Migrant inflows exceed 1 billion euros for the first time

2025-03-26 07:16:00, Ekonomi CNA

The money that emigrants bring to their families in Albania has reached a record level during 2024, exceeding the 1 billion euro mark for the first time.

Bank of Albania balance of payments data revealed that income from emigrants was 1.05 billion lek in 2024, an increase of 12.5% ??compared to the previous year.

Since 2013, the money that emigrants bring to Albania has increased continuously, reflecting a new cycle of emigration, which began mainly after 2015.

Other Eurostat data show that the pace of emigration of Albanian citizens to European Union countries has accelerated in recent years and this is reflected in the high number of residence permits issued by EU countries. In 2023, around 75 thousand residence permits were issued to Albanian citizens by EU countries. A year earlier, 79.2 thousand residence permits were issued for the first time.

These are the highest levels since 2010, indicating an acceleration in immigration rates after the pandemic.

A total of 154,000 residence permits were granted for the first time in 2022-2023. Given that a large portion of those who fled are on employment contracts, especially in countries like Germany, the granting of permits is faster than in the past, when Albanian citizens entered EU countries without documents.

Since 2008, when Eurostat reports data, around 920,000 Albanian citizens have received residence permits for the first time.

All this new influx of emigrants has been reflected in the lengthening of the migration cycle. It is estimated that in 10-15 years, the ties with the mother's decision begin to fade, as emigrants build a new life in the country where they have emigrated. This happened with the first wave of emigration after the '90s, which led to a decline in flows after 2008.

Market players claim that the main channels continue to remain traditional countries of immigration, such as Greece and Italy, but in recent years there has been growth from new destinations such as England and Germany.

Another factor that has influenced the increase in the remittances indicator is the informal economy. Emigrant inflows are calculated by the Bank of Albania as a total item that covers various incomes in the balance of payments, which can be formal or informal, and as a result, this can also include that part of informal money that comes from illegal sources and is invested in the economy, such as in construction or the purchase of real estate on the coast./ Monitor Magazine