Series: Economic Bulletin.
Author: Juan Carlos Berganza, María Pía Cobián González, María Teresa García Cid and Esther López Espinosa.
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Abstract
Rationale
This article describes the key characteristics of workers’ remittances (i.e. household-to-household transfers) sent from Spain to Latin America. The latter region is the main recipient of remittances sent from Spain, which is consistent with the share of the Latin American population in migratory flows into the country. From a Latin American perspective, Spain is the second largest source country for remittances, behind only the United States.
Takeaways
- In 2023 remittances sent abroad from Spain amounted to 0.7% of GDP (some €10.7 billion), up by0.5 pp on the figure for 2000.
- Historically, Latin America has been the primary destination for remittances sent from Spain, followedby Africa. Around 60% of all remittances from Spain in the last decade have gone to Latin America,while seven of the top ten destination countries are located in the region, with Colombia topping the list.
- Remittance payments from Spain to Latin America have increased significantly over the last decade,to around €6.2 billion in 2023. However, following the pandemic the average remittance amount,adjusted for inflation, has declined.