Bulgaria Consumer Confidence Continues to Decline in 2010

Finance | February 5, 2010, Friday // 13:12|  views

Bulgarian consumer confidence continues to decrease over the past three months, according to data published by the Bulgarian National Statistical Institute. Photo by nsi.bg

Bulgarian consumer confidence registered a fall in January 2010, particularly in urban areas, according to data published by the national Statistical Institute (NSI) on Friday.

There was a general increase in pessimism in consumers' assessments and expectations, as compared with the opinions expressed three months ago.

Consumers' overall views on the current development of the country's general economic situation worsened, dropping 3,5% in comparison with October 2009.

Their expectations for the next year are also down in the same period, by 1,3%.

Urban respondents showed a clear drop in confidence - down by 6,4% and 2,4%, respectively. Rural consumers, however, showed a small improvement in their assessments and confidence for the next 12 months.

Urban and rural consumers also gave a mixed assessment of their household financial situation. The former returned a positive response, up by 1,1% over the quarter, whereas the latter dropped by 6,0%.

The present economic situation in Bulgaria is seen as more unfavorable for saving, compared with October 2009; it is expected that the situation will not improve over the next 12 months.

Consumers continue to believe there has been a general increase in retail prices, and predict higher inflation over the coming year. They also expect unemployment to continue to increase.

As for making a major purchase, such as buying a car or home, or making home improvements, the data showed a slightly more pessimistic return than in October 2009.

The complete online NSI report is available HERE

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Tags: NSI, consumer confidence, unemployment, saving, retail prices


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