Spain’s recession hits remittances from immigrants

    According to preliminary studies released by the Spanish central bank, immigrants sent 148 million Euros less to their home countries, than during the same period in 2007; figures dropped 7% between 2007 and 2008. Industries that have attracted immigrants, such as construction, agriculture, and real estate industries have been hammered by decline in economic activity from the global financial crisis. Preliminary studies show that Spain entered the last quarter of 2008, showing a decline in economic output over the past two quarters.

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