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75% of Business Owners in Bulgaria Say Economy Worsened in 2012

Business | December 15, 2012, Saturday // 17:48

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Bulgaria: 75% of Business Owners in Bulgaria Say Economy Worsened in 2012

Bozhidar Danev, CEO of BIA, photo by Sofia Photo Agency

According to the results of an annual survey of the Bulgarian Industrial Chamber (BIA), 75% of the business owners polled find that the economic environment in the country deteriorated in 2012.

According to the results of BIA's annual survey, 21% of the company owners and managers believe that the situation remained unchanged in 2012, while only 2% believe that the economic situation improved.

The survey was conducted among 500-plus managers and company owners in the period December 1 – 10, 2012.

46% of the respondents say that the financial condition of their company worsened in 2012, 33% claim that they managed to keep the results from 2011, and 16% report progress.

The negative impact of the crisis was most tangible on sales, with 61% of the companies reporting declines, followed by investments (51%), production volumes (49%), and jobs (47%).

At the same time, 79% of the respondents say that the government was successful in adopting measures to counter the crisis, 12% find it hard to decide, and 9% give a positive estimate.

Nearly half of the respondents remain pessimistic about economic processes in 2013, suggesting that the crisis will deepen, 30% expect no change, and 16% hope that things will settle down.

BIA's 2012 data is very close to the results of the survey in 2010 and to some extent more optimistic than in the score in 2011, when as much as 71% of the respondents argued that the crisis would deepen, while 9% expected no change.

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