Mass migration increases sending family remittances to Nicaragua

Mass migration increases sending family remittances to Nicaragua

The remittances received by Nicaraguans from different parts of the world showed a year-on-year growth of 29.1% in the first quarter of 2022 compared to the same period in 2021, after accumulating 866.5 million dollars between January and April last, reported this Friday the Central Bank of Nicaragua (BCN).

“In accumulated terms, remittances total 866.5 million dollars, which compared to the 671.2 million registered in the January-April 2021 period, meant a year-on-year growth of 29.1 percent,” detailed the Central Bank. , in its most recent report on remittances.

Related news: Remittances from the US support 11% of Nicaragua’s GDP

The flow of remittances in the first quarter of 2022 showed a growth of 48.3% in those that came from the United States, 20.5% from El Salvador, 14.9% from Canada, and 2.8% from Costa Rica , indicated the BCN.

At the other extreme, the flow of remittances that arrived from Spain in that period fell by 9.6%, while that of Panama fell by 9.0%, the Bank detailed.

According to the BCN, “in April remittances totaled 233.9 million dollars, being 36.9 percent higher than the same month last year, 170.8 million dollars.”

The main countries from which the remittances that Nicaragua received in April 2022 originated were the United States (75.2%), Spain (9.2%), Costa Rica (8.4%), Panama (2.3%) and Canada (1.2%). Together they accounted for 96.3% of the total received in that month, detailed the issuing Bank.

Mass migration increases sending family remittances to Nicaragua

In 2021, Nicaragua received 2,146.9 million dollars in shipments from abroad in 2021, 16% more than in 2020, according to official figures.

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.

Remittances represent 17% of the country’s gross domestic product (GDP).

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