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

The net sum of the remittances from Bulgarians permanently working abroad totaled EUR 701,7 M in the period from October last year to October this year, show data of the Bulgarian Central Bank.

Bulgarians, living abroad, transferred to their home country a total of EUR 600 M since the beginning of the year.

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 and remains one of Europe's biggest recipients of remittances.

Approximately 1,2 million Bulgarians are currently based abroad, equal to 16% of the population.

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