Egypt Ranked 6th for Global Expats' Remittances in 2023
Remittances are Egypt's main source of foreign currency, surpassing revenues from sectors like tourism.
Egypt has ranked prominently among the world's leading recipients of remittances, following closely behind major economies such as India, Mexico, China, the Philippines, and France. These remittances play a crucial role in bolstering Egypt's economy, contributing substantially to its foreign currency reserves and overall economic stability.
As reported by the Central Agency for Public Mobilization and Statistics (CAPMAS), Egypt's expatriate community numbered approximately 11.09 million by the end of 2023.
Globally, remittance flows totaled USD 860 billion in 2023, reflecting a 3 percent increase from the previous year. Looking ahead, projections suggest a further 3.1 percent growth in remittances for 2024, underscoring their resilience and importance amidst evolving global economic conditions. Remittances in Egypt serve as the primary source of foreign currency, surpassing revenues generated from sectors such as tourism. In 2021, remittances accounted for 7.8 percent of Egypt's Gross Domestic Product (GDP), highlighting their substantial economic impact and role in sustaining livelihoods nationwide.
The International Day of Family Remittances, observed annually on June 16th, celebrates the invaluable contributions of migrant workers worldwide. It recognizes their efforts in supporting over 800 million family members in low—and middle-income countries through essential financial contributions.
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