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Foreign workers' remittances on the decline


Banca d'Italia: Bangladesh, Pakistan and the Philippines the top three benefiting countries

In 2023, migrants sent 8 billion 178 million euros abroad from Italy, a figure slightly down (-0.4 percent) from the previous year. This is according to the latest statistical update on remittances recently published by the Bank of Italy.
The top three recipient countries of remittances from Italy in 2023 were reconfirmed to be Bangladesh, Pakistan and the Philippines, which received 14.3, 8.3 and 7.3 percent of the total flow, respectively; while almost half of the remittances came from the three most important regions in terms of flows: Lombardia (22.6 percent), Lazio (14.8 percent) and Emilia-Romagna (10.4 percent).
Over the year as a whole, the contraction was marginal, amounting to 0.4 percent; flows to sub-Saharan African (-7.8 percent) and European Union (-4.7 percent) countries in particular declined, largely offset by the increase in flows to Central and South America (+4.9 percent) and, to a lesser extent, to countries in Asia and North Africa-Near East (+0.9 and +0.8 percent, respectively).
Data on foreign workers' remittances report money transfers abroad settled through payment institutions or other authorized intermediaries without transiting through payment accounts in the name of the originator or beneficiary (cash settlement).

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Published: Tuesday 09 April 2024 - Last modify: Wednesday 19 June 2024

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