TIRANA, Feb. 23, 2022 – About 1 billion euros were sent to Albania by individual residents in 2021, according to the latest complete set of data published by Eurostat, with most of the senders likely being Albanian migrants sending remittances home.
It marks the largest amount in Europe in relation to the corresponding size of the country, reaching 6.7 percent of GDP. Albania’s total GDP was about 17 billion euros that same year.
The second year of the pandemic, 2021, marked the highest level of remittances since 2013 when INSTAT reported the data, reflecting a revival in the emigration cycle, with new emigrants increasing remittances to their country of origin, according to a report by Monitor magazine.
The European Union holds the lion’s share of Albanian migrants, thus leads in remittances, but transfers are also significant from the United Kingdom and North America.
The most recent Eurostat data showed that Italy is the largest source of migrant remittances to Albania. The country also has the single largest Albanian migrant community, after the one is Greece is shrinking due to that country’s suffering economy
According to data from Eurostat for 2021, personal transfers from Italy were worth 279 million euros, or about 24.5 percent of the EU total. Transfers from Italy increased by 7.2 percent compared to 2020.
Meanwhile, the United Kingdom has been consolidating for years the second place in terms of the value of transfers to Albania. According to Eurostat, for 2021, the value of these remittances reached 206.5 million euros or 18.1 percent of incoming personal transfer flows. Growth in transfers from the UK was slower than Italy, at 1 percent, compared to 2020.
In third place, Germany is also quickly rising in the table with significant growth. In 2021, the value of transfers from Germany reached 172.8 million euros or 15.2 percent of the total. Transfers from Germany have recorded a high increase, by 20.4 percent more compared to 2020, while compared to 2017 they have increased by 71 percent, as this country has become one of the most preferred destinations for Albanian migrants in recent years.
The fourth partner in terms of the value of remittances sent is Greece, with a value of 172.3 million euros, or about 15.1 percent of the total in 2021.
North America — Eurostat does not split the United States and Canada for this statistical purpose — were also high. In 2021, they were about 128.1 million euros or 11.2 percent of the total. Transfers from the region have increased by 27 percent compared to 2020, showing the highest growth rate among the top five sources of remittances.
