In 2018, the UK received roughly GBP 4.1 billion in remittances according to the Annual Remittances inflows data, equivalent to 0.2% of its GDP. The UK not only sends, but also receives remittances. This means that the UK remits less, as a share of its GDP, than most other countries in the world, so remittance outflows are likely to have a limited impact on its overall growth, especially in light of the positive impacts immigrants have on the UK’s economic development (Boubtane et al. In fact, in 2018 the UK was only 85 th out of 117 countries for which data are available according to the share of GDP that remittances accounted for.
By contrast, Kuwait-one of the largest remittance senders both in terms of the total money and share of GDP sent-remitted an amount equivalent to 10% of its GDP. Based on the Annual Remittances Data, in 2018 outflows were equivalent to 0.4% of the UK’s GDP. UK remittances overall comprise a small share of its GDP. The latter source lists India and Nigeria as the main destinations of remittances from the UK. Nevertheless, World Bank Bilateral Remittances Matrix has continuously placed the UK as the fourth largest remittance sender in the world. The World Bank Annual Remittances Data suggest that in 2018 the UK occupied the 15 th position, down from 10 th in 2014 after China, Qatar, South Korea and the Netherlands became more prominent remittance senders than the UK.
The different sources consistently point to the UK as one of the top-20 remittances sending countries in the world based on the total money sent.
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