Metadata Sub-indicator 17.3.2.1. Volumen de remesas en proporción al PIB total
Goal 17. Strengthen the means of implementation and revitalize the global partnership for sustainable development
Target 17.3. Mobilize additional financial resources for developing countries from multiple sources
Indicator 17.3.2. Volume of remittances (in United States dollars) as a proportion of total GDP
Sub-indicator 17.3.2.1. Personal transfers in relation to GDP
- Global
Personal transfers include personal transfers and the remuneration of employees. Personal transfers are current transfers between resident households and non-resident households, whether in cash or in kind. The remuneration of employees is the income received by frontier, seasonal or other workers who are employed by an economy other than that of their residence, and those employed by non-resident entities. It is divided into GDP.
Personal transfers are made up of workers' remittances and other transfers between households, the fundamental component being so-called workers' remittances. Payments for workers' remittances are estimated using data declared by payment institutions (remittances) to BE under Circular 3/2009 and Law 10/2010 of 28 April on the prevention of money laundering and the financing of terrorism. These transfers made through senders are raised to cover those made by other channels (informal, bank transfers, in kind, etc.). Payments for remuneration of employees are calculated by estimating the number of non-resident workers posted and applying average remuneration, taking into account information on the country of destination and the branch of activity.The number of workers is obtained from different sources depending on the country of origin, due to the different authorizations or administrative procedures required.In the case of countries of the EU or European Free Trade Association (EFTA), for which no authorization is required, the number of workers obtained from different sources of entry of travellers is used by means of business.In the case of non-EU countries or EFTA, for which there is a supplementation of personal income in Spain.
Percentage of GDP
Annual
Tier I
Yes
Balanza de Pagos, Comercio Internacional de Servicios e Inversiones Extranjeras Directas, Posición de Inversión Internacional, Deuda Externa y Reservas Internacionales y Liquidez en Moneda Extranjera (ISO code: 37142)
15/12/2021
World Bank