Euro area | Personal remittances, received (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
Euro area
Records
63
Source
Euro area | Personal remittances, received (current US$)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 1382002338.37
1971 1823007922.65
1972 2114379734.2
1973 2214559742.3
1974 2019358915.07
1975 6305354987.58
1976 6795426643.1
1977 8967569553.85
1978 11448118016.04
1979 14020031758.26
1980 16332658186.61
1981 14725027099.76
1982 14397031440.24
1983 13125888686.9
1984 12507541584.64
1985 12529510177.71
1986 16460083070.55
1987 19496124027.73
1988 22055085327.87
1989 23194772843.69
1990 27879097754.75
1991 28072249862.42
1992 29691745056.03
1993 28249217232.673
1994 27368177878.526
1995 29351384673.88
1996 29153310430.369
1997 32706617734.652
1998 33363146313.594
1999 26767076326.06
2000 25490610617.58
2001 26242897712.749
2002 29385214291.38
2003 36195346986.845
2004 41150097795.663
2005 43929842251.137
2006 48049199256.98
2007 57849168861.787
2008 69700256994.032
2009 68082697436.564
2010 69326718912.567
2011 77373815447.404
2012 75264384430.173
2013 82115303693.21
2014 84930373565.266
2015 77839383529.825
2016 77447528092.165
2017 82728607404.665
2018 87716400641.531
2019 91388231017.888
2020 89907919058.619
2021 98887702723.081
2022 107081741588.12

Euro area | Personal remittances, received (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
Euro area
Records
63
Source