52.1 billion euros, the volume of personal transfers from residents within the European Union in 2024
Brussels, December 15 / WAM / The European Statistical Office Eurostat said that personal transfers from families residing in the European Union to families residing outside the Union amounted to 52.1 billion euros in 2024, an increase of 6% compared to 2023, which recorded 49.2 billion euros.
Inflows from personal transfers to households within the Union amounted to 14.8 billion euros, an increase of 7% over the previous year, which recorded 13.8 billion euros.
Eurostat data showed that the last five years witnessed a significant growth in outward transfers, which jumped by 51%, compared to a more modest growth in inward transfers of 26%, which led to the expansion of the European Union’s net deficit towards countries outside the bloc to reach 37.3 billion euros in 2024. At the level of member states, personal transfers recorded a surplus in nine European countries, where inflows exceeded outflows, and the surplus exceeded 1% of the gross domestic product. The total in Croatia was 2.6%, Bulgaria was 1.3%, and Portugal was 1.2%.
On the other hand, Malta showed the largest deficit as a percentage of GDP at minus 2.8%, followed by Cyprus with minus 0.9% and Belgium with minus 0.6%, in addition to Greece, Spain and France, each of which recorded a deficit of around 0.5%, according to balance of payments and GDP data issued by Eurostat.
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