Surge in Overseas Remittances Boosts Bulgarian Economy

Bulgarian migrant workers sent back a total of €587 million to their home country in the first five months of 2023


In the first five months of the current year, Bulgarians working overseas remitted home a sum of BGN 1.150 billion, equivalent to €587 million, as per data from the Bulgarian National Bank. The money sent back home averaged €117 million per month, with the highest transfer recorded in May. This transfer amount reflects an upswing of around €84 million in comparison to the first five months of 2022. It is forecasted that the total remittances for the year could surpass last year’s figure of €1.2 billion. The surge in remittances can be attributed to the rising living expenses in Bulgaria and increased salaries in foreign countries. Workers in Germany led the remittances with €67.3 million, followed by those in the USA (€61.4 million), Spain (€34 million), the UK (€32 million), and Greece (€20 million). However, there was a minor dip in remittances from Bulgarians in Italy, declining from €17 million to €15.5 million. 

Source: telegraph.bg

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