Bulgaria's economy is recovering, yet the process is very slow. According to expectations of the local business, the recovery would continue in 2015, a survey of the Bulgarian Chamber of Commerce and Industry reads. Meanwhile, the distrust of the real economy towards the steadfastness of the economic policy of the new Borissov cabinet has been rising. The business feels uncertainty. It fears that the current regulations may impede their activity and bring them higher loss.

According to the managers' expectations, the cost of their production would increase, which would put additional pressure over their meager profits. The increase of the production costs would be caused by more expensive fuels, energy and raw materials. The labor cost is also to see some increase due to the expected rise of the minimum insurance thresholds and other taxes paid by the Bulgarian employers.

In 2015 the Bulgarian companies will count again on exports. These firms are optimistic about the demand on the world and the European market, where they sell nearly 60% of their total produce.

 “The Ministry of Economy has recently announced that 87% of the country's small and medium-sized enterprises export their produce, which is a very good indicator for this country and its open economy”, the President of the Bulgarian Chamber of Commerce and Industry Tsvetan Simeonov told Radio Bulgaria.

However, the exports are expected to see a slow increase due to the complicated geopolitical situation and the global economic uncertainty.

The companies remain cautious when they plan their investments for 2015 due to the growing distrust towards the stability of the economic policy. Most managers intend to keep the level of their investments flat. The group of the optimists who say that they would spend more money on investments is growing slowly. The Bulgarian companies expect a slight improvement with regard to the banks' credit policy and the work of the institutions under EU projects.

The employment forecasts are connected with the investment ambitions of the local business. Over half of the surveyed Bulgarian entrepreneurs are not planning to hire new personnel. The good news is that the number of the companies who are planning to cut staff has dwindled. On the other hand, the number of the firms which are planning to employ new personnel in 2015 has increased slightly.

English version: Kostadin Atanasov