Personal remittances, received in Faroe Islands
Faroe Islands: Personal remittances, received was 6.3% in 2011. ▲ Rising
Personal remittances, received in Faroe Islands, 1998–2011
Source: Staff estimates, World Bank (WB). Measured in % of GDP.
Analysis
Faroe Islands recorded 6.3% for personal remittances, received in 2011. That is the highest value across all 14 years on record.
That represents a change of up 0.7% on the previous year and up 87.9% over ten years.
Over the whole period, personal remittances, received in Faroe Islands peaked at 6.3% in 2011 and was at its lowest, 2.9%, in 2004.
That places Faroe Islands 55th out of 196 countries with data for 2011, putting it in the middle of the range.
The long-run direction has been consistently rising across the 14 years of available data.
Personal remittances, received in Faroe Islands, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1998 | 4.4% | — |
| 1999 | 4.4% | +1.1% |
| 2000 | 4.0% | -9.3% |
| 2001 | 3.4% | -16.4% |
| 2002 | 3.1% | -7.4% |
| 2003 | 3.0% | -5.2% |
| 2004 | 2.9% | -3.4% |
| 2005 | 4.6% | +59.9% |
| 2006 | 4.4% | -3.3% |
| 2007 | 4.7% | +5.8% |
| 2008 | 5.5% | +17.5% |
| 2009 | 6.0% | +10.2% |
| 2010 | 6.3% | +3.9% |
| 2011 | 6.3% | +0.7% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 4.4% | 4.4% | 4.4% | 2 |
| 2000s | 4.1% | 2.9% | 6.0% | 10 |
| 2010s | 6.3% | 6.3% | 6.3% | 2 |
Countries ranked near Faroe Islands
More economy & growth data for Faroe Islands
- Manufacturing, value added (current LCU), per capita 48,390 current LCU per person (2024)
- Agriculture, forestry, and fishing, value added (current LCU), per 82,165 current LCU per person (2024)
- Manufacturing, value added (current US$), per unit of GDP 0.0946 current US$ per US$ of GDP (2024)
- Manufacturing, value added (current US$), per capita 7,019 current US$ per person (2024)
- Manufacturing, value added (current LCU), per unit of GDP 0.6524 current LCU per US$ of GDP (2024)
- GDP (current US$), annual growth rate 2.78 % change on previous year (2024)
- Industry (including construction), value added (current LCU), annual -5.07 % change on previous year (2024)
- Industry (including construction), value added (current US$), per 13,574 current US$ per person (2024)
- Agriculture, forestry, and fishing, value added (current LCU), per 1.11 current LCU per US$ of GDP (2024)
- Industry (including construction), value added (current US$), annual -5.14 % change on previous year (2024)
Frequently asked questions
- What is personal remittances, received in Faroe Islands?
- Personal remittances, received in Faroe Islands was 6.3% in 2011, according to Staff estimates, World Bank (WB).
- What is the highest personal remittances, received recorded in Faroe Islands?
- The highest recorded value was 6.3% in 2011.
- What is the lowest personal remittances, received recorded in Faroe Islands?
- The lowest recorded value was 2.9% in 2004.
- How does Faroe Islands rank for personal remittances, received?
- Faroe Islands ranks 55th out of 196 countries with data for 2011.
- Is personal remittances, received rising or falling in Faroe Islands?
- Over the last ten years it is up 87.9%. The long-run trend across the full record is rising.
- Where does this Faroe Islands data come from?
- The figures come from Staff estimates, World Bank (WB), published as part of Personal remittances, received (% of GDP). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 14 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
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.