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.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Finance » Be a reporter: Write and send your article
Tags: emigrants, Bulgarian, relatives, sums, transfers, direct foreign investments, utility bills, World Bank, ban, loans, education, business
Advertisement
Advertisement
Expats.bg All Are Welcome! Join Now!
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria