Bulgaria’s overall business climate indicator has risen by 3.1 percentage points this month compared to its April level due to improved managers’ opinions in construction, retail trade and services, the country’s statistical office NSI said on Thursday.

In May, the business climate index in the industrial sector has remained liitle changed from the previous month as the number of production orders slightly increased and managers’expectations about the activity of the enterprises over the next three months improved, the NSI said in a monthly survey of business sentiment. Uncertain economic environment and insufficient domestic demand remain the main obstacles to the business development in the sector.

The business sentiment index in the construction sector rose by 2.5 percentage points due to the more favourable assessment of the current business position of the companies in the sector expressed by their managers. Their forecasts for the next three months remain optimistic, though more reserved compared to April.

The business climate in retail trade has improved by 5.7 percentage points on the back of more optimistic retailers’ assessments of the current situation and expectations about the business position of their enterprises during the next three months. Managers in the sector expect selling prices to remain flat over the next three months.

Prices in the services sector also are expected to remain unchanged with managers estimating demand has increased in May compared to April. However, their expectations for the levels of demand for services over the next three months are more reserved, the NSI said. The more optimistic managers’ assessments and expectations have led to a rise of 8.1 percentage points in the business climate index in the services sector in May compared to the prior month.

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