Nicaraguans received 632.6 million dollars for family remittances in the first quarter of this year, 26.4% more than in the same period of 2021, the Central Bank of Nicaragua (BCN) reported this Thursday.
In the accumulated to March 2022, Nicaraguans received 132.2 million dollars more than what was received in the first three months of 2021, when they added 500.4 million dollars in remittances, indicated the issuing bank of the State in a monthly report.
“The flow of remittances entering the (Nicaraguan) economy in said period continued with the dynamism observed last year, and its contribution to the growth of economic activity”, said the monetary entity.
The main countries of origin of remittances received in the first quarter of this year continued to be the United States with 70% of the total, followed by Spain (11.1%), Costa Rica (10.9%), Panama (2.5%), and Canada. (1.2%), detailed the BCN.
Behavior by country of origin
In the first quarter, remittances from the United States were received in the amount of 442.8 million dollars, which registered a growth of 44.5% (136.3 million) compared to the same period in 2021 (306.5 million), the source specified.
For their part, remittances from Spain totaled 70.2 million dollars in the quarter, reflecting a year-on-year decrease of 9.1% (77.2 million in the same period of 2021), according to the information.
Meanwhile, flows from Costa Rica totaled 69.1 million dollars, being 3.4% higher than that registered in the same period of 2021 (66.8 million).
Nicaragua received 2146.9 million dollars in remittances in 2021, 16% more than in 2020according to official figures.
17% of GDP
Remittances represent 17% of the country’s gross domestic product (GDP).
Nicaragua received 1,851.4 million dollars in remittances in 2020, 10% more than in 2019, according to official figures.
The total family remittances received by Nicaraguans during 2019 were 1,682.4 million dollars, in 2018, 1,501.2 million dollars, in 2017, 1,390.8 million dollars, and in 2016, 1,264.1 million dollars.
Close to 20% of the total population of Nicaraguan origin, estimated at 6.6 million inhabitants, lives abroad, mainly in the United States and Costa Rica, and it is estimated that half of them do so undocumented.
