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Bulgaria Business Climate Deteriorates Further

Date: 29.10.2009

The business climate in Bulgaria continues to deteriorate according to the latest figures from the National Statistical Institute (NSI), with a 1,3 points m/m decrease in October.

The NSI figures showed that there was an October decline in almost all sectors of the economy, with the largest decrease seen in the construction sector. However, the industrial sector saw a 2,1 points m/m increase.

The industrial growth was mainly due to higher expectations of managers of state run enterprises for the upcoming 6 month period. This optimism is reportedly mainly regarding export and production activity. The NSI however stated that there is a sign that workers will continue to lose their jobs in the sector.

For the period from July to October the average capacity utilization in industry increased by 0,9 points and reached nearly 65%, according to an analysis of the NSI. The most serious problem hampering the sector is an uncertain economic environment - 57% of the companies surveyed indicated this.

The construction business climate index fell by 8,9 points compared with September, the reason is more pessimistic estimates and expectations of entrepreneurs. Construction activity is currently low, and the outlook for the next three months is also beginning to fall. Orders in the sector continue to be reduced, according to the NSI survey there will also be dramatic cuts in staff.

Managers described the greatest difficulties in the construction industry as the uncertain economic environment and lack of financial security along with increasing delays in payment.

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