Croatian Emigrants Sent 1 Billion Euros to Families in Croatia in 2017

Croatian emigrants dotted all around the world sent a huge amount of money via private transfers to their families in Croatia last year.

As Jadranka Dozan/Poslovni Dnevnik writes on the 16th of November, 2018, one of the consequences of Croatia’s ever-concerning demographic crisis caused by the mass emigration from the country is the growth of cash inflows through private transfers, which mostly relate to the cash flows that Croatian emigrants send back to their country of origin.

With some of this vast amount of money arriving from other European Union countries, as well as from outside the bloc, more than one billion euros have found their way from the rest of the world to various households across the Republic of Croatia in 2017, which, according to Eurostat’s figures, stands at 627 million euros more than was recorded the year before.

As cash flow from other countries (by more than half from countries outside the European Union, mostly from neighbouring Bosnia and Herzegovina) has also increased, a handsome increase of more than half a billion euros; from +245 to +823 million euros, has been recorded.

The largest surplus in personal transfers to the European Union has been recorded by just four member states, but most of them are larger countries, like Portugal (+3 billion euros), and Poland (+2.8 billion euros), followed then by Romania (+2.6 billion) and Bulgaria (+1.1 billion euros). When compared to 2016, Croatia overtook both Hungary and Lithuania last year in terms of cash inflow from abroad.

Otherwise, EU residents sent an enormous 32.7 billion euros back to their respective countries of origin last year, which is, as previously stated, nearly one billion euros more than was recorded as having been sent back in 2016, along with that figure, 4.3 billion euros (13 percent of total outflow) was sent outside the European Union. At the same time, inflows into the European Union from the rest of the world reached the huge amount of 10.7 billion euros.

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Click here for the original article by Jadranka Dozan for Poslovni Dnevnik

 

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