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 (€47.0 billion).
The largest share of these outflows went to Asia (excluding the Near and Middle East), accounting for 21% (€10.7 billion) of the total outflows from the EU, followed very closely by non-EU European countries also with 21% (€10.6 billion) and North Africa with 20% (€9.8 billion).
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.
Source dataset: bop_rem6
By contrast, inflows of personal transfers to the EU have only grown slightly since 2014, from €11.6 billion to €13.9 billion in 2023, resulting in a negative balance of €37.0 billion for the EU with the rest of the world.
Non-EU European countries accounted for 50% of total inflows to the EU (€6.8 billion), while the second main source of personal transfers to the EU was North America with 21% (€2.9 billion). Central and South Africa contributed 8% (€1.2 billion), closely followed by South America also with 8% (€1.0 billion).
Source dataset: bop_rem6
