Thursday, Dec 18th

Last update05:49:53 AM GMT

Immigrants in Italy sent home 7,4 billion Euros

Last year, immigrants in Italy sent home 7,4 billion Euros, 12,5% higher than the previous year, a new report by Fondazione Leone Moressa has revealed.

The amount sent abroad is equivalent to 0,47% of Italy’s GDP.

The report also shows that each immigrant last year sent home an average of 1,618 Euros, compared to 1,552 Euros of the previous year.

The main destination of remittances from Italy was Asia (52%); followed by Europe (24,4%); America (12,1%); and Africa (11,5%).

The report estimates that Chinese residents in Italy maintain 800,000 Chinese back home.

The highest amount of money sent abroad from Italy originated from the following provinces: Rome, Milan, Naples and Prato.

Compared to 2010, there was an increase in remittances to all destinations. There was a 23,4% increase in remittances to Asia; 5,2% to America; 3,1% to Africa; and 1,6% to Europe.

The report shows that China was the main destination country of remittances from Italy (2,5 billion Euros); followed by Romania (894 million Euros); Philippines (601 million Euros) and Morocco (299 million Euros).

The money sent home by the Senegalese in Italy supports 348,000 people back home.

Researchers from Fondazione Leone Moressa affirm that money sent home by foreigners in Italy plays a key role in the economic development of their countries.

Recognition of remittances as a vehicle for development has led to the reduction of remittance costs, and made money transfer agencies more transparent and competitive, they say.

Observing that 7,4 billion Euros produced in Italy was not spent or invested locally, the researchers call for integration policies that may enable immigrants spend and invest part of the money here.


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