Remittances grew 9.8% in the second quarter of 2018

Ecuadornews:

The United States, Spain and Italy are the main countries from where resources enter Ecuador. Shipments abroad also increased by 18.7%. Between April and June of this year, $ 767.31 million entered the country as remittances, according to the Central Bank of Ecuador.

The figure is 7.31% higher than that registered in the first quarter of 2018 ($ 715.05 million) and greater in 9.79% than in the second quarter of 2017 ($ 698.89 million). The report published by the Central Bank of Ecuador on the evolution of remittances at the national level attributes this performance “mainly to the growth of the US economy, to the celebration of Mother’s Day and to the resurgence of United States immigration policy, which in part It has forced migrants to remit more resources.”

During the second quarter of 2018, remittances from that country amounted to $ 438.24 million, which represents 57.11% of the total. The amount exceeds by 12.51% the amount paid in the first quarter of 2018 and by 9.76% in the second quarter of 2017.

The National Bureau of Economic Research reported that the US GDP in the second quarter of 2018 it grew by 4.1%. The reasons are the final consumption of households, business investment and exports.

Spain is the second most important source of remittances to Ecuador with 25.66% of the total value received ($ 196.90 million). The third group of income comes from Italy. In the second quarter of this year they fell 6.53% with respect to the first, but increased 5.39% in annual terms.

The receiving cities that concentrate 53.9% of the received resources are Guayaquil, Cuenca and Quito.

Resources sent

In the other way, $ 98.31 million were sent from Ecuador to the outside in the period analyzed; an increase of 35.24% to that sent in the first quarter of 2018 and 18.76% more than what was registered in the same period of 2017.

Colombian, Peruvian and Chinese citizens jointly sent to their countries $ 74.01 million or 75.28% of the total transferred. The Central Bank indicates that said money is the product of economic activities in services, commerce, hotels, and restaurants, among others. Likewise, people from Cuba, Bolivia, Nicaragua, Haiti and Venezuela, who work mainly in informal activities, sent $ 4.08 million (4.02% of the total). (I)

Source: https://www.eltelegrafo.com.ec/noticias/economia/4/remesas-crecieron-segundo-trimestre-2018