Remittances Expressed in EUR Up by 10.1% YoY in June

Remittance inflows increased by 6.3% YoY in June 2019 in USD terms. When expressed in EUR and GEL, the yearly growth rates stood at higher 10.1% and 20.1%, respectively.

In terms of regions, inflows remained strong from the EU (+24.9% YoY in USD). Remittance decreased from the CIS (-2.4% YoY in USD) and other countries (-4.0% YoY in USD).

As for countries, Italy (+24.0% YoY in USD) contributed most to the overall growth, followed by Greece (+23.1% YoY in USD) and the USA (+7.5% YoY in USD).

Decline in remittances from Turkey persisted in June as well (-22.3% YoY in USD). Inflows from Russia also posted a decline (-11.3% YoY in USD).

The contribution of Russia to the growth of remittance inflows has remained negative since Q2 2018, while its share has been consistently declining over the last couple of years.

Over the last 12 months ending June 2019 the share of Russia in remittances stood at 27.0%, while the EU remained a major source with a 37.2% share.

TBC Research