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Bulgaria Registers Shrinking in Consumer Demand
Business | November 7, 2011, Monday // 14:20
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The uncertain economic environment and pessimistic expectations of consumers have led to less spending in Bulgaria. File photo
Consumer demand on Bulgaria's retail market is down by 3% in September 2011, compared to September 2010, and by 0.3%, compared to August of the same year.
The data was released Monday by Bulgaria's National Statistics Institute (NSI).
In the retail sector, sales of food items, beverages, and appliances are down both on annual and monthly basis along with fewer sales of computers and phones, which, until now, were showing stable growth. Only sales of medications and car fuels and oils are up.
Experts see as a reason for the shrinking demand the uncertain economic environment and pessimistic expectations of consumers, which leads to less spending – a trend noticed across Europe over economic delays in Germany and the UK, and worsening debt crisis in Italy and Greece.
Bulgaria was putting high hopes on demand to accelerate economic development after a slump in foreign investments. Cautious landing, freezing of income, and the uncertain economic environment have halted the country's retail, the Bulgarian Dnevnik daily writes Monday.
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