Economy

EU personal transfers reach record outflows in 2023

Published

1 month ago

February 10, 2025

In 2023, personal transfers outflows from the EU (money sent by EU resident households to non-resident households) reached a record level of €50.9 billion, an 8% increase compared with 2022 (€47 billion).

The largest share of these outflows went to Asia (excluding the Near and Middle East), accounting for 21% (€10.7bn) of the total outflows from the EU, followed very closely by non-EU European countries also with 21% (€10.6bn) and North Africa with 20% (€9.8bn).

This information is based on Eurostat data on personal transfers and compensation of employees. The article highlights key findings from the more detailed Statistics Explained article.

Geografical allocation of outflows of personal transfers from the EU, 2023. Map - Click below to see full dataset

Source dataset: bop_rem6

By contrast, inflows of personal transfers to the EU have only grown slightly since 2014, from €11.6bn to €13.9bn in 2023, resulting in a negative balance of €37.0bn for the EU with the rest of the world.

Non-EU European countries accounted for 50% of total inflows to the EU (€6.8bn), while the second main source of personal transfers to the EU was North America with 21% (€2.9bn). Central and South Africa contributed 8% (€1.2bn), closely followed by South America also with 8% (€1bn).