BAKU, Azerbaijan, June 16
By Tamilla Mammadova – Trend:
The volume of remittances in Georgia in May 2021 amounted to $187.7 million (634.7 million lari), which is 42.4 percent ($55.9 million) more than the same period in May 2020, Trend reports via the National Bank of Georgia.
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 percent. Russia is in second place, from which $31.8 million was transferred.
In the case of Russia, the annual increase is 61 percent.
Countries with the largest remittances in May:
1. Italy - $31.9 million, an increase of 16 percent over the previous year;
2. Russia - $31.8 million, an increase of 61 percent over the previous year;
3. US - $24.2 million, an increase of 59 percent over the previous year;
4. Greece - $20.6 million, an increase of 10 percent over the previous year;
5. Israel - $14.8 million, an increase of 30 percent over the previous year;
6. Germany - $9.1 million, an increase of 70 percent over the previous year;
7. Ukraine - $7.7 million, an increase of 110 percent over the previous year;
8. Azerbaijan - $7.7 million, an increase of 115 percent over the previous year;
9. Turkey - $7.3 million, an increase of -2 percent over the previous year;
10. Spain - $4.6 million, an increase of 42 percent over the previous year;
11. France - $3.1 million, an increase of 65 percent over the previous year;
12. Kazakhstan - $3 million, an increase of 347 percent over the previous year;
13. Poland - $2.5 million, an increase of 25 percent over the previous year;
14. Canada - $2 million, an increase of 45 percent over the previous year;
15. United Kingdom - $1.9 million, an increase of 86 percent over the previous year.
Georgia's economy is heavily dependent on remittances, as remittances generate 13 percent 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 was sent abroad from Georgia in May 2021, which is 68.5 percent more than in May 2020 ($13.6 million).
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