Bulgaria's overall business climate indicator decreased 2.1 points m/m in October 2013 after staying flat in the previous two months, pulled down by negative outlook in industry and services, according to a survey by the statistics office. In October, Bulgarian entrepreneurs remained heavily concerned about the uncertain economic environment.
Compared to a year earlier, the sentiment worsened for the seventh consecutive month, as the business climate index dropped 0.8 points y/y in October.
Outlook in manufacturing deteriorated by 4.6 points m/m in October due to expectations for worsening production activity in the next three months and less favourable business environment in the next six months. Manufacturers remained concerned about low domestic demand.
The sentiment indicator in construction remained largely at its previous month level (up 0.4 points m/m) in October. Construction managers became more pessimistic about the level of new orders and the overall business activity in the next three months. They identified financial difficulties and increasing competition as the sector-specific obstacles to growth.
The business climate index in the retail trade sector rose 1.6 points m/m in October. On the other hand, sentiment in the services sector worsened by 3.3 points m/m as entrepreneurs in the sector lowered their assessment of the current business situation and also became less optimistic about the expected demand in the next three months.
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