In January-August 2021, a record $ 1.5 billion was transferred to Georgia in the form of remittances - according to the National Bank, remittances are 30% higher than the previous year. According to specific months, the largest amount of $ 208.4 million was transferred in July, while in August remittances increased by 11% year-on-year to $ 204 million.
As for remittances - still, most of the money comes from the Russian Federation, from which $ 262.4 million was transferred in the first 8 months of this year. Italy is in second place with $ 248.7 million, the USA is in third place with $ 185.5 million, and Greece is in fourth place with $ 161.5 million. The ranking of the main countries of remittances reflects the distribution of the population that has emigrated from Georgia.
The ranking of remittances for 2021 by country is as follows:
1. Russian Federation - $ 262.4 million, an increase of 19% over the previous year
2. Italy - $ 248.7 million, an increase of 35% over the previous year
3. US - $ 185.5 million, an increase of 40% over the previous year
4. Greece - $ 161.5 million, an increase of 18% over the previous year
5. Israel - $ 121.4 million, an increase of 22% over the previous year
6. Turkey - $ 69.6 million, an increase of 4% over the previous year
7. Germany - $ 69.1 million, an increase of 61% over the previous year
8. Ukraine - $ 62.1 million, an increase of 40% over the previous year
9. Azerbaijan - $ 56.3 million, an increase of 89% over the previous year
10. Spain - $ 36.5 million, an increase of 23% over the previous year
11. Kazakhstan - $ 25.9 million, an increase of 140% over the previous year
12. France - $ 24.2 million, an increase of 47% over the previous year
13. Poland - $ 20.2 million, an increase of 16% over the previous year
14. Canada - $ 14.8 million, an increase of 37% over the previous year
15. United Kingdom - $ 13.7 million, an increase of 25% over the previous year
16. Ireland - $ 13.3 million, an increase of 63% over the previous year
17. Cyprus - $ 10.4 million, an increase of 27% over the previous year
18. Kyrgyzstan - $ 9.8 million, an increase of 167% over the previous year
19. Armenia - $ 8.2 million, an increase of 10% over the previous year
20. United Arab Emirates - $ 6.9 million, an increase of 21% over the previous year.
2. Italy - $ 248.7 million, an increase of 35% over the previous year
3. US - $ 185.5 million, an increase of 40% over the previous year
4. Greece - $ 161.5 million, an increase of 18% over the previous year
5. Israel - $ 121.4 million, an increase of 22% over the previous year
6. Turkey - $ 69.6 million, an increase of 4% over the previous year
7. Germany - $ 69.1 million, an increase of 61% over the previous year
8. Ukraine - $ 62.1 million, an increase of 40% over the previous year
9. Azerbaijan - $ 56.3 million, an increase of 89% over the previous year
10. Spain - $ 36.5 million, an increase of 23% over the previous year
11. Kazakhstan - $ 25.9 million, an increase of 140% over the previous year
12. France - $ 24.2 million, an increase of 47% over the previous year
13. Poland - $ 20.2 million, an increase of 16% over the previous year
14. Canada - $ 14.8 million, an increase of 37% over the previous year
15. United Kingdom - $ 13.7 million, an increase of 25% over the previous year
16. Ireland - $ 13.3 million, an increase of 63% over the previous year
17. Cyprus - $ 10.4 million, an increase of 27% over the previous year
18. Kyrgyzstan - $ 9.8 million, an increase of 167% over the previous year
19. Armenia - $ 8.2 million, an increase of 10% over the previous year
20. United Arab Emirates - $ 6.9 million, an increase of 21% over the previous year.
According to the latest estimates of the World Bank, based on 2019 data, remittances account for 13% of Georgia's GDP, which is the 21st position in the world and the highest rate. The rate of higher dependence on remittances is only in the poorest developing and poorer post-Soviet countries than Georgia.
