Money transferred from abroad to Georgia in 2014 declined by 2.45% year-on-year to USD 1.44 billion, accounting for about 8.7% of country’s GDP.

Decline was caused by falling transfers from Russia, which is the largest source of remittances for Georgia, according to figures released by the Georgian central bank.

Remittances from Russia fell by 11.5% y/y to USD 709.23 million, accounting for 49.2% of total money transfers from abraod to Georgia in 2014.

There was also a decline in remittances from Ukraine last year, but money transfers from other main sources of remittances were up.

Money transferred from Greece, the second largest source of remittances for Georgia, increased 3.4% y/y to USD 204.78 million; followed by Italy – USD 121.4 million (10.2% y/y increase); the United States – USD 82 million (9.6% y/y increase); Turkey – USD 64.3 million (54.1% y/y increase); Ukraine – USD 30.8 million (32.4% y/y decline); Spain – USD 28 million; Germany – USD 24.2 million; Israel – USD 23.6 million; Azerbaijan – USD 17.78 million.