Costa Rica | Personal remittances, paid (current US$)

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. Development relevance: Movement of people, most often through migration, is a significant part of global integration. Migrants contribute to the economies of both their host country and their country of origin. Yet reliable statistics on migration are difficult to collect and are often incomplete, making international comparisons a challenge. In most developed countries, refugees are admitted for resettlement and are routinely included in population counts by censuses or population registers. Globally, the number of refugees at end 2010 was 10.55 million, including 597,300 people considered by the United Nations High Commissioner for Refugees (UNHCR) to be in a refugee-like situation; developing countries hosted 8.5 million refugees, or 80 percent of the global refugee population. Global migration patterns have become increasingly complex in modern times, involving not just refugees, but also millions of economic migrants. But refugees and migrants, even if they often travel in the same way, are fundamentally different, and for that reason are treated very differently under modern international law. Migrants, especially economic migrants, choose to move in order to improve the future prospects of themselves and their families. Refugees have to move if they are to save their lives or preserve their freedom. They have no protection from their own state - indeed it is often their own government that is threatening to persecute them. If other countries do not let them in, and do not help them once they are in, then they may be condemning them to death - or to an intolerable life in the shadows, without sustenance and without rights. Limitations and exceptions: Remittance transactions have grown in importance over the past decade. In a number of developing economies, receipts of remittances have become an important and stable source of funds that exceeds receipts from exports of goods and services or from financial inflows on foreign direct investment. But the quality of statistical remittance data is not high. Remittances are a challenge to measure because of their nature. They are heterogeneous with numerous small transactions conducted by individuals through a wide variety of channels: formal channels, such as electronic wire, or through informal channels, such as cash or goods carried across borders. The large number of remittance transactions and the multitude of channels pose challenges to the compilation of comprehensive statistics. The small size of individual transactions means that they often go undetected by typical data source systems, although the aggregate level of transactions may be substantial. Because of difficulties in obtaining data on informal remittance transactions, the remittance transactions undertaken through informal channels are sometimes not well covered in current balance of payments data. As a result, even though direct measurement of remittances - through transactions reporting or surveys - may be considered preferable if feasible, some countries instead combine different sources and estimation methods to achieve better coverage, by using direct measurements where practical and supplemented estimates where they are not. Model-based approaches are used in some countries as they are flexible. Compilers can design models to fill gaps in data sources or to provide global totals. However, only reliable input data can lead to sound estimates, regardless of the sophistication of an estimation method or econometric model. Indirect data are converted to remittance estimates using a set of assumptions. These assumptions should be plausible, but it is often not possible to test or verify these assumptions and also the results in practice. Statistical concept and methodology: The two main components of personal remittances, "personal transfers" and "compensation of employees", are items in the balance of payments (BPM6) framework. Both of these standard components are recorded in the current account. "Personal transfers," a new item in the Balance of Payments (BPM6) represents a broader definition of worker remittances. Personal transfers include all current transfers in cash or in kind between resident and nonresident individuals, independent of the source of income of the sender (irrespective of whether the sender receives income from labor, entrepreneurial or property income, social benefits, and any other types of transfers; or disposes assets) and the relationship between the households (irrespective of whether they are related or unrelated 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. Compensation of employees represents remuneration in return for the labor input to the production process contributed by an individual in an employer-employee relationship with the enterprise. Compensation of employees is recorded gross and includes amounts paid by the employee as taxes or for other purposes in the economy where the work is performed. Compensation of employees has three main components: wages and salaries in cash, wages and salaries in kind, and employers' social contributions.
Publisher
The World Bank
Origin
Republic of Costa Rica
Records
63
Source
Costa Rica | Personal remittances, paid (current US$)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981 500000
1982 600000.0238
1983 600000.0238
1984 699999.9881
1985 699999.9881
1986 800000.0119
1987 800000.0119
1988
1989
1990
1991
1992
1993
1994 7100000
1995 35500000
1996 46020000
1997 67180000
1998 92950000
1999 122453548.57189
2000 142395232.10823
2001 140491791.4509
2002 147801110.66891
2003 192016734
2004 191548234.4
2005 209029050
2006 246343429.36173
2007 271414281.37737
2008 268618171.99
2009 238598200
2010 259382912
2011 290543358.30803
2012 346035432.7576
2013 402604637.03999
2014 419222829.17187
2015 407784045.23019
2016 416129213.4804
2017 468504811.36369
2018 506693451.58113
2019 528443216.04536
2020 490881074.90106
2021 541463307.52103
2022 566181674.69671

Costa Rica | Personal remittances, paid (current US$)

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. Development relevance: Movement of people, most often through migration, is a significant part of global integration. Migrants contribute to the economies of both their host country and their country of origin. Yet reliable statistics on migration are difficult to collect and are often incomplete, making international comparisons a challenge. In most developed countries, refugees are admitted for resettlement and are routinely included in population counts by censuses or population registers. Globally, the number of refugees at end 2010 was 10.55 million, including 597,300 people considered by the United Nations High Commissioner for Refugees (UNHCR) to be in a refugee-like situation; developing countries hosted 8.5 million refugees, or 80 percent of the global refugee population. Global migration patterns have become increasingly complex in modern times, involving not just refugees, but also millions of economic migrants. But refugees and migrants, even if they often travel in the same way, are fundamentally different, and for that reason are treated very differently under modern international law. Migrants, especially economic migrants, choose to move in order to improve the future prospects of themselves and their families. Refugees have to move if they are to save their lives or preserve their freedom. They have no protection from their own state - indeed it is often their own government that is threatening to persecute them. If other countries do not let them in, and do not help them once they are in, then they may be condemning them to death - or to an intolerable life in the shadows, without sustenance and without rights. Limitations and exceptions: Remittance transactions have grown in importance over the past decade. In a number of developing economies, receipts of remittances have become an important and stable source of funds that exceeds receipts from exports of goods and services or from financial inflows on foreign direct investment. But the quality of statistical remittance data is not high. Remittances are a challenge to measure because of their nature. They are heterogeneous with numerous small transactions conducted by individuals through a wide variety of channels: formal channels, such as electronic wire, or through informal channels, such as cash or goods carried across borders. The large number of remittance transactions and the multitude of channels pose challenges to the compilation of comprehensive statistics. The small size of individual transactions means that they often go undetected by typical data source systems, although the aggregate level of transactions may be substantial. Because of difficulties in obtaining data on informal remittance transactions, the remittance transactions undertaken through informal channels are sometimes not well covered in current balance of payments data. As a result, even though direct measurement of remittances - through transactions reporting or surveys - may be considered preferable if feasible, some countries instead combine different sources and estimation methods to achieve better coverage, by using direct measurements where practical and supplemented estimates where they are not. Model-based approaches are used in some countries as they are flexible. Compilers can design models to fill gaps in data sources or to provide global totals. However, only reliable input data can lead to sound estimates, regardless of the sophistication of an estimation method or econometric model. Indirect data are converted to remittance estimates using a set of assumptions. These assumptions should be plausible, but it is often not possible to test or verify these assumptions and also the results in practice. Statistical concept and methodology: The two main components of personal remittances, "personal transfers" and "compensation of employees", are items in the balance of payments (BPM6) framework. Both of these standard components are recorded in the current account. "Personal transfers," a new item in the Balance of Payments (BPM6) represents a broader definition of worker remittances. Personal transfers include all current transfers in cash or in kind between resident and nonresident individuals, independent of the source of income of the sender (irrespective of whether the sender receives income from labor, entrepreneurial or property income, social benefits, and any other types of transfers; or disposes assets) and the relationship between the households (irrespective of whether they are related or unrelated 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. Compensation of employees represents remuneration in return for the labor input to the production process contributed by an individual in an employer-employee relationship with the enterprise. Compensation of employees is recorded gross and includes amounts paid by the employee as taxes or for other purposes in the economy where the work is performed. Compensation of employees has three main components: wages and salaries in cash, wages and salaries in kind, and employers' social contributions.
Publisher
The World Bank
Origin
Republic of Costa Rica
Records
63
Source