The Ministry of Foreign Affairs considered, on Thursday, that the value and development of remittances in recent years, which amounted to 1.7% of GDP in 2021, shows an “active and vibrant community investing in its country.”
Speaking to Lusa, the Ministry of Finance said, in connection with the International Day of Family Remittances, “In addition to emotional issues, the data on remittances show an active and dynamic community, investing in their country, and anticipating a return to Portugal.” today.
Data released monthly by the Bank of Portugal on the value that migrants send to Portugal shows an increase of 1.8% in 2021 compared to the previous year, exceeding 3 billion euros.
MNE adds, noting that “Portugal was even one of the EU member states that provided the highest values, in terms of incoming remittances,” noting that “Portuguese diasporas from Switzerland, France and the United Kingdom top the ranking. Income. Remittances to Portugal.”
The government concludes that these data “reflect the strong relationship Portuguese immigrants have with their country”.
Between January and March (the first quarter), migrants sent practically the same amount as in the first three months of last year, which rose from 877.9 million to 877.8 million euros, a slight decrease of 0.01%.
In contrast, money sent from foreign workers to Portugal increased by 8.9%, rising from 120.3 million euros, from January to March 2021, to 131.08 million euros in the first quarter of this year.
Last year, migrant remittances grew 1.8% to beat the record since 2001, reaching 3,677.7 million euros in 2021, the best year since the euro’s existence, according to data from the Bank of Portugal.
According to Banco de Portugal figures, obtained from the statistical series of the National Institute of Statistics, available at Site From the financial regulator, Portuguese immigrants have made the largest contribution since 2001, sending 3,677.7 million euros last year, giving an average of 306.48 million euros per month, representing a 1.79% increase compared to 3612.8 million sent in 2020.
July was the most profitable month for remittances to enter Portugal, with migrants sending 366.8 million euros, the highest monthly amount since July 2019.
In terms of the countries that contributed the most to this historical result, Switzerland and France stand out, as usual, with more than two billion euros in remittances sent to Portugal.
Portuguese immigrants in Switzerland sent 1,051 million euros last year, while immigrants residing in France sent 1,023 million euros to Portugal, and the United Kingdom and Angola ranked third and fourth in the list of the largest contributors to remittances.
“Remittances from immigrants” is a statistical classification of the Bank of Portugal, included in the broader title “Personal Remittances”, obtained through a set of calculations and estimates that take into account the working population of a particular foreign country, the history of the transferred value and other indicators.
The value that Banco de Portugal provides monthly for remittances by Portuguese immigrants and immigrants in Portugal is an estimate of the real value, not an appreciable value, since there is no reporting obligation, either by banks or financial institutions. Transfers.
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