During the year 2024, Bosnia and Herzegovina took second place among the countries of the European Union, EFTA and candidate countries for EU membership in terms of the share of personal transfers from abroad in the gross domestic product, according to the latest Eurostat data.
According to these data, personal transfers in Bosnia and Herzegovina amounted to 7.6 percent of GDP, which puts the country right behind Kosovo, which records the largest share of remittances from abroad in the total economic activity.
The total amount of personal transfers to Bosnia and Herzegovina during 2024 reached a record 4 billion and 167 million convertible marks, while current transfers amounted to an additional 1.525 billion KM.
These data confirm the strong dependence of the domestic economy on the money that comes to the country from the diaspora, but also the important role of these funds in maintaining the standard of living of a large number of citizens.
The largest part of the money that arrives from abroad refers to the pensions of Bosnia and Herzegovina. pensioners who spent their working life abroad. During the year 2024, 1.386 billion KM was paid in BiH on this basis, which makes pensions from the diaspora one of the most significant and stable sources of income for households in the country.
Eurostat data show that a surplus of personal transfers was recorded in only nine member states of the European Union. The largest surplus, greater than one percent of GDP, was had by:
Croatia – 2.6% of GDP
Bulgaria – 1.3% of GDP
Portugal – 1.2% of GDP
Compared to them, Bosnia and Herzegovina stands out with a significantly higher share of personal transfers in the overall economy, which additionally indicates the country’s strong connection with the diaspora, but also the structural challenges of the domestic economy, he writes. Black Chronicle.
