How did the income of working abroad change in 5 years?/ Record growth in 2024, 3 times more than during the pandemic
Income from working abroad is an important component of the economies of many countries. Immigration for employment purposes has become a common phenomenon, driven by the search for more competitive wages and better working conditions.
But how have these revenues evolved over the past five years? According to the "Balance of Payments" methodology, income from work abroad is classified as employee compensation that includes wages, bonuses and other benefits received by individuals working temporarily outside their home country for work done for a foreign employer. Part of this category are mainly seasonal employees, those who are employed for short-term periods (less than a year), as well as border workers, who maintain the center of economic interest in their country of origin.
The data of the "Bank of Albania" show that income from work abroad has followed an upward trend after the global pandemic. During the 9 months of 2020, these revenues reached 155 million euros. In 2021, they marked a significant increase, reaching 199 million euros to further follow the same trend in 2022 and 2023, where their respective values were 311 and 389 million euros. During the 9 months of 2024, the income from work abroad reached 488 million euros. In net terms, deducting the income of non-residents from work in Albania, this income was estimated at 458 million euros, which represents an increase of about 18% compared to the same period of 2023.
In analyzes of inflows of funds from abroad, income from work abroad is often treated together with remittances from immigrants. For the 9-month period of 2024, immigrants' remittances were estimated at 772 million euros. By collecting remittances and income from work abroad, the total contribution of these funds to the Albanian economy reached 1.23 billion euros for the period January-September 2024.
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