Reflecting renewed emigration wave, remittances to Albania reached record high in 2023
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- For three decades, remittances have been a key source of income for Albanian families.
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TIRANA, March 28, 2024 - Money sent home by Albanians working abroad saw a significant increase in 2023, reaching the highest historical level since 2008, according to the latest data reported by Albania’s central bank.
Remittances were almost 930 million euros in 2023, with an 11.3 percent increase compared to the previous year. Compared to 2013, when remittances entered a declining cycle, the flow has almost doubled.
For three decades, remittances have been a key source of income for Albanian families.
It was thought that with emigration abroad maturing, remittances would continue to decline, but experts say recent renewed emigration has led to their increase again.
Eurostat data indicates that the increase in emigration flows has been reflected in a significant increase in residence permits granted by European Union countries to Albanian citizens in recent years.
According to Eurostat, since 2008, when Eurostat's earliest data is reported, European Union countries have granted a total of 832,000 residence permits to Albanian citizens.
Market operators state that Italy and Greece are the main sources from which Albanian emigrants send money, but in recent years, inflows from Germany and the United Kingdom have also increased, reflecting growing emigration to those countries.
