Cautious optimism over business prospects in 2013

Domestic businesses are less optimistic about their operations next year than they were at the end of 2011. Even so, entrepreneurs in Bulgaria remain positive in their expectations for economic developments in 2013. Based on this indicator, Bulgaria ranks 8th among members of the European Union, where the prevailing view for next year involves more losses and economic trouble. Bulgarian businesses have lost some of their optimism since last year and, now, almost half of the firms forecast stagnating revenues, employment rate and investments. Nearly 40% of companies expect the business climate to improve next year, 23,5% reckon it will deteriorate and 37% see no change, compared to this year. The figures come from a new research by the Bulgarian Chamber of Commerce and Industry (BCCI) presented by its Chairman Tsvetan Simeonov. The report is part of a larger research by the Association of European Chambers of Commerce and Industry including 53,000 firms, 631 of which Bulgarian – nearly 400 in industry and 233 in services.

Most companies in Bulgaria expect lower revenues from domestic and foreign trade alike. Even so, Bulgaria has a pretty good export outlook, compared to other EU member-states. Exports are the region's chance to cushion effects from the crisis, Simeonov said. However, in this regard Bulgarian firms are more pessimistic than last year. The share of business leaders who believe export revenues will remain stable has increased by 16.7 percentage points to almost 50%.

Sentiment has also become slightly less optimistic where domestic trade revenues are concerned. The share of employers who expect revenue growth next year has dropped to 40% from 56% in 2011. The number of respondents who share a negative view, however, has risen only marginally, while the number of those expecting stagnation has increased significantly.

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