Migration and remittances: an integral part of GDP

TIRANA, Jan. 4 – Now that the holidays are past us, the immigrants are filling the border lines to go back. Euro has started to pick up again from the lower levels it reached once the supply was ample. Almost all the banks in Albania offered higher interest rates for fixed time deposits in order to attract the money that came back. The holiday season is thus not only a time to relax but also a good time for the banking business.
Since the phenomenon first started in 1991, the number of Albanian immigrants has only grown. Data from the Department of Migration near the Ministry of Labor, Social Affairs, Equal Opportunities, Albanian immigrants in Greece make up 65 percent of the total number around the world, or about half a million, though a considerable number are still unregistered. It is generally believed there are some 800,000-1,000,000 Albanians in Greece. Albanian immigrants remain a major source of income for their families and a considerable part of the country’s GDP comes from their money brought home and invested in the country. Unlike in other former communist countries, Albanians have continuously increased remittances sent home. In 2005 they totaled 802 million euro ($1.16 billion) and made up 13 percent of the country’s GDP, finance more than half of the trade deficit.