Bulgarian Economy to Slump 1% Y/Y in 2010

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Bulgarian Economy to Slump 1% Y/Y in 2010

Coface Bulgaria forecasts a 1 per cent slump in Bulgarian economy in 2010 compared with 2009.

Based on data on the current situation, the Bulgarian operation of the Coface Group expects a growth of over 50 per cent in intercompany liabilities in 2009 year-on-year.

The effects of the global crisis hit Bulgaria a year later than most other countries, said Kamelia Popova, Managing Director at Coface Bulgaria. In her view, the crisis in this country will reach its worst in the next six or nine months.

Recovery signs can be expected in the second half of 2010. The Coface rating of the 500 largest companies of Central and Eastern Europe reflects the development of the crisis in the region. The Bulgarian companies representing Bulgaria have a total turnover of over 15,560 million euro or 2.9 per cent of the aggregate turnover.

The Bulgarian companies in Central and Easter Europe's "Top 500" operate in industries which are stable by tradition: fuel production and sale, inputs trade, telecommunications. Lukoil Neftochim Bourgas, placed 23rd, by Coface, accounts for the largest turnover.

Source: BTA

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