Consumer Confidence in Bulgaria Declines 5.5 Percentage Points in July

In July 2007 the consumer confidence indicator deteriorated by 5.5 percentage points compared to its April level, shows data released by the National Statistical Institute (NSI). In urban areas the decline is 7.0 percentage points, 2.6 percentage points in rural areas.

As a whole, the July survey shows increasing pessimism in consumers assessments and expectations compared to expressed opinions three months ago.

Consumers assessments on changes in the financial situation of households over the last 12 months, as well as expectations for the next 12 months are more unfavourable. These balance indicators decline by 2.0 and 8.4 percentage points, respectively, compared to April survey.

Consumers pessimism is also increasing in the assessments of the development of the overall economic situation in the country, and in their expectations for the next 12 months. According to the survey, Bulgarians are also expecting a hike in unemployment.

Bulgarians think consumer prices kept on rising in July. The assessment on „inflation over the last 12 months“ hit its highest level so far. The balance of opinions was 61.7%, which is a 10.9 percentage points increase on April data. At the same time, expectations related to changes in consumer prices over the next 12 months are more negative - plus 12.8 percentage points in the balance.

Compared to the April survey, the last inquiry of NSI recorded a more unfavourable total assessment of the present situation in terms of peoples' ability to save money. At the same time, the balance indicators as regards to "spending money for home improvements in the next 12 months" and "buying a car" in the next 2 years are also declining.

The consumer confidence index is calculated on the basis of the balance on consumer expectations for the following year in terms of: financial situation of households, the overall state of national economy, ability to save money, and unemployment.

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