Multiple countries across the world received remittances worth more than three percent of their GDP in 2023, according to estimates. For countries like Tonga or Lebanon, money transfers received from outside the country - for example, but not limited to, from migrant workers - were worth more than one third of the country's economy. That said, remittance figures are difficult to establish. For instance, official estimates tend to focus on transfers through official channels such as banks. This may mean that P2P money transfers or money sent via cryptocurrencies is not included in these figures. Additionally, remittances can also include money transfers not sent by migrant workers. A pensioner living in a second home abroad but who still receives money from his/her country of origin can technically also be counted as a remittance. The numbers provided here do largely seem to focus on migration.
Personal remittances as share of GDP in 174 countries and territories worldwide as of 2023, based on remittance inflow from any other country
This statistic follows the BPM 6 definitions of remittances, differentiating between "personal" and "total" remittances even if the two figures are often the same. See the "Details" tab for more information.
Supplementary notes
The numbers provided have been calculated by Statista, using definitions of remittances set in BPM 6 - the Sixth Edition of the IMF's Balance of Payments and International Investment Position Manual. The IMF used the following remittance definitions:
Personal remittances: The sum of "personal transfers", "compensation of employees" and "capital transfers between households";
Total remittances: The sum of "1. Personal remittances" with "social benefits";
Total remittances and transfers to Non-Profit Institutions Serving Households (NPISHs): The sum of "2. Total remittances" with "current transfers to NPISHs" and "capital transfers to NPISHs"
The categories of "personal transfers", "compensation of employees", "capital transfers between households", "social benefits", "current transfers to NPISHs" and "capital transfers to NPISHs" are all found in the IMF's Balance of Payments (BOP) database. Both the World Bank - and its KNOMAD department - adopted this IMF database in all their reportings on remittances.
Only the first two IMF categories - "personal transfers" and "compensation of employees" - are reported, though. All other categories are supplementary, meaning data is often not available or researched. This effectively means remittance data is incomplete - as it only covers (parts of)Â 1. Personal remittances.
Due to this lack of additional information, calculations on 1. Personal remittances and 2. Total remittances regularly lead to the same results. However, sources tend to write "total remittances" when the figures technically refer to "personal remittances". To avoid this confusion, Statista follows the BPM 6 wording of "personal remittances", unless a country does provide additional data that would lead to different figures that would be accounted for in "total remittances".
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Statista. (June 28, 2024). Personal remittances as share of GDP in 174 countries and territories worldwide as of 2023, based on remittance inflow from any other country [Graph]. In Statista. Retrieved December 23, 2024, from https://www.statista.com/statistics/962836/leading-remittance-receiving-countries-share-of-gdp/
Statista. "Personal remittances as share of GDP in 174 countries and territories worldwide as of 2023, based on remittance inflow from any other country." Chart. June 28, 2024. Statista. Accessed December 23, 2024. https://www.statista.com/statistics/962836/leading-remittance-receiving-countries-share-of-gdp/
Statista. (2024). Personal remittances as share of GDP in 174 countries and territories worldwide as of 2023, based on remittance inflow from any other country. Statista. Statista Inc.. Accessed: December 23, 2024. https://www.statista.com/statistics/962836/leading-remittance-receiving-countries-share-of-gdp/
Statista. "Personal Remittances as Share of Gdp in 174 Countries and Territories Worldwide as of 2023, Based on Remittance Inflow from Any Other Country." Statista, Statista Inc., 28 Jun 2024, https://www.statista.com/statistics/962836/leading-remittance-receiving-countries-share-of-gdp/
Statista, Personal remittances as share of GDP in 174 countries and territories worldwide as of 2023, based on remittance inflow from any other country Statista, https://www.statista.com/statistics/962836/leading-remittance-receiving-countries-share-of-gdp/ (last visited December 23, 2024)
Personal remittances as share of GDP in 174 countries and territories worldwide as of 2023, based on remittance inflow from any other country [Graph], Statista, June 28, 2024. [Online]. Available: https://www.statista.com/statistics/962836/leading-remittance-receiving-countries-share-of-gdp/