Remittance Inflows to GDP for Somalia
DDOI11SOA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
24.91
Year-over-Year Change
742.42%
Date Range
1/1/1979 - 1/1/2020
Summary
The 'Remittance Inflows to GDP for Somalia' series measures the proportion of Somalia's gross domestic product (GDP) that comes from personal remittances received from abroad. This metric is crucial for understanding Somalia's economic reliance on external sources of income.
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 sent by Somalis living and working outside the country to family and friends back home. This indicator provides insight into Somalia's economic structure and dependence on foreign sources of revenue rather than domestic production and employment.
Methodology
The data is compiled by the World Bank based on balance of payments statistics reported by national statistical agencies.
Historical Context
Policymakers and international institutions use this metric to assess Somalia's economic vulnerabilities and the potential impact of changes in global remittance flows.
Key Facts
- Somalia's remittance inflows exceeded 30% of GDP in recent years.
- Remittances are a major source of household income for many Somalis.
- The COVID-19 pandemic disrupted global remittance flows to Somalia.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the value of personal remittances received by Somalia as a percentage of its total gross domestic product (GDP).
Q: Why is this trend relevant for users or analysts?
A: Remittance inflows are a crucial component of Somalia's economy, providing income for many households and accounting for a large share of GDP. Monitoring this metric helps assess Somalia's economic vulnerabilities and reliance on external sources of revenue.
Q: How is this data collected or calculated?
A: The World Bank compiles this data based on balance of payments statistics reported by Somalia's national statistical agency.
Q: How is this trend used in economic policy?
A: Policymakers and international institutions use this metric to understand Somalia's economic structure and the potential impact of changes in global remittance flows, which can affect household incomes and the broader economy.
Q: Are there update delays or limitations?
A: There may be lags in data reporting and potential challenges in accurately measuring informal remittance channels, so this series may not fully capture the most recent trends.
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Citation
U.S. Federal Reserve, Remittance Inflows to GDP for Somalia (DDOI11SOA156NWDB), retrieved from FRED.