Personal remittances, received (% of GDP)

This indicator reflects the economic significance of remittances within a country's gross domestic product, highlighting the financial flows from individuals abroad to their home nation. It encompasses personal transfers, which are cash or in-kind contributions made by nonresident individuals to resident households, and compensation of employees, representing wages earned by nonresidents working temporarily in a host country and by residents employed by foreign entities. By quantifying these inflows as a percentage of GDP, the metric illustrates the dependency of local economies on diaspora support and short-term labor, offering valuable insights into both the welfare of families and the broader economic resilience. A higher percentage indicates a substantial reliance on external financial resources, which can enhance consumption and stimulate domestic economic activity. Source: