Remittances injected 615 mln euro in the Albanian economy for 2016: BoA
Remittances of the Albanian economy last year totaled 615 million euro. According to data from the Bank of Albania, remittances rose by 17 million euros, or about 2.8% compared with 2015.
After a fall in the first half of 2016, the second half showed a positive trend. Higher inflows were reported in the last quarter, reaching the level of 165 million euro.
In the last two years, remittances have recorded a slight recovery, following a gradual decline during the financial crisis.
Despite these improvements, the figures are far from the peak of € 950 million per year reported a decade ago.
Remittances are experiencing a downward trend, a natural phenomenon related to the gradual termination of relations between immigrants who have started their lives abroad and their relatives in Albania.
The growth of recent years can be related mainly to the definitive return of many Albanians from emigration, a return which is associated with the repatriation of the savings they have collected abroad.
2016 was positive even for foreign direct investment. According to the Bank of Albania, last year foreign investments touched the value of 959 million euro, breaking the record of 2013.
The flow of foreign direct investment grew by 17.2% compared with 2015.
It is believed that the increase in foreign investment is mainly attributed to the TAP pipeline and to the sales last year of two major concessionary companies, Bankers Petroleum and Tirana International Airport.
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