Dependence on emigrants' money in Albania, remittances make up 10% of GDP

 The improvement of the situation with the COVID-19 pandemic has affected the increase of remittances.

Remittances in the first quarter of this year amounted to 169 million euros, the Bank of Albania announced.

Compared to the same period a year ago, remittances increased by 17 million euros, although they marked the boom at the end of 2020.

In the period January-March 2020, when the COVID-19 pandemic had not yet started, remittances were at the level of 152 million euros, while from October to December, reached 203 million euros, the highest level since 2010 when remittances were 220 million euros.

Recent balance of payments data shows that remittances continue to remain a significant inflow of financing to our economy, with an average annual rate of 1.1 billion euros, or 10 percent of Gross Domestic Product.

According to surveys and findings conducted by the Bank of Albania, it results that 86% of the interviewed families in Albania receive remittances from a person, 30-44 years old, who is in permanent emigration, two or three times a year, for more than 10 years and most remittance flows come from Greece and Italy (more than 60%).