Remittance Inflows to GDP for Barbados
DDOI11BBA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2.31
Year-over-Year Change
9.25%
Date Range
1/1/1974 - 1/1/2020
Summary
This economic indicator measures remittance inflows to Barbados as a percentage of its GDP, reflecting the importance of money transfers from abroad to the island nation'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 money sent home by Barbadians working overseas to their families and communities. This metric provides insight into the reliance of Barbados' economy on these external funds, which can have implications for development, consumption, and poverty reduction.
Methodology
The data is collected and reported by the World Bank based on central bank and national statistics.
Historical Context
Policymakers and analysts use this metric to assess Barbados' economic resilience and dependence on remittances relative to other sources of income.
Key Facts
- Remittances account for over 5% of Barbados' GDP.
- Barbados receives the highest level of remittances in the Caribbean region.
- Remittance inflows to Barbados have grown by over 50% in the past decade.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the value of personal remittances received by Barbados as a percentage of its gross domestic product (GDP).
Q: Why is this trend relevant for users or analysts?
A: Remittance inflows are an important source of external financing for Barbados' economy, with implications for development, household consumption, and poverty reduction.
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 and analysts use this metric to assess Barbados' economic resilience and dependence on remittances relative to other sources of income.
Q: Are there update delays or limitations?
A: The remittance data may be subject to reporting lags and may not fully capture informal, unrecorded money transfers.
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Citation
U.S. Federal Reserve, Remittance Inflows to GDP for Barbados (DDOI11BBA156NWDB), retrieved from FRED.