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The volume of remittances from emigrants in 2021 is 1.7% of Portugal’s GDP.

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‘More than half of incoming shipments’ are to Switzerland and France

ANTONIO KOTRIM/LUSA

‘More than half of incoming shipments’ are to Switzerland and France

ANTONIO KOTRIM/LUSA

According to the Emigration Report, the total remittances of emigrants in 2021 amounted to 3,677.76 million euros, the highest figure in the last two decades and 1.7% of Portugal’s gross domestic product (GDP).

Referring to data from Banco de Portugal, a report prepared by Observatório da Emigração, the research center of Iscte – Instituto Universitário de Lisboa, identifies 1.8% increase in the cost of money transferscompared to 2020.

OUR Switzerland and France continue to occupy the first two positions among countries with the highest volume of remittanceswith “more than half of the remittances received” going to these two countries: €1,051.26 million and €1,023.45 million, respectively.

The document lists the countries with the largest volume of transfers to Portugal, such as the UK (429.38 million euros), Angola (251.82 million euros), the United States of America (250.54 million euros), Germany (223.44 million), Spain (124.44 million), Luxembourg (71.85 million), Belgium (58.05 million) and the Netherlands (44.56 million).

In 2021 there were increase in the amount of remittances received by EUR 64.9 millionwhich corresponds to an increase of 1.8% compared to 2020.

However, compared to 2020 and based on an analysis of the top 10 countries with the highest volume of remittances in 2021, the report mentions positive dynamics in six countries: the United Kingdom (13.19%), Spain (11.33%), Angola ( 2.56%). , USA (2.37%), Switzerland (1.37%) and the Netherlands (0.20%).

The remaining four countries out of the top 10 remittance sources showed negative variation: Luxembourg (minus 8.35%), Belgium (minus 1.44%), France (minus 1.27%) and Germany (minus 1.08%).

The 2021 Emigration Report will be presented this Wednesday at the Ministry of Foreign Affairs in Lisbon.

Source: Observador

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