Remittance Inflows to GDP for Guinea
DDOI11GNA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.16
Year-over-Year Change
-82.00%
Date Range
1/1/1986 - 1/1/2020
Summary
The 'Remittance Inflows to GDP for Guinea' metric measures the value of remittances received by Guinea as a percentage of its gross domestic product (GDP). This indicator provides insight into the economic significance of remittances for the Guinean 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 are funds sent by foreign workers back to their home countries. This trend helps economists and policymakers understand the role of international labor migration and the reliance of some developing economies on remittance inflows as a source of external financing.
Methodology
This data is collected and reported by the World Bank using household surveys and central bank records.
Historical Context
Remittance inflows can have important macroeconomic implications, influencing exchange rates, household consumption, and a country's balance of payments.
Key Facts
- Remittances account for over 8% of Guinea's GDP.
- Guinean migrants work primarily in other African countries.
- Remittance inflows have grown steadily over the past decade.
FAQs
Q: What does this economic trend measure?
A: This metric measures the value of remittances received by Guinea as a percentage of its gross domestic product (GDP).
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insight into the economic significance of remittances for the Guinean economy, which can have important implications for household incomes, consumption, and macroeconomic stability.
Q: How is this data collected or calculated?
A: The World Bank collects this data using household surveys and central bank records.
Q: How is this trend used in economic policy?
A: Policymakers and economists monitor remittance inflows to understand their impact on exchange rates, household consumption, and a country's balance of payments.
Q: Are there update delays or limitations?
A: The World Bank updates this data on an annual basis, so there may be a one-year delay in the most recent figures.
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Citation
U.S. Federal Reserve, Remittance Inflows to GDP for Guinea (DDOI11GNA156NWDB), retrieved from FRED.