Remittances from migrant workers are a lifeline to large sections of the Bulgarian economy, particularly the retail trade and the housing market. There has been a noticeable increase in the amount of remittances from Bulgarians working abroad over the last according to a new report.
Remittances from Bulgarians working abroad totaled € 702.5 million for the period June 2009 to June 2010, according to data from the Bulgarian Central Bank.
Studies show that the actual money sent home are about 30-40% higher that the official figures.
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 one and a half million Bulgarians are based abroad, equal to 15% of the population. The largest Bulgarian communities are based in Spain, Germany, Greece, Italy, Romania and Turkey.