Lisbon, Feb. 19, 2025 (Lusa) - Remittances from Portuguese emigrants exceeded €4.3 billion for the first time last year, growing by 4.4%, according to data released on Wednesday by the Bank of Portugal, with Switzerland being the largest emitting market.
According to the data from the Portuguese financial regulator, Portuguese workers abroad sent €4,300.93 million, 4.4% more than the €4,119.76 million sent in 2023, and these two years were the first in which remittances exceeded the €4 billion mark.
Since 2013, remittances have always been above three billion euros a year, but between 1998 and 2001 figures also exceeded this barrier, then fell to between two and three billion between 2002 and 2012.
The Portuguese in Switzerland sent the most remittances to Portugal, with the figure rising by 6.74% in 2024, to a total of €1,135.18 billion, slightly higher than emigrants in France, who sent €1,108.96 billion, which represents an increase of 2.18% on the amount sent in 2023.
Conversely, foreigners working in Portugal sent €845.7 million back home, up 5.7% on the almost €800 million sent the year before last and well above the less than €650 million sent in 2022.
Remittances from foreign workers in Portugal have been on the rise, increasing by 50% between 2021 and 2024, and always above €600 million since 2022.
As usual, Brazil is the largest outbound market, with Brazilian workers in Portugal sending €413.8 million last year, which is equivalent to a 3.7% increase compared to 2023, representing around half of the money sent by all foreign workers in Portugal to their countries of origin.
As far as the Portuguese Language Countries in Africa (PALOP) are concerned, Angola has the largest share, with Angolans sending €34.2 million, almost 30% more than the previous year, while Cabo Verdeans sent €33.3 million.
As for the Portuguese working in Angola, they sent €267.61 million to Portugal last year, a figure down 14.8% on the €314.09 million sent in 2023, and they also represent the vast majority of the €276.73 million sent from the PALOP countries.
MBA/AYLS // AYLS
Lusa
