Bulgarian companies report lower performance in 2023: survey

SOFIA, Dec. 18– Bulgarian companies have reported lower levels of performance in 2023, an annual survey conducted by the Bulgarian Industrial Association for the 19th consecutive year showed on Monday. “The numerous crises that have accumulated over the past 2-3 years, inevitably affected the performance of the companies,” the survey said.

SOFIA, Dec. 18 (Xinhua) — Bulgarian companies have reported lower levels of performance in 2023, an annual survey conducted by the Bulgarian Industrial Association (BIA) for the 19th consecutive year showed on Monday.

“The numerous crises that have accumulated over the past 2-3 years, inevitably affected the performance of the companies,” the survey said.

As many as 29 percent of the 784 business representatives surveyed said the condition of their companies deteriorated in 2023 against 22 percent who reported improvement.

Year-on-year declines in production volumes and sales were reported by 30 percent and 36 percent, respectively, against 31 percent and 30 percent who reported increases, the survey showed.

In addition, only 11 percent of the companies increased their investment in new production capacities and facilities and 16 percent in new products, while declines were reported by 30 percent and 29 percent, respectively.

Meanwhile, 57 percent said the business climate has deteriorated in 2023 against 14 percent who saw improvement, the survey showed.

As for their expectations for the next year, 24 percent expected Bulgaria’s economy to grow, while 43 percent predicted a decline. Enditem