Russia lost first place in terms of remittance volume to Georgia 15:56

In May, Italy became the leader in the volume of remittances to Georgia, surpassing Russia for the first time. In this respect to witness Data courtesy of Georgia National Bank.

At the end of May, $48.12 million came to Georgia from Italy; this is 7.74% more than in May 2023. Russia fell to second place with 48.11 million dollars. At the same time, the volume of transfers from the Russian Federation to Georgia decreased by 69.5% during the year. The USA completed the top three with $47.22 million.

Also in the top 5 were Greece ($22 million) and Israel ($21.78 million).

According to the World Bank, Georgia ranks 21st among countries dependent on foreign income. Therefore, a significant part of the Georgian economy depends on remittances sent by Georgians working abroad.

Meanwhile, Georgia remains one of the popular foreign destinations among Russians. Share of bookings of tourists from the Russian Federation in June grew up Double compared to the same period in 2023.

Previously reportedIt was stated that Georgia’s income from tourism exceeded the pre-Covid figure.

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Source: Gazeta

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