Spain’s immigrant remittances soar despite slowdown

Immigrants living in Spain sent a record EUR 8.135 billion to their home countries in 2007 – an increase of 19.5 percent from 2006. Spain’s 4.5 million immigrants, roughly 20 percent of the total population, are now the leading senders in Europe of financial remittances to their home and developing countries, and the third largest in the world after immigrants in the United States and Saudi Arabia. According to a report by La Caixa, immigrant remittances increased 60x since 1990. However, it is believed that migrant remittances from Spain will slow down in conjunction to a slowdown in Spain’s construction boom.