Georgia received over $1 billion in remittances in 2016

Georgians living abroad are sending more money to their home country, says the Ministry of Finance.

Between January-November 2016 Georgia received more than $1 billion from abroad, a 5.5 percent increase year-on-year (y/y), said the Ministry.

Money transfers increased from the European Union (EU) countries. In particular:

• Italy - $108.969 million (11 percent increase)
• Spain - $27.940 million (16 percent increase)
• Germany - $26.955 million (13.1 percent increase)
• Greece - $112.650 million (4.2 percent increase)

Other countries that accounted for significant remittances in 2016 included:

• United States - $113.557 million (26.3 percent increase)
• United Kingdom - $16 million (10.2 percent increase)
• Israel - $53.602 million (83.5 percent increase)
• Turkey - $78.752 million (24.1 percent increase)

Remittances to Georgia reduced by 10 percent from Russia, by 1.6 percent from Ukraine, by 8.6 percent from Azerbaijan and by 20.1 percent from Kazakhstan.