Faroe Islands - Workers' remittances and compensation of employees
Personal remittances, paid (current US$)
The value for Personal remittances, paid (current US$) in Faroe 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 |
| 2004 | $5,334,268 |
| 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 Faroe Islands was $0.00 as of 2019. As the graph below shows, over the past 21 years this indicator reached a maximum value of $158,411,700.00 in 2011 and a minimum value of $0.00 in 2012.
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 | $48,480,000.00 |
| 1999 | $50,040,000.00 |
| 2000 | $42,970,000.00 |
| 2001 | $39,040,000.00 |
| 2002 | $39,750,000.00 |
| 2003 | $44,380,000.00 |
| 2004 | $49,217,900.00 |
| 2005 | $80,282,300.00 |
| 2006 | $89,055,620.00 |
| 2007 | $109,178,000.00 |
| 2008 | $136,569,600.00 |
| 2009 | $138,741,400.00 |
| 2010 | $146,392,800.00 |
| 2011 | $158,411,700.00 |
| 2012 | $0.00 |
| 2013 | $0.00 |
| 2014 | $0.00 |
| 2015 | $0.00 |
| 2016 | $0.00 |
| 2017 | $0.00 |
| 2018 | $0.00 |
| 2019 | $0.00 |
Personal remittances, received (% of GDP)
Personal remittances, received (% of GDP) in Faroe Islands was 0.00 as of 2019. Its highest value over the past 21 years was 6.36 in 2011, while its lowest value was 0.00 in 2012.
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 | 4.47 |
| 2000 | 4.06 |
| 2001 | 3.40 |
| 2002 | 3.15 |
| 2003 | 2.97 |
| 2004 | 2.92 |
| 2005 | 4.65 |
| 2006 | 4.49 |
| 2007 | 4.77 |
| 2008 | 5.61 |
| 2009 | 6.12 |
| 2010 | 6.31 |
| 2011 | 6.36 |
| 2012 | 0.00 |
| 2013 | 0.00 |
| 2014 | 0.00 |
| 2015 | 0.00 |
| 2016 | 0.00 |
| 2017 | 0.00 |
| 2018 | 0.00 |
| 2019 | 0.00 |
Classification
Topic: Economic Policy & Debt Indicators
Sub-Topic: Balance of payments
