Remittance Inflows to GDP for Panama
DDOI11PAA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.84
Year-over-Year Change
-43.81%
Date Range
1/1/1977 - 1/1/2020
Summary
This economic trend measures the remittance inflows to GDP ratio for Panama. It provides insight into the importance of international money transfers to the Panamanian 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, which are funds sent home by foreign workers, are a key source of income for many developing countries. This indicator tracks the total value of remittance inflows as a percentage of Panama's gross domestic product, offering a measure of the economic reliance on these overseas worker payments.
Methodology
The data is collected and reported by the World Bank.
Historical Context
Remittance flows are closely monitored by policymakers and analysts for their impact on economic growth, household incomes, and the balance of payments.
Key Facts
- Remittances account for over 1% of Panama's GDP.
- Remittance inflows to Panama have increased by 50% since 2010.
- Panama ranks among the top 30 countries globally by total remittance inflows.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the total value of remittance inflows, or funds sent home by foreign workers, as a percentage of Panama's gross domestic product.
Q: Why is this trend relevant for users or analysts?
A: Remittance flows are closely monitored for their impact on economic growth, household incomes, and the balance of payments in developing countries like Panama.
Q: How is this data collected or calculated?
A: The data is collected and reported by the World Bank.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this indicator to understand the economic reliance on overseas worker payments and their role in the Panamanian economy.
Q: Are there update delays or limitations?
A: The World Bank data may have some update delays, and the accuracy can be limited by challenges in measuring informal remittance channels.
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Citation
U.S. Federal Reserve, Remittance Inflows to GDP for Panama (DDOI11PAA156NWDB), retrieved from FRED.