US lawmakers storm out of classified Afghanistan briefing after questions go unanswered    Al-Falih in France seeking to enhance economic cooperation    Saudi Arabia takes penal action against 7,344 residency law violators in a month    Looking to the future on our National Day    Over 571,000 expats quit Saudi job market in a year    Tourism Ministry highlights investment opportunities in AHIC    EU calls for quick resumption of Iran nuclear talks    French ambassador to return to Washington after Macron-Biden talks    Qatari minister: Energy transition is a shared responsibility    Saudi ports 'enjoy strategic location at the center of Asia, Europe and Africa'    King Abdulaziz laid foundation stone of first train in Saudi Arabia 74 years ago    Afghanistan's healthcare system on brink of collapse, as hunger hits 95 percent of families    Saudis, expats mourn death of prominent Filipino preacher in Riyadh    Sex and the City star Willie Garson dies aged 57    Saudi Arabia observes Alzheimer's Day with rest of world    John Lennon stamps inspiring message of peace, on UN's big week    Al Burj, Chinar, CSG, Kashmir Stags, ARM, Pak Zalmi record big wins in Kanoo League    Four million Indians suffer from obstructive sleep apnea, conference told    Saudi International, Asian Tour confirm historic partnership    Boxer Pacquiao to run for Philippine president in 2022    Saudi Arabia to host Youth Weightlifting World Championships    Bollywood actor Sidharth Shukla dies at 40    Custodian of the Two Holy Mosques Directs KSrelief to Urgently Provide Malaysia with Medical, Preventive Equipment and Supplies to Address COVID-19 Pandemic    Custodian of the Two Holy Mosques Congratulates President of Maldives on Independence Day    Weather Forecast for Sunday    RSNF Commander Patronizes Ceremonial Launching of His Majesty's Ship "Jazan"    OIC Condemns Houthi Attempts to Target Civilians in Saudi Arabia    Philippines evacuates thousands as monsoon rains flood cities, provinces    Heavy rain in India triggers floods, landslides; at least 125 dead    U.S. Records 64,321 New Infections of Coronavirus    Without Fans, Tokyo Olympics Kicked Off    Pilgrims Perform Dhuhr and Asr Prayers at Arafat Holy Site    Dr. Mohammed Sulaiman Al-Jasser, Saudi Arabia's Pick to Chair IsDB Group for the next five years, unanimously approved by BoG Committee of Procedures    Saudi Press: Fitch affirms Saudi Credit Rating at "A" with a revised outlook to stable from negative    Handled Cargo at Saudi Ports Increases during June 2021    SDAIA, DARP & STC Launch Pilgrim's Smart Bracelet (NUSK)    Tabuk sculptor spends 8 years in carving entire Holy Qur'an on 30 marble slabs    2 Goals by Diaz Gives Colombia 3rd Place at Copa America    Legendary actor Dilip Kumar, 98, passes away, and with him an era    Saudi Cinema Night at Arab World Institute in Paris Kicks Off    KSU Leads Joint International Scientific Project for Early Detection of Breast Cancer    Saudi Arabia to Participate in Cannes Film Festival 2021    Arab Cup U-17 Championship Draw Saudi Arabia, Morocco, Palestine, Kuwait, in the 1st Group    AWI Hosts Saudi Cinema Nights in Paris    Brazil Beats Chile at Copa America Despite 2nd-Half Red Card    Council of Senior Scholars: Muslim Brothers' Group Don't Represent Method of Islam, rather only Follows its Partisan Objectives, Violating our Graceful Religion    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    Pilgrims Perform Dhuhr and Asr Prayers in Arafat Holy Site    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Expat remittances up 19%, with per capita annual transfer hitting nearly SR24,000 in 2020
Published in The Saudi Gazette on 28 - 07 - 2021

RIYADH — Remittances from expatriates in Saudi Arabia recorded an increase of 19.25 percent during the year 2020. The average annual expatriate remittances in the Kingdom jumped to about SR23,910 during the same year as compared to SR19,124 a year before.
According to the statistical figures from the Saudi Central Bank and the General Authority for Statistics (GASTAT), foreign remittances last year accounted for 11.3 percent of the private sector's gross domestic product (GDP), exceeding SR1.3 trillion.
The report showed that there were 6.27 million social insurance subscribers in the Kingdom's private employment market, in addition to 49,599 in the government sector at the end of 2020, while the total remittances of expatriates amounted to SR149.69 billion during the year. During the last year, foreign remittances increased by 19.25 percent on an annual basis as compared to SR125.53 billion in 2019.
The number of expatriate social insurance subscribers in the private sector fell to 6,254,660 at the end of the first quarter of 2021, compared to 6,273,354 subscribers at the end of 2020. During 2019, the average expatriate remittances in the Kingdom amounted to about SR19,124, while the number of expatriate workers in the private sector reached 6,536,072 subscribers, in addition to 50,594 male and female employees in the government sector.
Expatriate remittances in the Kingdom recorded a jump of 13.95 percent during the first five months of 2021 on an annual basis, with an increase of SR7.74 billion compared to the same period last year. The total remittances rose to SR63.22 billion, compared to SR55.48 billion in the same period in 2020. The average foreign transfers amounted to about SR10,725 in the first five months of the current year.
The percentage of expatriate transfers from the GDP to the private sector during the last five years ranged between 9.4 percent to 11.7 percent and recorded about 11.7 percent in 2015 of the private sector's output, then 11.3 percent and 10.6 percent in 2016 and 2017 respectively, reaching 10.5 percent in 2018 and 9.4 percent in 2019, and 11.3 percent last year.
According to the report, the total expatriate transfers during the first five months of 2021 reached SR63.218 billion. The monthly breakup of the transfers is the following: January SR12.057 billion; February SR11.302 billion; March SR14.049 billion; April SR13.279 billion; and May SR12.531 billion.

Clic here to read the story from its source.