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Ethiopia - Ethiopians sent $591 Million Home in Remittance Money - Report
Ethiopians in diaspora sent a total of $591 million in remittance money to Ethiopia in 2006, said a report by UN's International Fund for Agricultural Development (IFAD). The amount is nearly 4.4% of Ethiopia's GDP.
East African countries heavily depend on these flows, with Somalia standing out as particularly remittance dependent. For the entire region, these transfers are 13 per cent of per capita income and on a country-by-country average represent 4 per cent of GDP and 4 per cent of exports. Eritrea is also heavily dependent on remittances, the country received $411 million in remittance money, which amounts to 38% of Eritrea's GDP.
Sub-Saharan Africa has over 30 million people in the diaspora. Of all the world’s regions, however, Africa’s predominant migration is intraregional, the report said. Remittance flows to and within Africa approach US$40 billion. North African countries such as Morocco and Egypt are the continent’s major recipients, the report stated.
The Annual average remittances per migrant is $1,358. The Top 5 recipients of remittance money are Morocco, Nigeria, Algeria, Egypt and Tunisia.
Top 5 recipients by volume received in Africa
1 Morocco: $6.1 Billion
2 Nigeria: $5.4 Billion
3 Algeria: $5.2 Billion
4 Egypt: $3.5 Billion
5 Tunisia: $1.5 Billion
150 million migrants worldwide sent more than US$300 billion to their families in developing countries during 2006. According to the study, in 2006 Asia was the top destination of remittances, receiving more than US$114 billion, followed by Latin America and the Caribbean (US$68 billion), Eastern Europe (US$51 billion), Africa (US$39 billion) and the Near East (US$29 billion).
Taking nations individually, India received the most (US$24.5 billion), followed by Mexico (US$24.2 billion), China (US$21 billion), the Philippines (US$14.6 billion), and Russia (US$13.7 billion).
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