance of payments statistics.
Historical Context
Remittance inflows are a key consideration for Senegalese economic and fiscal policy, as they can impact domestic consumption, investment, and the current account balance.
Key Facts
- Remittances accounted for over 10% of Senegal's GDP in recent years.
- The top destinations for Senegalese migrant workers are France, Italy, and the United States.
- Senegal ranks among the top recipients of remittances in sub-Saharan Africa.
FAQs
Q: What does this economic trend measure?
A: The 'Remittance Inflows to GDP for Senegal' metric measures the percentage of Senegal's gross domestic product (GDP) that consists of money sent home by Senegalese citizens working abroad.
Q: Why is this trend relevant for users or analysts?
A: This data point provides insight into Senegal's reliance on foreign remittances as a source of national income and the potential vulnerabilities in the event of economic shocks affecting overseas workers.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the World Bank using national account and balance of payments statistics.
Q: How is this trend used in economic policy?
A: Remittance inflows are a key consideration for Senegalese economic and fiscal policy, as they can impact domestic consumption, investment, and the current account balance.
Q: Are there update delays or limitations?
A: The data is published annually by the World Bank, so there may be a delay of several months between the end of the reference year and the data release.
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Citation
U.S. Federal Reserve, Remittance Inflows to GDP for Senegal (DDOI11SNA156NWDB), retrieved from FRED.