Remittance outflows from main sending  European countries, 2014

Remittance outflows from main sending
European countries, 2014

Europe has only 10 per cent of the world’s population but 20 per cent of all migrant workers and makes 25 per cent of all remittance. More than 600,000 people sought refugee status in Europe last year and more than 100,000 have arrived by boat alone so far in 2015.

Western Europe and the Russian Federation were the main source of remittances, with the top six sending countries shown to be the Russian Federation ($20.6 billion), the UK ($17.1 billion), Germany ($14 billion), France ($10.5 billion), Italy ($10.4 billion) and Spain ($9.6 billion).

Together, these top six states accounted for about 75 per cent of all flows from Europe.

On the receiving side, about a third or $36.5 billion of European remittances went to 19 countries in the Balkans, the Baltics and Eastern Europe, including 10 EU member states.

The remaining two thirds or $72.9 billion went to more than 50 developing countries outside Europe.

Of the 19 remittance-receiving countries within Europe, the report shows that nine countries whose economies are agriculture-based relied the most on flows from Europe, representing 22 per cent of GDP in Moldova and 17 per cent in Kosovo.

Beyond Europe, Northern Africa and Central Asia were the regions that were most reliant on European flows, largely from France and Russia respectively.

The report noted that at a time of unprecedented inflows of refugees fleeing conflict Europe was a source of considerable remittances to fragile states, including Iraq, Mali, Somalia, Sudan, Syria and Yemen “and that more could be done to leverage the impact of remittances to help stabilise and rebuild countries.”