Remittances from migrants fell by 26% in seven years

Between 2007 and 2014 remittances from Spain fell by 43% due to the economic crisis, therefore, analysts do not rule out a new massive return of Ecuadorians.

The global economic crisis that affects from 2008 developed countries like the United States and Spain (main destinations of Ecuadorian migrants) left unemployed thousands of expatriates. About 40,000 have returned the country, motivated by a government plan that included an initial offer of 20,000 jobs.

This is the cause behind the fall in these seven years of remittances entering the country. According to the Central Bank of Ecuador, in 2007 the amount totaled $ 3.335’378.400, the figure fell in 2014 to $ 2.473’214.400 (it includes an average amount for the last quarter). Ie, a reduction of 25.84%.

Remittances sent from the US went from $ 1.691’316.500 to $ 1.237’229.066, adding an average amount for the last quarter of 2014, which means a decrease of 26.84%. Remittances from Spain suffered a sensitive fall of 42.92%. From $ 1.346’221.100 in 2007, these were contracted to $ 768’402.933 in 2014.