Bulgarian businesses cautious in their expectations for 2017: survey

Bulgarian businesses are cautious in their expectations for 2017 amid uncertainties at home and abroad, a survey of the Bulgarian Industrial Capital Association (BICA) showed here on Monday.

The main factor creating uncertainty in the forecasts are the complicated domestic political situation, the upcoming early parliamentary elections, external risks such as the refugee crisis, as well as the growing problem with the lack of skilled labor force, the survey said.

In 2017, BICA members expect moderate sales growth of about three to four percent, and an increase in salaries by an average of five to seven percent, the association's chairman Vasil Velev said at a press conference.

The majority of exporters do not expect a change in their exports in 2017, and almost 50 percent of managers plan to increase their investments in the next year, the survey showed.

However, these expectations may not come true due to the anticipated political instability in the country, Velev said.

"The labor shortage comes as a major problem for businesses, and in its severity it has already surpassed corruption and administrative obstacles as barriers to doing business," added Velev, whose association unites over 10,000 companies with more than half a million employees. Endit