Personal remittance outflow from Europe as a whole 1970-2022
The value of outgoing personal remittances sent from Europe increased by more than 10 percent between 2020 and 2021, the largest increase since 2017. 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, although it should be noted that remittances consist of more than that. Consumers with a second home abroad but who receive pensions from their country of origin can sometimes also be counted as remittances.
