Faroe Islands: Remittances, percent of GDP

(measure: percent; Source: The World Bank)
* indicates monthly or quarterly data series

Faroe Islands: Remittances as percent of GDP

: For that indicator, we provide data for the Faroe Islands from 1998 to 2016. The average value for the Faroe Islands during that period was 4.95 percent with a minimum of 2.92 percent in 2004 and a maximum of 6.69 percent in 2012. The latest value from 2016 is 5.89 percent. For comparison, the world average in 2016 based on 173 countries is 4.70 percent. See the global rankings for that indicator or use the country comparator to compare trends over time.
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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.
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