More than 17% of the revenues of the Bulgarian companies come from abroad

Bulgaria ranks third among European countries in terms of inbound payments to companies, coming from another country. This shows the annual European Payment Report. Before Bulgaria are only the Czech Republic and Portugal, both with just over 18% of inbound payments from abroad. In Bulgaria companies say that 17.2% of their revenue comes from foreign sources.

Bulgaria is followed by Italy and Belgium, and the next Balkan country in terms of incoming foreign payments is Croatia with 12.7%, slightly above those in Romania (12.4%). For comparison – the average level in Europe is 10.7%, with EU and non-EU countries such as Serbia taking part in the survey. In this country foreign revenues of the companies are below 12% of all. The smallest cross-border inflows come to Norway and Poland – 7% and 5.7% respectively.

As the world gets smaller, we see an increase in many exports and imports markets, awhere international payments
become even more important for local businesses than before, the report’s authors note. One in four (26%) of them say local financial culture impacts international payments in a negative way.

Regular payments have a direct impact on employment, according to a poll from the report. For 17% of European companies faster payment by debtors will definitely result in hiring more staff. A total of 34% say it is unlikely to have an impact, and for 39% it is irrelevant to their decision to create new jobs. Another 4% say that a regular payment will certainly make them increase their staff. The others do not have the accurate answer. It is interesting that compared to the previous year (2018 survey) the proportion of those who believe that a timely payment would allow them to hire more employees is increasing. At the same time, compared to last year, companies are declining that there is no link between regular payment and employment.

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