Lisbon, November 22, 2023
The financial ties between Portugal and its emigrant communities continue to thrive, with remittances reaching significant levels. According to data from the Bank of Portugal, emigrants sent a total of €2.9664 billion back to their countries of origin during the first nine months of 2023, reflecting a 2.89% increase compared to the same period last year.
Key Insights:
- Emigrants’ Contributions: Portuguese nationals working abroad demonstrated unwavering commitment by sending €2.9664 billion These remittances play a crucial role in supporting families and contributing to the national economy.
- Foreign Workers’ Impact: Conversely, foreigners employed in Portugal also contributed significantly. Their remittances totaled €432.15 million, marking an9% increase compared to the same period in 2022 (when they sent €396.8 million).
- Brazilian Emigrants: Brazilians residing in Portugal accounted for nearly half of the total remittances. They sent €212.4 million to their Portuguese-speaking country in South America during January to September 2023, representing an impressive 10% growth compared to the same period last year (€193.74 million).
These remittances are more than just financial transactions; they represent the enduring bonds between emigrants and their countries of origin. As Portugal navigates economic challenges, the steady flow of remittances serves as a lifeline, reinforcing connections across borders.