Remittance Inflows to GDP for Papua New Guinea
DDOI11PGA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.01
Year-over-Year Change
-87.13%
Date Range
1/1/1976 - 1/1/2020
Summary
This economic trend measures the ratio of remittance inflows to GDP for Papua New Guinea. It provides insight into the role of international remittances in the country's 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 to GDP is an important indicator for economists and policymakers, as it quantifies the significance of overseas worker remittances relative to a country's overall economic output. It can reveal dependencies on foreign income sources and inform policies around labor migration and international financial flows.
Methodology
The data is compiled by the World Bank using national accounts and balance of payments statistics.
Historical Context
Policymakers use this metric to assess a country's reliance on remittance income and the potential impact of changes in global labor and financial markets.
Key Facts
- Remittances accounted for over 10% of Papua New Guinea's GDP in recent years.
- Overseas workers' remittances are a major source of foreign exchange for the country.
- Papua New Guinea has seen steady growth in remittance inflows over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the ratio of remittance inflows to the gross domestic product (GDP) of Papua New Guinea. It quantifies the importance of overseas worker remittances to the country's overall economic output.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for economists and policymakers to assess a country's reliance on remittance income and the potential impact of changes in global labor and financial markets on the domestic economy.
Q: How is this data collected or calculated?
A: The data is compiled by the World Bank using national accounts and balance of payments statistics.
Q: How is this trend used in economic policy?
A: Policymakers use this metric to understand a country's dependence on remittance income and to inform policies around labor migration and international financial flows.
Q: Are there update delays or limitations?
A: The data is subject to the availability and timeliness of national accounts and balance of payments reporting by the Papua New Guinean government.
Related Trends
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National Accounts: Real Gross Domestic Product for Papua New Guinea
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Value of Exports to Papua New Guinea from Alabama
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Number of Identified Exporters to Papua New Guinea from Maine
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Citation
U.S. Federal Reserve, Remittance Inflows to GDP for Papua New Guinea (DDOI11PGA156NWDB), retrieved from FRED.