Spain: Remittances down

Spain: Remittances down

Immigrants' remittances from Spain to home countries totalled 1.95 billion Euros in the first three quarters of 2008, down 7% from the same period a year ago, reported the Banco de España.

This means immigrants sent 148 million Euros less to their home countries than in the same period in 2007, according to official preliminary figures released by the Spanish central bank.

The third quarter figure confirms the downward trend in remittances that started last year during the first quarter with a contraction of 4%, compared to the same period in 2007. In the second quarter of 2008, according to Banco de España, remittances fell 2.6% compared to the same period a year earlier.

Spain's construction and real estate industries, which attracted hundreds of thousands of immigrants (from Latinamerica, Eastern Europe and Northern Africa) in the past decade, have been hammered by the global financial crisis.


Source: Barcelona Reporter (English)

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