Slight decline in business climate in Bulgaria reported by NSI

14:53, 29.11.2023
Slight decline in business climate in Bulgaria reported by NSI

In November 2023, the overall business climate indicator is 21.6%. The indicator remains roughly at its October level of 22.0%, the National Statistical Institute reports.

An increase was recorded in the construction and services sectors, while industry saw a decrease. The indicator retained its level of the previous month only in retail trade.

Industry

The composite indicator "business climate in industry" decreased by 2.9 points - from 23.5% to 20.6%, which is due to more reserved assessments and expectations of industrial entrepreneurs about the business situation of enterprises. The survey reports a certain decrease in the manufacturing order backlog, which is accompanied by unfavourable expectations for manufacturing activity in the next three months.

The most serious problems for activity in the sector remain the uncertain economic environment and labour shortages, cited by 50.0% and 32.0% of enterprises respectively.

With regard to selling prices in industry, the majority of managers anticipate them to remain unchanged over the next three months.

Construction

In November, the construction business climate composite indicator increased by 3.5 points, from 20.1% to 23.6%, as a result of construction contractors' improved assessments and expectations of the business condition of their enterprises. At the same time, their forecasts for construction activity over the next three months are for it to remain at the same level.

The main obstacles to business development are related to the uncertain economic environment, material prices and labour shortages.

According to the latest survey, the share of managers who continue to expect selling prices in construction to increase over the next three months is 25.4%.

Retail

The composite "retail business climate" indicator remained unchanged from October, at 27.7% to 27.5%. Retailers' views on sales volume over the past three months, as well as their expectations for the next three months, are positive.

The uncertain economic environment, competition in the industry and labour shortages remain the main factors constraining business activity, with their negative impact intensifying over the past month.

A majority of retailers anticipate selling prices to remain unchanged over the next three months.

Services

In November, the composite indicator "business climate in the services sector" increased by 0.8 points, from 15.1% to 15.9%, as a result of managers' more favourable assessments of the current business situation of enterprises. Regarding demand for services, the current trend is assessed as improved, while expectations for the next three months shift towards more moderate views.

The uncertain economic environment, competition in the industry and labour shortages remain the most serious obstacles to business development.

In terms of selling prices in the services sector, managers forecast some increase over the next three months.

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