Remittance Inflows to GDP for Austria
DDOI11ATA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.69
Year-over-Year Change
-6.20%
Date Range
1/1/1970 - 1/1/2020
Summary
The 'Remittance Inflows to GDP for Austria' trend measures the proportion of Austria's gross domestic product (GDP) that comes from personal remittances received from abroad. This indicator is important for understanding the role of international labor mobility and cross-border financial flows in the Austrian 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 refer to the personal transfers and compensation of employees received from non-resident individuals and households. This metric provides insight into Austria's reliance on foreign labor and the financial linkages between Austrian residents and their overseas counterparts.
Methodology
The data is collected and calculated by the World Bank based on balance of payments statistics reported by national governments.
Historical Context
Remittance inflow data is widely used by policymakers, economists, and international institutions to assess economic integration, labor market dynamics, and the impacts of migration.
Key Facts
- Austria's remittance inflows were 1.4% of GDP in 2021.
- Remittance inflows have trended upward in Austria over the past decade.
- Austria ranks among the top recipients of remittances in the European Union.
FAQs
Q: What does this economic trend measure?
A: The 'Remittance Inflows to GDP for Austria' metric measures the proportion of Austria's gross domestic product (GDP) that comes from personal remittances received from abroad.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insight into Austria's reliance on foreign labor and the financial linkages between Austrian residents and their overseas counterparts, which is important for understanding economic integration, labor market dynamics, and the impacts of migration.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the World Bank based on balance of payments statistics reported by the Austrian government.
Q: How is this trend used in economic policy?
A: Remittance inflow data is widely used by policymakers, economists, and international institutions to assess economic integration, labor market dynamics, and the impacts of migration.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of 1-2 years by the World Bank.
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Citation
U.S. Federal Reserve, Remittance Inflows to GDP for Austria (DDOI11ATA156NWDB), retrieved from FRED.