Remittance Inflows to GDP for Benin
DDOI11BJA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1.31
Year-over-Year Change
-38.44%
Date Range
1/1/1974 - 1/1/2020
Summary
The 'Remittance Inflows to GDP for Benin' trend measures the ratio of personal remittances received to Benin's Gross Domestic Product (GDP). This metric is a key indicator of the importance of remittances to the Beninese 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, or money transfers from workers abroad to their home countries, are a significant source of income for many developing economies. This trend provides insight into the scale of remittance flows relative to the overall size of Benin's economy, highlighting their economic importance.
Methodology
The data is calculated by the World Bank using official balance of payments statistics.
Historical Context
Policymakers in Benin closely monitor remittance inflows to understand their macroeconomic impact and develop strategies to leverage this important source of external financing.
Key Facts
- Remittances accounted for over 20% of Benin's GDP in recent years.
- Benin ranks among the top recipients of remittances in West Africa.
- Personal remittances are a larger source of external finance than foreign direct investment in Benin.
FAQs
Q: What does this economic trend measure?
A: This trend measures the ratio of personal remittances received to Benin's Gross Domestic Product (GDP), providing insight into the importance of remittances to the Beninese economy.
Q: Why is this trend relevant for users or analysts?
A: Remittances are a significant source of external financing for developing economies like Benin, and this trend helps analysts and policymakers understand their macroeconomic impact and importance.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using official balance of payments statistics.
Q: How is this trend used in economic policy?
A: Policymakers in Benin closely monitor remittance inflows to understand their macroeconomic impact and develop strategies to leverage this important source of external financing.
Q: Are there update delays or limitations?
A: The data is subject to the release schedule and methodological changes of the World Bank's balance of payments statistics.
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Citation
U.S. Federal Reserve, Remittance Inflows to GDP for Benin (DDOI11BJA156NWDB), retrieved from FRED.