Personal remittance inflow towards Europe as a whole 1970-2022
The value of personal remittances sent to Europe increased by roughly nine percent between 2020 and 2021, the largest increase since 2018. This is according to estimates made by the World Bank on data from the IMF that tracked the balance of payments between countries. All figures provided here have been summed from this individual country's data. The source adds that "personal remittances" consist of both personal transfers between resident and nonresident individuals, as well as the compensation of employees. By definition, then, the numbers shown here focus on migrant workers. In the case of Europe, this could include transfers sent between European countries such as migrant workers from Romania working in Italy. Note that consumers with a second home abroad but who receive pensions from their country of origin - for example, UK pensioners living in Spain - can sometimes also be counted as remittances.
