Faroe Islands: Remittances

The latest value from 2023 is 158.41 million U.S. dollars, unchanged from 158.41 million U.S. dollars in 2022. In comparison, the world average is 4590.03 million U.S. dollars, based on data from 184 countries. Historically, the average for the Faroe Islands from 1998 to 2023 is 118.21 million U.S. dollars. The minimum value, 39.04 million U.S. dollars, was reached in 2001 while the maximum of 158.41 million U.S. dollars was recorded in 2011. See the global rankings for that indicator or use the country comparator to compare trends over time.

Remittances are the money sent home by people who work in a foreign country. These are, for example, the money sent to Mexico by Mexican workers in the U.S.

Definition: Personal remittances comprise personal transfers and compensation of employees. Personal transfers consist of all current transfers in cash or in kind made or received by resident households to or from nonresident households. Personal transfers thus include all current transfers between resident and nonresident individuals. Compensation of employees refers to the income of border, seasonal, and other short-term workers who are employed in an economy where they are not resident and of residents employed by nonresident entities. Data are the sum of two items defined in the sixth edition of the IMF's Balance of Payments Manual: personal transfers and compensation of employees. Data are in current U.S. dollars.