Cyprus Mail

Over €200m in personal transfers sent from Cyprus to third countries in 2018

In 2018, flows of money sent by residents of the European Union (EU) to non-EU countries, referred to as personal transfers, amounted to €35.6 billion, compared with €32.6 bn in 2017.

Inflows to the EU totalled €10.9 bn in 2018, unchanged compared with 2017, Eurostat said.

This resulted in a negative balance (-€24.6 bn) for the EU with the rest of the world.

The majority of personal transfers consist of flows of money sent by migrants to their countries of origin. This News Release, issued by Eurostat, the statistical office of the European Union, presents annual data on personal transfers collected within the framework of Balance of Payments statistics.

For Cyprus, there was an outflow of €263m of which €202m went to third countries and the remainder within the EU. There was also a €233million inflow, €135m of which came from other EU countries and €98m from outside the bloc.

Among member states for which data is published, the outflows of personal transfers in 2018 were highest from France (€11.4 bn), followed by Spain (€7.7 bn), the United Kingdom (€7.0 bn), Italy (€6.5 bn) and Germany (€5.2 bn).

By contrast, the highest inflows were recorded in Portugal (€3.6 bn), ahead of Romania (€3.0 bn), Poland (€2.9 bn), the United Kingdom (€2.3 bn) and Italy (€2.0 bn).

As a result, the largest surpluses in personal transfers were registered in 2018 in Portugal (+€3.1 bn), Romania (+€2.7 bn) and Poland (+€2.5 bn), while France (-€10.5 bn) recorded by far the largest deficit, followed by Germany (-€5.1 bn), the United Kingdom (-€4.7 bn) and Italy (-€4.5 bn).

Extra-EU personal transfers were mostly directed to Asia (21 per cent of total extra-EU outflows), followed by North Africa (18 per cent), non-EU European countries (16 per cent), Central and South Africa (14 per cent) and South America (13 per cent).

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