Remittance Inflows to GDP for Gambia
DDOI11GMA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
22.75
Year-over-Year Change
448.21%
Date Range
1/1/1978 - 1/1/2020
Summary
This economic trend measures the remittance inflows to GDP ratio for Gambia, which is the percentage of Gambia's GDP that comes from money sent home by Gambians living abroad.
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 are an important component of many developing economies' GDP, as they represent money sent back to the home country by expatriate workers and migrants. This metric provides insight into Gambia's reliance on these external income sources.
Methodology
The data is calculated by the World Bank using information on personal remittances received and GDP.
Historical Context
Policymakers use this metric to understand Gambia's dependence on remittance income and the potential impacts of changes in migrant worker populations.
Key Facts
- Remittances account for over 20% of Gambia's GDP.
- Gambia is one of the most remittance-dependent countries in Africa.
- Remittance inflows to Gambia have grown rapidly in recent decades.
FAQs
Q: What does this economic trend measure?
A: This trend measures the percentage of Gambia's GDP that comes from personal remittances sent home by Gambians living and working abroad.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into Gambia's reliance on remittance income, which is an important component of many developing economies' GDP.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using information on personal remittances received and GDP.
Q: How is this trend used in economic policy?
A: Policymakers use this metric to understand Gambia's dependence on remittance income and the potential impacts of changes in migrant worker populations.
Q: Are there update delays or limitations?
A: The data may have some delay in updates and may not fully capture all informal remittance channels.
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Citation
U.S. Federal Reserve, Remittance Inflows to GDP for Gambia (DDOI11GMA156NWDB), retrieved from FRED.