Quarterly value of incoming personal remittances in Colombia 2000-2023
Incoming remittance towards Colombia in the third quarter of 2023 increased by five percent on an annual basis, a lower growth rate than earlier in the year. This is according to a calculation that looks at personal money transfers and cross-country compensation of employees, on a quarterly basis. These two types of payments together form "personal" remittances. While technically not the same as "total" remittances, oftentimes the two types of remittances have the same figures due to a general lack of data tracking. Colombia received its highest value of international money transfers and employee compensations during the fourth quarter of 2022, when the Latin American country had an estimated personal remittance inflow of 2.5 billion U.S. dollars.