15.Jun .2021 18:00

$188 Million Remittances in May – From Which Countries Was the Money Transferred?

$188 Million Remittances in May – From Which Countries Was the Money Transferred?
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The volume of remittances in the country in May 2021 amounted to 187.7 million US dollars (634.7 million GEL), which is 42.4% (55.9 million US dollars) more than the same period in May 2020.

According to the National Bank, Italy still leads the ranking of remittances, from which a total of $ 31.9 million was transferred in May. Compared to the previous year, the volume of remittances from Italy has increased by 16%. Russia is in second place, from which $ 31.8 million was transferred.

In the case of Russia, the annual increase is 61%.

Countries with the largest remittances in May:

1. Italy - $ 31.9 million, an increase of 16% over the previous year
2. Russian Federation - $ 31.8 million, an increase of 61% over the previous year
3. US - $ 24.2 million, an increase of 59% over the previous year
4. Greece - $ 20.6 million, an increase of 10% over the previous year
5. Israel - $ 14.8 million, an increase of 30% over the previous year
6. Germany - $ 9.1 million, an increase of 70% over the previous year
7. Ukraine - $ 7.7 million, an increase of 110% over the previous year
8. Azerbaijan - $ 7.7 million, an increase of 115% over the previous year
9. Turkey - $ 7.3 million, an increase of -2% over the previous year
10. Spain - $ 4.6 million, an increase of 42% over the previous year
11. France - $ 3.1 million, an increase of 65% over the previous year
12. Kazakhstan - $ 3.0 million, an increase of 347% over the previous year
13. Poland - $ 2.5 million, an increase of 25% over the previous year
14. Canada - $ 2.0 million, an increase of 45% over the previous year
15. United Kingdom - $ 1.9 million, an increase of 86% over the previous year.

Georgia's economy is heavily dependent on remittances, as remittances generate 13% of the country's GDP. According to the World Bank, Georgia ranks 21st in the world in terms of remittances.

According to the National Bank, 22.9 million USD (77.3 million GEL) was sent abroad from Georgia in May 2021, which is 68.5% more than in May 2020 (13.6 million USD).