Bulgaria’s Consumer Confidence Keeps Worsening

Bulgaria’s consumer confidence index dropped and consumers expectations worsened last month compared to levels recorded three months ago, the statistics office said on Wednesday.

Consumer confidence index fell 2.9 percentage points in October compared to July due to decreased confidence of both urban and rural population, by 3.0 and 2.8 percentage points respectively, the National Statistical Institute (NSI) said in its latest quarterly survey of consumer sentiment.

In July, the index dropped 4.3 percentage points compared to April.

The assessment of the state of Bulgaria’s economy over the past 12 months and expectations for the next 12 months have both deteriorated in October, by 4.2 and 2.5 points respectively compared to July.

 Compared to July, consumers’ assessments and expectations about the financial state of households also were more pessimistic in October.

Despite deflation recorded in most of the past 12 months consumers‘  assessment of price changes during the period was more unfavourable in October compared to July. Inflation expectations for the next 12 months have also intensified.

Most consumers see the current economic situation in Bulgaria as unfavourable for making saving and their expectations of being able to do so over the next 12 months are more reserved.

At the same time, consumers assess the current economic situation as unfavourable for buying durable goods. Consumers are also more reserved towards prospects of buying or building a home, buying a car or making home improvements over the next 12 months.

Most consumers surveyed in October expect unemployment to continue to increase over the next 12 months which adds weight to their bleak expectations relating to making savings and purchasing durable goods.

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