May 15, 2019

Remittances expressed in EUR up by 20.3% YoY in April

Quick Update

  • After 4.5% YoY growth in March, remittance inflows increased by 10.1% YoY in April 2019 in USD terms. When expressed in EUR and GEL, the growth rates stood at solid 20.3% and 22.3%, respectively.
  • From the regions perspective inflows remained strong from the EU (+20.6% YoY in USD). Remittances also increased from CIS (+4.6% YoY in USD) and other countries (+3.9% YoY in USD), but at more moderate rates.
  • From countries’ perspective Italy (+25.8% YoY in USD) contributed most to the overall growth followed by the USA (+15.2% YoY in USD) and Israel (+11.5% YoY in USD). Inflows from Turkey continued to decline (-17.9% YoY in USD) similar to the previous months. At the same time, Turkey’s share in remittance inflows have been shrinking gradually and the negative contribution to overall growth was limited at -1.4 PP as of April. Over the same period, remittances also went down from Russia by -2.1% YoY in USD terms.