| Kippreport.com

Remittances from Gulf up 31pc in 2008, says study

December 27, 2009 2:19 by kippreport

Remittances from GCC States rose by 31 percent in 2008 to almost $40 billion, reports Emirates Business 24/7, citing a study by Emirates Industrial Bank (EIB).

The increase in 2008 was almost double the 18 percent surge witnessed in 2007, despite the repercussions of the financial crisis on the region.

“The phenomenon of the large financial remittances by the expatriate workers in the GCC illustrates the imbalance in the local labor market. This has turned the region into the second-largest base of foreign remittances after the United States, where they stood at $47 billion in 2008,” EIB said in its latest monthly bulletin.

Tags: EIB, Emirates Industrial Bank, GCC states, remittances