April 19. 2024. 9:08

The Daily

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Albania received most remittances from EU in 2021

Albania ranked number one in Europe in 2021 as the country with the most remittances from European Union countries, totalling more than €1 billion.

According to data published by Eurostat, this is the largest amount in Europe in relation to the population of the country, accounting for some 6.7% of Albania’s GDP.

The Albanian diaspora is estimated at more than 4 million people and there are just 2.7 million living in the country. The majority of remittances are believed to be from family members living in the diaspora, sending money to help support relatives still living in one of the continent’s poorest countries.

Out of all EU countries, Italy sent the largest chunk of money to Albania, equivalent to some €279 million or almost 25% of the total. This was a 7.2% increase in data from the previous year. The UK came second as at the time the data was collected, it was still a member of the bloc, with €206 million or 18.1% of the total.

In third place was Germany with €172.8 million or 15.2% of the total. The increase in remittances from Germany increased by more than a fifth between 2020 and 2021.

There were also significant transfers from the US and Canada, totalling more than EUR 128 million or 11.2% of the total, an increase of 27% from 2020.

Eurostat data shows that money sent by EU residents to non-EU countries, categorised as personal transfers, totalled €37.7 billion, 11% more than in 2021.

Over the last 10 years, some 700,000 people have left Albania to live and work abroad. Asides from the US and Canada, The UK, Germany, Italy, Switzerland, Greece, and Austria remain popular locations for emigrants.

(Alice Taylor | Exit.al)