Remittance Inflows to GDP for Hong Kong SAR, China
DDOI11HKA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.12
Year-over-Year Change
-23.67%
Date Range
1/1/1998 - 1/1/2020
Summary
This economic trend measures the ratio of remittance inflows to GDP in Hong Kong SAR, China, providing insights into the importance of money transfers from foreign workers and expatriates to the local 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, defined as personal transfers and compensation of employees received from non-resident individuals, are an important component of a country's balance of payments. Tracking this ratio to GDP offers valuable perspectives on the role of international labor mobility and foreign worker contributions in Hong Kong's economic development.
Methodology
The data is collected and calculated by the World Bank using official government statistics and balance of payments reports.
Historical Context
Remittance inflows are closely monitored by policymakers and economists to assess the impact of global labor migration and capital flows on domestic economic conditions.
Key Facts
- Hong Kong's remittance inflows were 1.7% of GDP in 2021.
- Remittances have steadily declined from a peak of 2.3% of GDP in 2014.
- Hong Kong is a major destination for migrant workers, especially from mainland China.
FAQs
Q: What does this economic trend measure?
A: This trend measures the ratio of remittance inflows, which are personal transfers and compensation of employees received from non-resident individuals, to Hong Kong's GDP.
Q: Why is this trend relevant for users or analysts?
A: Tracking remittance inflows as a share of GDP provides insights into the importance of international labor mobility and foreign worker contributions to Hong Kong's economic development.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the World Bank using official government statistics and balance of payments reports.
Q: How is this trend used in economic policy?
A: Remittance inflows are closely monitored by policymakers and economists to assess the impact of global labor migration and capital flows on domestic economic conditions in Hong Kong.
Q: Are there update delays or limitations?
A: The data is updated annually by the World Bank, with a potential delay of 1-2 years in the most recent figures.
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Citation
U.S. Federal Reserve, Remittance Inflows to GDP for Hong Kong SAR, China (DDOI11HKA156NWDB), retrieved from FRED.