Remittances from Portuguese in Angola fall in 2014

25 February 2015

Remittances from Portuguese nationals living in Angola fell in 2014 to 248 million euros, a decrease of 18.5 percent or 56 million euros on the amount sent back in 2013, according to figures published by the Bank of Portugal.

Cited by Portuguese financial daily newspaper Diário Económico, data from the Portuguese central bank showed that the fall in remittances was greater in the last quarter of the year, with a decrease of 35.4 percent, followed by 50 percent in December.

Angola has been facing difficulties due to the drop in the price of oil on international markets, as it is highly dependent on oil exports for tax revenues. This situation has led to a freeze on public investments.

However, the slump in remittances originating in Angola was not enough to reduce total remittances, and the Bank of Portugal’s figures showed that in 2014 emigrants sent 3.0573 billion euros, up 1.4 percent on the previous year.

Migrants in France sent most money to Portugal in 2014, totalling 882 million euros, followed closely by the Portuguese in Switzerland, whose remittances exceeded 812 million euros. (macauhub/AO/PT)