Bulgarian Emigrants Send To Relatives BGN 2.3 B Per Year

Business » FINANCE | October 9, 2014, Thursday // 14:06
Bulgaria: Bulgarian Emigrants Send To Relatives BGN 2.3 B Per Year Photo: EPA/BGNES

Bulgarian emigrants send to relatives in Bulgaria more than BGN 2.3 B per year, shows 2013 data of the World Bank, quoted by Irena Zareva of the Institute for Economic Studies at the Bulgarian Academy of Sciences (BAN).

According to Zareva, quoted by Pariteni.bg, in 2013 the sum is estimated at BGN 3.4 B.

The money transfers from Bulgarians abroad in 2013 are by around BGN 1 B more than the direct foreign investments in the country, but only 1% of it are used for starting of own business.

Around 72% of the money is spent on current expenses and utility bills, 10.7% is used for payment of loans and credits. Around the same percentage is spent for education and only 5.6% is saved for a rainy day.

At the same time, around half of Bulgarians working abroad have jobs below their qualifications, around 47% work at a position corresponding to their qualification and 4% have a job requiring a higher professional competence.

According to Zareva, the majority of Bulgarians abroad are working in the construction and tourism sectors. Around 37% of them are unqualified workers and 28% work in the services sector.

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Tags: emigrants, Bulgarian, relatives, sums, transfers, direct foreign investments, utility bills, World Bank, ban, loans, education, business
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