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Personal Remittances

The World Bank defines personal remittances as the sum of personal transfers and compensation of employees.

Personal transfers include all current transfers in cash or in kind between resident and non-resident individuals, independent of the source of income of the sender and the relationship between the households.

Comepensation of empoloyees 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 indvidual in an employer-employee relationship with the enterprise. Compensation of employees is recorded gross and includes amounts paid by the emmployee as taxes or for other purposses in the economy where the work is performed.

Data on personal remittances come from the IMF's Balance of Payment Statistics database. Some missing data are gapfilled by World Bank staff estimates.

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