Remittances rose by 3% in the 9-month period of 2017

Remittances grew again in the third quarter of the current year.

According to data from the Bank of Albania, the remittances for the third quarter amounted to 166 million euros, about six million euros more compared to the same period last year.

Remittances are continuing their growth in recent years, although the size of growth is now modest compared to the 2000s.

In nine months, the emigrants contributed 464 million euros to the Albanian economy, 3% more than the same period year-on-year.

After 2015, remittances have begun a slight rejuvenation following the sharp fall in the early years of the eurozone’s economic crisis.

Despite these improvements, figures are far from the record of 950 million euros a year recorded a decade ago.

The downward trend of remittances is a natural phenomenon related to the gradual eradication of links that Albanian emigrantshave with their kins inside the country, who  have built new lives abroad.

However, in Albania this process is slow, also due to the high dependency that a large proportion of households have from these incomes.

The Bank of Albania estimates that remittances are mainly used for consumption, medical treatment, education, as well as for immovable property investments.

SCAN

*Material i përgatitur nga portali SCAN. Ripublikimi mund të bëhet vetëm kundrejt citimit të autorësisë dhe burimit origjinal.