More money left Cyprus than came in from abroad in 2024

Cyprus recorded one of the largest deficits in personal transfers in the European Union during 2024, according to Eurostat, highlighting the scale of money flowing out of the country to households outside the bloc relative to inflows.

Personal transfers, defined as flows of money sent by EU resident households to non-EU resident households, amounted to €52.10 billion across the EU in 2024, representing an increase of 6 per cent compared with €49.20 billion in 2023.

During the same year, inflows of personal transfers to EU resident households reached €14.80 bn, rising by 7 per cent from €13.80 bn in 2023.

Over the past 5 years, Eurostat recorded a substantial increase in outflows of personal transfers, which surged by 51 per cent, while inflows grew at a slower pace of 26 per cent.

As a result of these diverging trends, the EU’s negative balance of personal transfers with non-EU countries widened significantly, reaching €37.30 bn in 2024.

For Cyprus, the figures underline a persistent imbalance, as the country was among those posting the largest deficits in personal transfers relative to economic size.

Eurostat reported that Cyprus recorded a deficit equivalent to 0.9 per cent of GDP, placing it alongside Malta, Belgium, Greece, Spain and France among the EU countries most affected by net outflows.

Malta recorded the largest deficit, with net personal transfers amounting to minus 2.8 per cent of GDP, followed by Cyprus at minus 0.9 per cent and Belgium at minus 0.6 per cent.

Greece, Spain and France also posted sizeable shortfalls, each recording a deficit of minus 0.5 per cent of GDP.

In contrast, personal transfers were in surplus for 9 EU countries in 2024, meaning that inflows from the rest of the world exceeded outflows.

Among these surplus countries, Croatia recorded the strongest positive balance, with personal transfers amounting to 2.6 per cent of GDP.

Bulgaria followed with a surplus equal to 1.3 per cent of GDP, while Portugal recorded a surplus of 1.2 per cent of GDP.

The data illustrate how Cyprus remains a net sender of personal transfers, a trend that reflects broader demographic and labour patterns, including the presence of migrant workers and international household links.

At EU level, the continued rise in outward transfers, combined with more moderate inflows, has reinforced the bloc’s overall negative position in regard to non-EU countries.

Eurostat’s figures point to growing financial ties between EU households and the rest of the world, while also highlighting the uneven impact of these flows across member states, with Cyprus among those most exposed relative to the size of its economy.