Personal remittances, received (current US$) (Personal IMF balance) in Faroe Islands
Faroe Islands: Personal remittances, received (current US$) (Personal IMF balance) was 158.41 million current US$ in 2011. ◆ Volatile
Personal remittances, received in Faroe Islands, 1998–2011
Source: IMF balance of payments data, International Monetary Fund (IMF). Measured in current US$.
Analysis
The most recent figure for personal remittances, received in Faroe Islands is 158.41 million current US$, measured in 2011. That is the highest value across all 14 years on record.
The figure is up 8.2% on the previous year and up 305.8% over ten years.
Over the whole period, personal remittances, received in Faroe Islands peaked at 158.41 million current US$ in 2011 and was at its lowest, 39.04 million current US$, in 2001.
Faroe Islands ranks 152nd of 197 countries on this measure, in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Personal remittances, received (current US$) (Personal IMF balance) in Faroe Islands, year by year
| Year | current US$ | Change |
|---|---|---|
| 1998 | 48.48 million current US$ | — |
| 1999 | 50.04 million current US$ | +3.2% |
| 2000 | 42.97 million current US$ | -14.1% |
| 2001 | 39.04 million current US$ | -9.1% |
| 2002 | 39.75 million current US$ | +1.8% |
| 2003 | 44.38 million current US$ | +11.6% |
| 2004 | 49.22 million current US$ | +10.9% |
| 2005 | 80.28 million current US$ | +63.1% |
| 2006 | 89.06 million current US$ | +10.9% |
| 2007 | 109.18 million current US$ | +22.6% |
| 2008 | 136.57 million current US$ | +25.1% |
| 2009 | 138.74 million current US$ | +1.6% |
| 2010 | 146.39 million current US$ | +5.5% |
| 2011 | 158.41 million current US$ | +8.2% |
Faroe Islands compared with similar countries
- Faroe Islands's 158.41 million current US$ is below the median for high income countries, which is 844.01 million current US$, 19% of the median. (69 countries reporting)
- Faroe Islands's 158.41 million current US$ is below the median for Europe & Central Asia, which is 2.70 billion current US$, 6% of the median. (51 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 49.26 million current US$ | 48.48 million current US$ | 50.04 million current US$ | 2 |
| 2000s | 76.92 million current US$ | 39.04 million current US$ | 138.74 million current US$ | 10 |
| 2010s | 152.40 million current US$ | 146.39 million current US$ | 158.41 million current US$ | 2 |
Countries ranked near Faroe Islands
More economy & growth data for Faroe Islands
- Gross capital formation (current LCU), per unit of GDP 1.94 current LCU per US$ of GDP (2024)
- Imports of goods and services (current US$), per unit of GDP 0.512 current US$ per US$ of GDP (2024)
- Households and NPISHs Final consumption expenditure (current LCU) 2.8 current LCU per US$ of GDP (2024)
- Imports of goods and services (current US$), annual growth rate -6.27 % change on previous year (2024)
- Gross capital formation (current LCU), per capita 144,061 current LCU per person (2024)
- Gross capital formation (current LCU), annual growth rate -7.66 % change on previous year (2024)
- Gross capital formation (current US$), per unit of GDP 0.2817 current US$ per US$ of GDP (2024)
- Gross capital formation (current US$), per capita 20,895 current US$ per person (2024)
- Imports of goods and services (current US$), per capita 37,975 current US$ per person (2024)
- Households and NPISHs Final consumption expenditure (current LCU) 207,672 current LCU per person (2024)
Frequently asked questions
- What is personal remittances, received in Faroe Islands?
- Personal remittances, received in Faroe Islands was 158.41 million current US$ in 2011, according to IMF balance of payments data, International Monetary Fund (IMF).
- What is the highest personal remittances, received recorded in Faroe Islands?
- The highest recorded value was 158.41 million current US$ in 2011.
- What is the lowest personal remittances, received recorded in Faroe Islands?
- The lowest recorded value was 39.04 million current US$ in 2001.
- How does Faroe Islands rank for personal remittances, received?
- Faroe Islands ranks 152nd out of 197 countries with data for 2011.
- Is personal remittances, received rising or falling in Faroe Islands?
- Over the last ten years it is up 305.8%. The long-run trend across the full record is volatile.
- Where does this Faroe Islands data come from?
- The figures come from IMF balance of payments data, International Monetary Fund (IMF), published as part of Personal remittances, received (current US$). Statizoid updates them automatically from the source API.
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About this data
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.