Portuguese American Journal

BP: Remittances from Portuguese living abroad dropping – Lisbon, PT

According to data released by the Bank of Portugal (BP) Thursday, remittances sent home from the Portuguese leaving abroad showed a 17.7% surge in the first five months of this year, breaking the Euro 1,049. 3 million mark, compared to the same period in 2011.

Yet, according to the source, in the first five months of the year, deposited remittances from Portuguese expatriates have dropped 8.9 percent, from Euro 37. 3 million in 2011, to Euro 34 million in the same period in 2012.

The single most important source of remittances was France, sending home over Euro 343.9 million, followed by Switzerland, which sent home Euro 239.7 million.

Germany (Euro 70.9 million), the United States (Euro 56 million) and Spain (Euro 50.2 million) were also high on the list.

Considering other countries, remittances from the United Kingdom reached Euro 48.3 million; Luxembourg sent Euro 29.3 million; Canada sent Euro 18.2 million; Venezuela sent Euro 5.8 million; and Brazil sent Euro 4.3 million. From the rest of the world, the total of remittances sent by the Portuguese expatriates reached Euro 119.3 million.

Remittances from Portuguese living abroad had stagnated in 2011, reaching Euro 2,430 million according to data released in February 2012 by the Portuguese central bank.  Portuguese expatriate remittances had reached the highest level in 2001, reaching Euro 3,737 million in transfers.

According to the Bank of Portugal, in 2010 Portuguese immigrants worldwide had sent home over Euro 2,403 million — more Euro 122.3 million than in 2009. It is estimated that over five million Portuguese live abroad.

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General Information on PortugalOfficial Name: Portuguese Republic – Government Type: Parliamentary democracy – Population: 10,642,836 – Area: 92,391 sq. km., including the Azores and Madeira Islands; slightly smaller than Indiana – Languages: Portuguese – Literacy: Total population: 93.3%; Male: 95.5%; Female: 91.3% – Year of Independence: 1143

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