December 18, 2023 – In 2022, personal money transfers sent by residents of the European Union to countries outside the EU amounted to 43.5 billion euros, which is 14 percent more than the year before. On the other hand, remittances arriving from countries outside the EU amounted to 13.5 billion euros, which is an increase of 10 percent. Croats working outside the EU were no exception, placing Croatia on the top of the list when it came to a personal transfer surplus.
Personal transfers consist mainly of money flows that immigrants send to households in their country of origin, writes Tportal.
In the last five years, a significant growth of transfers to countries outside the EU has been noticeable at the EU level. Since 2018, outflows have increased by 41 percent, while inflows have shown a much more modest growth of only 15 percent. As a result, the deficit in the transfer balance at the EU level increased significantly and reached almost EUR 30 billion last year.
Last year, personal transfers resulted in a surplus for nine EU countries, as their inflows exceeded outflows. Among these countries, four reported a surplus representing more than one percent of their gross domestic product.
Croatia found itself at the very top of that list, with a surplus of 1.9 billion euros, or 2.8 percent of its gross domestic product. This means that Croatian emigrants from countries outside of the European Union remitted significantly more money to Croatia than foreign temporary workers in Croatia sent to their countries.
Croatia is followed by Bulgaria (1.4 percent), Portugal (1.4 percent) and Romania (1.3 percent), who all recorded a surplus. Conversely, Cyprus showed the largest deficit in transfers (-0.9 percent), followed by Malta and Spain (-0.6 percent each), when expressed as a share of their gross domestic product.