Baku, Azerbaijan, September 19
By Tamilla Mammadova – Trend:
Remittance inflows from the CIS to Georgia went down by 4.9 percent in USD terms year-on-year in August 2019, mostly due to the declining trend from Russia (-14.5 percent in USD), Trend reports via the TBC Research.
At the same time, remittance inflows in Georgia increased by 7.8 percent year-on-year in August 2019 in USD terms, somewhat improved growth compared to previous two months.
The increase was mostly driven by the inflows from the EU (+24.3 percent year-on-year in USD) on the back of traditional source countries like Italy (+25.6 percent in USD) and Greece (+16.9 percent in USD).
When expressed in euro and lari terms, the annual growth rates stood at higher 11.8 percent and 24.5 percent, respectively.
Among the other EU countries, remittances from Poland (+69.1 percent in USD), Germany (+28.9 percent in USD) and France (+44.5 percent in USD) also increased significantly.
As expected, somewhat similar to the tourism dynamics, remittance inflows started to recover from Turkey, following the declining tendency over the last 12 months. The improvement is likely to continue thanks to the low base effect and signs of recovery in Turkey.
Also, the growth continued from other major countries of origin, such as Israel (+8.1 percent) and the US (+1.5 percent).