Bulgaria's business climate picks up in August despite recession fears
Managers of Bulgarian industrial plants remain upbeat about the business environment for the next few months, unscathed by fears of a new global recession and dwindling orders from abroad, according to National Statistics Institute (NSI) data on August 26.The country's business climate index gained 1.1 percentage points in August compared with July, with the industrial sector rising the most by 2.0 percentage points to just 2.1 percentage points below its long-term average score. The industry indicator is expected to reach the pre-crisis levels of late 2008 if the current uptrend continues in the next months.Production-sector companies, many of which generate their sales abroad, as well as retail companies have grown more optimistic about the business environment as the smaller number of orders from foreign contractors is offset by the gradual rise in domestic consumption and the expansion on eastern markets. Managers in the services sector have grown pessimistic again after several months of positive outlook.At the same time, construction entrepreneurs are most downbeat about their current financial state and the lack of orders for the next six months. (Source: The Sofia Echo)