Remittances make up 25% of Haiti's GDP

Remittances sent to Haiti last year decreased by 3.4% compared to 2011, according to the "Remittances to Latin America and the Caribbean in 2012" study released by the IDB.


In 2012, the Diaspora sent $1.99 billion to Haiti, which represented 25% of the country's GDP, by far the highest rate in the region. Haiti is less dependent on remittances now than in 2007 and 2010, when it represented over 30% of the economy.


The Dominican Republic received $3.16 billion as remittances in 2012, which represented 6% of the GDP; Jamaica received $2.4 billion (14% of GDP); and Trinidad and Tobago's remittance flow was $0.13 billion (less than 1% of GDP).


"Remittance flows have contributed to a reduction in poverty within countries in the region and has allowed many families to achieve a higher quality of life by financing the purchase of consumer goods and investments in education, health, housing, and business development. Without this regular flow of resources sent by migrants to their families, many remittance recipient families would fall below the poverty line," states the IDB report.

Article Tags: #Diaspora #Haiti #IDB #Remittance #report
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