Remittance Inflows to GDP for Dominican Republic
DDOI11DOA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
10.57
Year-over-Year Change
41.04%
Date Range
1/1/1970 - 1/1/2020
Summary
This economic indicator tracks remittance inflows as a percentage of GDP for the Dominican Republic. It provides insight into the importance of overseas worker earnings to the national 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 funds transferred back to the Dominican Republic by its citizens working abroad. This metric calculates these inflows as a proportion of the country's total GDP, offering a perspective on the significance of this income source for the national economy.
Methodology
The data is collected and calculated by the World Bank based on balance of payments statistics.
Historical Context
Remittance flows are a key consideration for policymakers and analysts assessing the Dominican Republic's economic development and resilience.
Key Facts
- Remittances account for over 7% of the Dominican Republic's GDP.
- The Dominican Republic is among the top recipients of remittances in Latin America.
- Remittances have grown steadily in the Dominican Republic over the past decade.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the value of remittance inflows to the Dominican Republic as a percentage of its total GDP.
Q: Why is this trend relevant for users or analysts?
A: Remittance flows are an important factor in assessing the Dominican Republic's economic development, household incomes, and resilience to external shocks.
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.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to understand the significance of overseas worker earnings to the Dominican Republic's economy and make informed policy decisions.
Q: Are there update delays or limitations?
A: The World Bank updates this data on an annual basis, with a potential delay of up to 2 years.
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Use of Financial Services, Liabilities: Outstanding Deposits by Households at Credit Unions and Financial Cooperatives for Dominican Republic
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DOMNGDPFY
Citation
U.S. Federal Reserve, Remittance Inflows to GDP for Dominican Republic (DDOI11DOA156NWDB), retrieved from FRED.