Money from emigrants goes for consumption/ 90% of remittances are used for basic needs, investments remain minimal

The Institute of Statistics has published new data on international emigration in Albania for 2024. Among the main indicators of this publication are remittances sent by Albanian emigrants, which highlight several developments and trends of interest for the country's economy.

Remittances represent an important financial source, but their impact on economic development remains limited, mainly due to the use of informal transfer channels and their orientation towards consumption. According to the data, about half of the households with emigrants have benefited from remittances during the 12 months prior to the survey, while for these households, income from abroad constitutes on average 41% of total income.

Regarding the source of remittances, it turns out that male and older migrants are significantly more likely to send money to their families, compared to women and young migrants. What is particularly striking is the way in which remittances are sent. In most cases, transfers are made through informal channels, mainly through relatives, friends or by the migrants themselves during visits to Albania. Meanwhile, formal institutions, such as banks and money transfer operators, are used as the main channel only in about 30% of cases.

The dominance of these informal forms, especially among returning migrants, limits the development of the financial sector and hinders broader formal economic inclusion. In parallel, remittances are used almost entirely to cover basic needs: around 90% of families spend them on food and daily expenses, 36% on health expenses and 30% on education. Meanwhile, productive investments remain minimal, with less than 2% of funds directed towards business expansion or agricultural inputs. In conclusion, INSTAT data show that, despite the important role that remittances play in supporting Albanian families, their potential to promote long-term economic development remains untapped./ SCAN

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