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Income from work abroad reached 137 million euros in the first quarter

Politiko 2024-06-24 13:44:48

Income from work abroad reached 137 million euros in the first quarter

The income of Albanians from working abroad reached a new record in the first quarter of this year.

The gross income from this item in the Balance of Payments had the value of 137 million euros, increasing by 26% compared to the same period last year.

In net terms, deducting the outgoing transfers of foreign nationals from work in Albania, the net value of income from work in the Albanian economy reached 127 million euros, 27% more compared to the first quarter of last year. Both in gross terms and in net terms, income from work recorded the highest historical value for the first quarter of the year.

According to the Balance of Payments methodology, income from work abroad is classified as employee compensation, which includes wages, bonuses and other benefits earned by non-resident individuals in an economy for work performed for residents of this economy.

This category of employees includes seasonal employees or those employed for a short-term period, less than a year, as well as border workers who have the center of their economic interest in their country of origin.

In analyzes of inflows from abroad, income from work abroad is often attached to remittances from migrants (technically classified as secondary income) and represented as part of total remittance income in the economy.

For the first quarter of the year, immigrants' remittances were worth 242 million euros, increasing by 13% compared to the first quarter of last year. Adding remittances and income from work, their total contribution to the Balance of Payments reached 369 million net euros, an increase of 17.5% compared to the same period of the previous year.

These revenues constitute a very important source to narrow the external deficit of the Albanian economy. Labor income and remittances together covered about 30% of the trade deficit in goods, playing an important role in narrowing the total current account deficit.

In these 30 years, work has been the dominant factor supporting the export capabilities of the Albanian economy. In addition to direct income from work abroad, a very large contribution is also made by the regime of active processing of goods (fashioning). However, this sector has begun to feel the effects of the increase in labor costs and the strengthening of the lek in the exchange rate. For the 3rd month of 2024, the net income of the fashion industry decreased to 190 million euros, down by 3% compared to the previous year./ Monitor

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