Data from the Bank of Portugal, divulged on Tuesday by newspaper Expresso, showed remittances sent by Portuguese nationals working abroad increased from €289 million in April last year, to €357.6 million in April this year, representing an increase of 23.6 percent.
This follows comments earlier this month from Portugal’s State Secretary for Communities Abroad, José Luís Carneiro, who highlighted that remittances from Portuguese nationals abroad have grown continuously since 2015, to more than €3.54 billion last year.
That, he stressed, was in the aftermath of the global financial crash and economic crisis that followed and hit Portugal’s financial system hard.
Carneiro was speaking at a presentation on a meeting of diaspora investors planned for 24 to 26 July in Madeira.
Inversely, money being sent by foreign nationals living in Portugal to their countries of origin decreased from €42.4 million in April last year to €35.8 million in April 2019; a drop of 15.4 percent.
Also of relevance is the fact that money being sent to Portugal from Portuguese nationals working in African countries is tumbling notably.
Angola, it was stressed, is one of the main examples, with remittances from Portuguese workers in that African country having plunged by over 59 percent in April this year.
According to the Bank of Portugal, remittances from Portuguese emigrants working in Angola dropped by 59.1 percent in 12 months, from €22.78 million in April last year to €9.31 million in April this year.
In the opposite direction, but also experiencing the same trend, there was a fall in the amount of money sent to Angola by immigrants in Portugal, which slumped from €920,000 in April last year to €840,000 in April 2019.
Portuguese-speaking African countries are one of the main destinations for national emigration and where there has been a major drop in the sending of money back to Portugal.
As with Angola, remittances from Portuguese working in Portuguese Speaking African Countries (PALOP) as a whole plummeted by 57.4 percent, from €23.55 million to €10.04 million in the 12 months from April 2018 to April of this year.
There are currently some 5.7 million Portuguese nationals and descendants of Portuguese citizens who identify as Portuguese around the world.