Bulgarians' Consumer Confidence Down 7% in Q1 2011

Business | May 10, 2011, Tuesday // 12:47|  views

Bulgarians' expectations are for continuing layoffs in the next 12 months, but at lower rates. File Photo

In April, 2011, the total consumer confidence indicator decreases by 3.1% in comparison with January 2011, according to data published by the National Statistical Institute (NSI) Tuesday.

The drop is mostly due to a decrease of confidence among the rural inhabitants by 8.5%. The value of the indicator for the urban inhabitants decreases by 0.5%.

The consumers' total assessment of the current development of the general economic situation in the country over the last 12 months is even more unfavorable - the balance indicator decreases by 7.2% from January to April, 2011.

With regard to the economic situation over the next 12 months the expectations are also more pessimistic - minus 4.4%.

The assessment about the present situation of the households' budget is worsening by 10.2% for the rural population, whereas for the urban population the decrease is by 1.2%.

The expectations about the financial situation of households over the next 12 months also are worsening - a decrease of the balance indicator by 5.9%.

In April, the consumers' opinions about the increase of retail prices remain negative. The assessment of the inflation over the last 12 months has a higher value - plus 14% than it had 3 months earlier.

Inflation expectations about the next 12 months are preserved as well - an increase of the balance indicator by 3.4 percentage points.

With regard to unemployment the prevailing expectations again are for a reduction of personnel over the next 12 months with the rural population again more pessimistic.

The present economic situation in the country continues to be assessed by most of the consumers as unfavorable for savings, and expectations about the economic conditions for savings over the next 12 months are pessimistic as well.

The last poll registers a slight improvement - 1.7% of the total assessment of the present situation to make major purchases of durable goods1. However, consumers are more reserved regarding intentions of making such purchases over the next 12 months as they continue to express negative opinions regarding intentions of "making expenditures on home improvements, building or purchasing a home and buying a car over the next 12 months.

The survey is a part of the harmonized program of European Union for business and consumer surveys and it is representative for the population of 16 years and older.

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


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