Migration

Despite these gains, remittances declined by 6.5% in real terms in July, due to inflation and, primarily, the depreciation of the US dollar. Since reaching their peak in July 2022, remittances to Mexico have fallen by 24.8% in real terms, negatively affecting the income of recipient households over the past four years.

Social Security affiliation increased by 41,700 people and unemployment by 19,500. Seasonally adjusted, an increase of 72,000 contributors and a rise of 14,500 unemployed are estimated. The extraordinary regularization of immigrants may have added 149,200 foreign affiliates and 44,500 unemployed up to July.

The Basque Country economy will maintain growth close to 2% over the two-year period, supported by the strength of the labor market, private consumption and investment, although the deterioration in the international environment increases uncertainty and risks to activity.

Remittances accumulate four consecutive months of growth: February (+1.1%), March (+6.0%), April (+3.7%) and the most recent data for May (+3.8%). In the first five months of 2026, remittances totaled 25,287 million dollars, which represents an increase of 2.8% compared to the same period of 2025.

Spain’s labour market remains dynamic, supported by the foreign population, which helps offset demographic ageing. Immigration is key to sustaining employment, though integration faces temporary employment and productivity challenges. The regularisation process is expected to have a limited macroeconomic impact.

The Banco de México updated the remittance data received by the country in 2024-2026. The largest adjustment was made for 2025, with an increase of USD 695 million. The correlation coefficients of remittances to Mexico were analyzed in relation to 6 major remittance-receiving countries in Latin America and the Caribbean.

President Trump issued an executive order on May 19 aimed at outlining measures to restrict undocumented migrants' access to the U.S. financial system, including the use of remittance services and digital payment methods.