Migrant Remittances to Bulgaria Hit Record High

Remittances from migrant workers are a lifeline to large sections of the Bulgarian economy, particularly the retail trade and the housing market. File photo

There has been a noticeable increase in the amount of remittances from Bulgarians working abroad over the last twelve month up until June this year, according to a new report.

Remittances from Bulgarians working abroad totaled EUR 702,5 M in the period from June last year to June this year, show data of the Bulgarian Central Bank.

Bulgarians, living here, transferred abroad a mere EUR 7.5 M, which rockets the net sum of money that flowed into the country from migrant workers to the record-high EUR 695 M, accounting for 2% of the gross domestic product (GDP).

The estimate is higher than figures released for the same period the previous year, according to which the net sum of money that flowed into the country from migrant workers reached EUR 693,3 M.

Studies show that the actual money sent home are about 30-40% higher that the official figures.

Experts say the rise in the the cash brought back to Bulgaria will have a positive impact on the Bulgarian economy and expand people's spending.

Remittances from migrant workers are a lifeline to large sections of the Bulgarian economy, particularly the retail trade and the housing market.

According to the World Bank, Bulgaria has one of the highest proportions of its population working abroad of any country in the world.

In 2009 approximately 1,5 million Bulgarians were based abroad, equal to 15% of the population.

The biggest Bulgarian communities are based in Spain, Germany, Greece, Italy, Romania and Turkey.

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