The value of personal remittances paid in Senegal decreased by 128.6 million U.S. dollars (-24.38 percent) in 2021 in comparison to the previous year. Nevertheless, the last two years recorded a significant higher value than the preceding years. Personal remittances refer to personal transfers and compensation of employees. The former includes all current transfers between resident and nonresident individuals, while the latter refers to the income of workers who are employed in an economy where they are not resident, and of residents employed by nonresident entities. These include border, seasonal, and other short-term workers.
Value of personal remittances in Senegal from 2000 to 2021, based on remittance outflow towards any other country
Characteristic
Personal remittance outflow (in million U.S. dollar)
All figures are estimates and in current U.S. dollars; 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. (July 24, 2024). Value of personal remittances in Senegal from 2000 to 2021, based on remittance outflow towards any other country [Graph]. In Statista. Retrieved October 13, 2024, from https://www.statista.com/statistics/1012394/remittance-outflows-from-senegal/
Statista. "Value of personal remittances in Senegal from 2000 to 2021, based on remittance outflow towards any other country." Chart. July 24, 2024. Statista. Accessed October 13, 2024. https://www.statista.com/statistics/1012394/remittance-outflows-from-senegal/
Statista. (2024). Value of personal remittances in Senegal from 2000 to 2021, based on remittance outflow towards any other country. Statista. Statista Inc.. Accessed: October 13, 2024. https://www.statista.com/statistics/1012394/remittance-outflows-from-senegal/
Statista. "Value of Personal Remittances in Senegal from 2000 to 2021, Based on Remittance Outflow towards Any Other Country." Statista, Statista Inc., 24 Jul 2024, https://www.statista.com/statistics/1012394/remittance-outflows-from-senegal/
Statista, Value of personal remittances in Senegal from 2000 to 2021, based on remittance outflow towards any other country Statista, https://www.statista.com/statistics/1012394/remittance-outflows-from-senegal/ (last visited October 13, 2024)
Value of personal remittances in Senegal from 2000 to 2021, based on remittance outflow towards any other country [Graph], Statista, July 24, 2024. [Online]. Available: https://www.statista.com/statistics/1012394/remittance-outflows-from-senegal/