Remittance Inflows to GDP for Slovakia
DDOI11SKA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2.34
Year-over-Year Change
15.25%
Date Range
1/1/1993 - 1/1/2020
Summary
This trend measures the ratio of remittance inflows to Slovakia's GDP, providing insight into the importance of money sent home by overseas workers to the national 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 refer to the money that migrant workers or citizens living abroad send back to their home country. This metric helps economists assess the reliance of a nation's economy on these external financial flows.
Methodology
The data is collected and reported by the World Bank using information from central banks, national statistics offices, and household surveys.
Historical Context
Remittance flows are a key indicator monitored by policymakers to understand a country's economic resilience and development.
Key Facts
- Slovakia's remittance inflows were 1.2% of GDP in 2020.
- Remittances help support household incomes and economic growth in Slovakia.
- Overseas workers sent home over $700 million in remittances to Slovakia in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the ratio of remittance inflows to Slovakia's gross domestic product (GDP), providing insight into the importance of money sent home by overseas workers to the national economy.
Q: Why is this trend relevant for users or analysts?
A: Remittance flows are a key indicator monitored by economists and policymakers to understand a country's economic resilience and development, as they can support household incomes and contribute to overall GDP growth.
Q: How is this data collected or calculated?
A: The data is collected and reported by the World Bank using information from central banks, national statistics offices, and household surveys.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the reliance of Slovakia's economy on external financial flows from migrant workers, which can inform economic development strategies and policies.
Q: Are there update delays or limitations?
A: The World Bank publishes this data annually, so there may be a delay of up to a year in the most recent figures being available.
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Citation
U.S. Federal Reserve, Remittance Inflows to GDP for Slovakia (DDOI11SKA156NWDB), retrieved from FRED.