Romanians abroad send record 7 billion dollars home in 2023
Romanians living abroad sent 7 billion dollars to their homeland last year, a new record and double the amount transferred by the diaspora in 2014. Most Romanians live in Italy, Spain, the United Kingdom, and Germany.
6:04 PM EDT, July 16, 2024
According to media reports, in 2023, Romanians living abroad transferred 7 billion dollars to their country, equivalent to 2% of Romania's gross domestic product (GDP). This sets a new record, which is twice what the Romanian diaspora sent in 2014.
According to the portal Cursdeguvernare.ro, Romanians who worked abroad in 2023 sent 7 billion dollars back home, corresponding to 2% of GDP. This is only 1.2% less than the value of direct foreign investments that Romania received last year.
This achievement sets a new record. The value of remittances sent to Romania by the diaspora in 2023 is double the amount sent in 2014.
Over the past ten years, Romanians living abroad have sent more than 50 billion dollars to their country. The value of direct foreign investments in the same period was 14.2% higher.
Cursdeguvernare.ro notes that money transfers from the Romanian diaspora are crucial for "patching up" the Romanian budget. They are as vital as foreign investments or EU grants.
Most of the money comes from Romanian emigrants living in the United Kingdom, with Germany ranking second in the amount of money sent.
Gheorghe-Florin Carciu, a Romanian official responsible for 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.
