Africa-Press – Angola. Remittances and other personal transfers received from the rest of the world recorded, in the second quarter, a contraction of 58.6 percent, reaching a value of 1.6 million dollars compared to 3.81 million received in the previous quarter, and a decrease of 54.4 percent compared to 3.5 million in the same period last year.
According to data released by the National Bank of Angola (BNA), Portugal leads the list of remittance flows and other personal transfers received by residents in Angola, with a weight of 31.5 percent, followed by the United States of America and France with 17 .2 percent and 11.3 percent, respectively.
Transfers
In the second quarter, the source indicates, remittances and other personal transfers sent to the rest of the world amounted to 126.5 million dollars, representing a decrease of 33.2 percent and 58.8 percent compared to the previous quarter and the same period last year respectively, in which they stood at 189.4 million dollars and 307.3 million, respectively.
Portugal, Vietnam and China are the three countries that lead with around 84.4 percent of remittances and other personal transfers sent by residents, where Portugal received 67.5 percent of the value, Vietnam (10.2) and China (6 ,7).
Global analysis
The BNA document also indicates that, in 2023, growth in remittances to low- and middle-income countries (LMICs) is expected to fall to 1.4 percent, around US$656.0 billion, due to slowdown in economic growth in the main countries of origin. The growth rate of remittances to Sub-Saharan Africa is estimated at 1.3 percent.
In the case of the Angolan economy, in the second quarter of 2023, remittances and other personal transfers received and sent registered a reduction of 58.6 and 33.2 percent, respectively.
Maintaining the trend that has characterized it for some years, the balance of remittances and other personal transfers recorded a negative value, almost in the same proportion as remittances and other personal transfers sent, as they continue to exceed those received from abroad, which continue to record a residual value.
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