EU migrants send more money home: Remittances hit all-time peak

In 2023, the volume of remittances sent by migrants from the European Union to their home countries reached a record €50.9 billion, marking an 8% increase from the previous year’s €47 billion, according to the EU’s statistical office Eurostat.

This growth is part of a larger trend, as remittances have risen by 53% over the past five years, Caliber.Az reports.

The increase in transfers was accompanied by a rise in remittances received by the EU, which grew by 4% year-on-year to €13.9 billion. However, over the same five-year period, the inflows to the EU have only grown by 11%, resulting in a negative balance of €37 billion.

In terms of national performance, four EU countries recorded a surplus of over 1% of their GDP in remittances sent abroad. These countries included Croatia (2.9%), Bulgaria (1.5%), Portugal (1.3%), and Romania (1.1%).

On the other hand, some EU countries reported significant deficits in remittance flows, with Cyprus leading the way at a 1% deficit relative to GDP, followed by Belgium (0.7%), France (0.6%), and Greece and Spain (both at 0.5%).

By Khagan Isayev