Faroe Islands: Remittances, percent of GDP

The latest value from 2011 is 6.32 percent, an increase from 6.28 percent in 2010. In comparison, the world average is 4.46 percent, based on data from 173 countries. Historically, the average for the Faroe Islands from 1998 to 2011 is 4.49 percent. The minimum value, 2.85 percent, was reached in 2004 while the maximum of 6.32 percent was recorded in 2011. See the global rankings or world map for that indicator or use the country comparator to compare trends over time.

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.