Faeroe Islands - Workers' remittances and compensation of employees

Personal remittances, paid (current US$)

The value for Personal remittances, paid (current US$) in Faeroe Islands was $34,404,220 as of 2011. As the graph below shows, over the past 13 years this indicator reached a maximum value of $41,017,650 in 2008 and a minimum value of $5,110,000 in 2003.

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.

Source: World Bank staff estimates based on IMF balance of payments data.

See also:

Year Value
1998 $6,920,000
1999 $6,150,000
2000 $5,740,000
2001 $13,410,000
2002 $9,640,000
2003 $5,110,000
2005 $18,335,390
2006 $23,417,700
2007 $33,371,210
2008 $41,017,650
2009 $31,363,120
2010 $31,029,080
2011 $34,404,220

Personal remittances, received (current US$)

The value for Personal remittances, received (current US$) in Faeroe Islands was $158,411,700 as of 2011. As the graph below shows, over the past 13 years this indicator reached a maximum value of $158,411,700 in 2011 and a minimum value of $39,040,000 in 2001.

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.

Source: World Bank staff estimates based on IMF balance of payments data.

See also:

Year Value
1998 $48,480,000
1999 $50,040,000
2000 $42,970,000
2001 $39,040,000
2002 $39,750,000
2003 $44,380,000
2005 $80,282,300
2006 $89,055,620
2007 $109,178,000
2008 $136,569,600
2009 $138,741,400
2010 $146,392,800
2011 $158,411,700

Personal remittances, received (% of GDP)

Personal remittances, received (% of GDP) in Faeroe Islands was 6.31 as of 2009. Its highest value over the past 11 years was 6.31 in 2009, while its lowest value was 2.98 in 2003.

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.

Source: World Bank staff estimates based on IMF balance of payments data, and World Bank and OECD GDP estimates.

See also:

Year Value
1998 4.38
1999 4.45
2000 4.04
2001 3.38
2002 3.13
2003 2.98
2005 4.64
2006 4.52
2007 4.79
2008 5.66
2009 6.31

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: Balance of payments