Remittance Inflows to GDP for Saint Lucia
DDOI11LCA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3.69
Year-over-Year Change
83.33%
Date Range
1/1/1983 - 1/1/2020
Summary
The 'Remittance Inflows to GDP for Saint Lucia' metric measures the value of personal remittances received as a percentage of the country's gross domestic product. This trend is an important economic indicator for understanding Saint Lucia's reliance on foreign income sources.
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 represent money transfers from individuals working abroad back to their home countries. For small island nations like Saint Lucia, these inflows can make up a significant portion of GDP and are crucial for supporting household consumption and local development.
Methodology
The data is collected and reported annually by the World Bank using information from national statistics agencies and central banks.
Historical Context
Policymakers and analysts monitor this metric to gauge Saint Lucia's economic resilience and dependence on foreign labor markets.
Key Facts
- Remittances made up over 20% of Saint Lucia's GDP in 2021.
- The ratio of remittances to GDP has steadily increased in Saint Lucia since the 1990s.
- Saint Lucia is one of the top recipients of remittances in the Caribbean region.
FAQs
Q: What does this economic trend measure?
A: The 'Remittance Inflows to GDP for Saint Lucia' metric measures the value of personal remittances received as a percentage of the country's gross domestic product.
Q: Why is this trend relevant for users or analysts?
A: For small island nations like Saint Lucia, remittance inflows can make up a significant portion of GDP and are crucial for supporting household consumption and local economic development. Monitoring this trend helps policymakers gauge the country's economic resilience and dependence on foreign labor markets.
Q: How is this data collected or calculated?
A: The data is collected and reported annually by the World Bank using information from national statistics agencies and central banks.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor the remittance inflows to GDP ratio to understand Saint Lucia's economic resilience and dependence on foreign labor markets, which is crucial for informing policies related to international trade, household income, and economic development.
Q: Are there update delays or limitations?
A: The data is reported annually, so there may be a 1-year delay in the most recent figures being available. Additionally, the accuracy of the data depends on the reporting capabilities of Saint Lucia's national statistics agencies.
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Citation
U.S. Federal Reserve, Remittance Inflows to GDP for Saint Lucia (DDOI11LCA156NWDB), retrieved from FRED.