Personal transfers worth more than 1% of Latvian GDP

In 2021, Latvia was one of just four EU countries that generated surpluses of personal transfers worth more than 1% of gross domestic product (GDP), according to Eurostat data published February 23.

The four were Croatia (2.7% of GDP), Bulgaria (1.6%), Romania (1.5%) and Latvia (1.1%). Latvia's figure was considerably higher than the equivalent figures for Lithuania (0.7%) and Estonia (0.3%).

In contrast, Cyprus (-0.9%), France and Spain (each -0.5%) generated the largest deficits of personal transfers vis-à-vis the rest of the world as a share of their respective GDP. 

In 2021, flows of money sent by residents of the EU to non-EU countries, referred to as personal transfers, amounted to €37.7 billion (+11% compared with €34.0 bn in 2020). Inflows to the EU totalled €13.0 bn (+5% compared with €12.4 bn in 2020). The majority of personal transfers consist of flows of money sent by migrants to their country of origin.

Extra-EU outflows have displayed a growing trend since 2015 (+47% in 2021 compared with 2015). As inflows have remained constant, this has resulted in a widening negative balance for the EU vis-à-vis non-EU countries, reaching €24.7 bn in 2021. 

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