Bulgarian Emigrants Sent Back €1.1 Billion in 2017

For 2017, the Bulgarians working abroad sent more than €1.1 billion back to Bulgaria, more money into Bulgaria than foreign investments for the same year. All the data is quoted from the Bulgarian National Bank. The total amount is probably larger, as only the money sent through banks or money transfer services are included in the estimates, meaning that items, services, and money brought back in cash aren’t counted.

That’s also a large increase in that number from 2016 when Bulgarian emigrants sent €869 million. Most the sums are sent back to the migrant’s family and are spent on bills, healthcare, education, and paying loans. Smaller parts are invested in the development of new small businesses. The largest groups of Bulgarian expats that send money back are from the USA, Spain, and Greece.

According to the BNB, the money sent back by migrants is steadily going back to the pre-financial crisis sums prior to 2008. The foreign investments, however, are not. They were €902 million for 2017, about €200 million less than the money sent by expats. They are mostly concentrated in industrial areas, but BNB reports that there’s no prognosis of them growing too much in recent years, as they are concentrated in loans.

 

Alex Dimchev

Alex Dimchev is a writer, editor, and weapons master for EUscoop.com

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