Remittance inflows to GDP in Faroe Islands
Faroe Islands: Remittance inflows to GDP was 0.0% in 2019. β Volatile
Remittance inflows to GDP in Faroe Islands, 1998β2019
Source: World Development Indicators (WDI), World Bank. Measured in %.
Analysis
In 2019, remittance inflows to gdp in Faroe Islands stood at 0.0%. That is the lowest value across all 22 years on record.
That represents a change of down 100.0% over ten years.
Over the whole period, remittance inflows to gdp in Faroe Islands peaked at 6.3% in 2011 and was at its lowest, 0.0%, in 2012.
That places Faroe Islands 189th out of 196 countries with data for 2019, putting it in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 4.4% | 4.4% | 4.4% | 2 |
| 2000s | 4.2% | 2.9% | 6.0% | 10 |
| 2010s | 1.3% | 0.0% | 6.3% | 10 |
Countries ranked near Faroe Islands
- 186 Angola 0.0% compare
- 187 Papua New Guinea 0.0% compare
- 188 Turkmenistan 0.0% compare
- 189 Central African Republic 0.0% compare
- 189 Chad 0.0% compare
- 189 Equatorial Guinea, Republic of 0.0% compare
- 189 Eritrea, The State of 0.0% compare
- 189 Libya 0.0% compare
- 189 Singapore 0.0% compare
- 189 Tuvalu 0.0% compare
More financial sector data for Faroe Islands
- Official exchange rate 6.62 LCU per US$, period average (2025)
- Net migration 386 (2025)
- Net migration, annual growth rate -20.9 % change on previous year (2025)
- GDP deflator: linked series 135.45 base year varies by country (2024)
- Inflation, GDP deflator: linked series 2.0% (2024)
- Banking crisis dummy 0 1=banking crisis, 0=none (2017)
- Primary income balance (credit less debit), Net (credits less debits) 121.78 million (2011)
- Secondary income balance (credit less debit), Net (credits less) 202.96 million (2011)
- Services balance (credit less debit), Net (credits less debits) -187.40 million (2011)
- Total current account credit/revenue, Credit/Revenue 1.68 billion (2011)
Frequently asked questions
- What is remittance inflows to gdp in Faroe Islands?
- Remittance inflows to gdp in Faroe Islands was 0.0% in 2019, according to World Development Indicators (WDI), World Bank.
- What is the highest remittance inflows to gdp recorded in Faroe Islands?
- The highest recorded value was 6.3% in 2011.
- What is the lowest remittance inflows to gdp recorded in Faroe Islands?
- The lowest recorded value was 0.0% in 2012.
- How does Faroe Islands rank for remittance inflows to gdp?
- Faroe Islands ranks 189th out of 196 countries with data for 2019.
- Is remittance inflows to gdp rising or falling in Faroe Islands?
- Over the last ten years it is down 100.0%. The long-run trend across the full record is volatile.
- Where does this Faroe Islands data come from?
- The figures come from World Development Indicators (WDI), World Bank, published as part of Remittance inflows to GDP (%). Statizoid updates them automatically from the source API.
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CSV Β· JSON β 22 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Workers' remittances and compensation of employees comprise current transfers by migrant workers and wages and salaries earned by nonresident workers. Data are the sum of three items defined in the fifth edition of the IMF's Balance of Payments Manual: workers' remittances, compensation of employees, and migrants' transfers. Remittances are classified as current private transfers from migrant workers resident in the host country for more than a year, irrespective of their immigration status, to recipients in their country of origin. Migrants' transfers are defined as the net worth of migrants who are expected to remain in the host country for more than one year that is transferred from one country to another at the time of migration. Compensation of employees is the income of migrants who have lived in the host country for less than a year.