Romanian diaspora remittances hit record $7 billion in 2023
Romanians living abroad sent $7 billion to their homeland last year, setting a new record and doubling the amount of diaspora transfers in 2014. Most Romanians live in Italy, Spain, the United Kingdom, and Germany.
16 July 2024 18:26
In 2023, Romanians living abroad transferred $7 billion to their country, equivalent to 2% of Romania's gross domestic product (GDP), according to media reports. This amount marks a new record and is twice the amount sent by the Romanian diaspora in 2014.
According to the portal Cursdeguvernare.ro, Romanians who went abroad to work in 2023 sent $7 billion back to the country, which corresponds to 2% of GDP. This is only 1.2% less than the value of direct foreign investments that reached Romania last year.
Thus, a new record has been set. The value of remittances sent to the country by the Romanian diaspora in 2023 is twice the amount sent in 2014.
Over the past ten years, Romanians living abroad have sent more than $50 billion to their country. The value of direct foreign investments during the same period was 14.2% higher.
The portal Cursdeguvernare.ro notes that money transfers from the Romanian diaspora are an important element in "patching up" the Romanian budget. They are as crucial as foreign investments or EU grants.
Most of the money is sent by Romanian emigrants living in the United Kingdom, with Germany occupying second place in terms of the amount sent.
Gheorghe-Florin Carciu, a Romanian official in charge of diaspora affairs, estimated in 2022 that the number of Romanian citizens living abroad is 8 million. "According to official data, there are 5.7 million Romanians abroad. This is the official number from the Ministry of Foreign Affairs, but the number exceeds 8 million," Carciu said, as quoted by Economica.net.
Most Romanians living abroad reside in Italy, Spain, the United Kingdom, and Germany.
