Remittances to Lithuania drop by 22% but still huge portion of national income

Remittances still accounted for 3.3% of national income in 2015 compared to 4.4% in 2014.

Lithuania was second only to Malta for the level of importance of remittances in the national economy, said Rokas Grajauskas, chief economist for the Baltic countries at Danske Bank.

In comparison to the other Baltic States, Estonian remittances from abroad in 2014 amounted to 2% of GDP and in Latvian – 2.5%.

Preliminary data for January of this year show remittances have already stabilised and a slight increase compared to the same period in 2014 was recorded.

In the short term dynamics of remittances will depend on the economic situation in the countries with the most expats from Lithuania – the United Kingdom, Ireland, the US, Norway, Russia.

Interestingly, according to the data, even Mexicans sending money back to their country than Lithuanians even with 12 million expats in the United States.

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