Remittance Inflows to GDP for Philippines
DDOI11PHA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
9.64
Year-over-Year Change
-7.09%
Date Range
1/1/1977 - 1/1/2020
Summary
The 'Remittance Inflows to GDP for Philippines' measure tracks the value of personal remittances received by the Philippines as a percentage of its gross domestic product (GDP). This provides insight into the economic impact of money transfers from Filipinos working abroad.
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
This economic indicator represents the reliance of the Philippine economy on remittance income from overseas workers. It is an important metric for assessing the role of international migration and personal financial flows in the country's economic development and household incomes.
Methodology
The data is collected and calculated by the World Bank using a standard methodology for measuring remittance inflows as a share of GDP.
Historical Context
Policymakers and analysts use this trend to evaluate the Philippines' economic dependence on remittances and the potential vulnerabilities or development opportunities this presents.
Key Facts
- Remittances account for over 10% of the Philippines' GDP.
- Over 10 million Filipinos work abroad, a significant share of the population.
- Remittance inflows provide a major source of household income in the Philippines.
FAQs
Q: What does this economic trend measure?
A: The 'Remittance Inflows to GDP for Philippines' metric tracks the value of personal remittances received by the Philippines 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 reliance of the Philippine economy on money transfers from overseas workers, which is an important factor in the country's development and household incomes.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the World Bank using a standard methodology for measuring remittance inflows as a share of GDP.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to evaluate the Philippines' economic dependence on remittances and the potential vulnerabilities or development opportunities this presents.
Q: Are there update delays or limitations?
A: The data is published annually by the World Bank with some potential delays in reporting.
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Citation
U.S. Federal Reserve, Remittance Inflows to GDP for Philippines (DDOI11PHA156NWDB), retrieved from FRED.