Portugal is the European Country situated at the border of Spain in Southern Europe. Total population as per the census of the year 2016 was 10.40 Million. It is one of the least populated countries in Europe. Per capita income of the population in Portugal is increasing year on year and reached to 17749 EUR per year, which is not so great but increasing with the steady rate. The growth rate of the gross domestic product is also increasing but not getting its momentum at very high rate of increment. By the year 2016, the total value of the gross domestic product was estimated to be 185 Billion EUR which is greater from the value of the last year which was 180 Billion EUR. The rate of economic growth was noted at 1.4% which is not supposed to be a good growth rate for any country. The export business in the country is fluctuating year on year and not stable, but going in the positive figures more or less. By the year 2015, total export was increased by the increasing rate of 6.1% which fall to the 4.4% in the next year 2016. In the way, the fluctuation has also addressed in the import business, by the year 2015 total increment in the import was sent to be 8.2& in comparison with the previous years. In the year 2016, the export was increased to 4.5% from a year earlier figure.
Why Money Transfers to Portugal Matters
Remittance industry in Portugal has increased to a huge level. One of the main reason why this industry is doing well for sending money to Portugal is the most of the people lives outside the Portugal for earning their livelihood. Two of the leading countries to where these people go to make money. As per the provided by the Bank of Portugal, there has been an increase by 12.6% in the year 2012 which has addressed the increment of 253 EUR Million and reached to 2254 EUR Million. France and Switzerland are the two largest countries for the remittance for Portugal and represent about 50% of the total remittance from Portugal. There is a total of 5% immigration in both the countries in out of total immigration from Portugal.
Remittance from Portugal has reached to 219 EUR million by increasing of 48% in the year 2012. Angola is the third sources after France and Switzerland regarding the value of the remittance between the countries.
Remittance of Portuguese has also increased to 113922 EUR Million by the year 2012; It has grown to the positive direction.
Along with the whenever you send money to Portugal from other countries, there is a considerable amount of remittance which is done from the Portugal to other nations. The top country which receives the maximum remittance amount from Portugal is Brazil with the value of the 192 EUR Million in the year 2012, the second highest receiver of the Portugal is France, who has received 170 EUR Million. China is the third remittance receiving country from
The amount which is remitted from Portugal and send to Portugal is huge which has made all the remittance industry to focus on this market. This is one of the biggest remittance markets in Europe to consider for getting more and more business. Another reason why the remittance industry is doing good in Portugal is the services provider are giving world class services to the client. Some of the leading remittance services providers are Western Union Money Transfer, InstaReM and much more.