In June 2025, the total business climate indicator increases by 1.9 percentage points compared to the previous month (from 19.8% to 21.7%) (Figure 1). An improvement of the indicator is observed in the construction, retail trade and service sector, and in the industry preserves approximately its May level.
Figure 1. Business climate - total
Industry. The composite indicator ‘business climate in industry’ remains approximately its level from the previous month (from 18.2% to 18.4%) (Figure 2). The industrial entrepreneurs assess the present production activity as favourable, while their expectations about the activity over the next 3 months are reserved (Figure 3).
Figure 2. Business climate in industry
Figure 3. Expected production activity in industry over the next 3 months
The uncertain economic environment and shortage of labour continue to be the main obstacles for the business development (Figure 4).
Figure 4. Factors limiting the activity in industry
(Relative share of enterprises)
The prevailing part of the managers expect the selling prices in the industry to remain unchanged over the next 3 months (Figure 5).
Figure 5. Selling prices expectations in industry over the next 3 months
Construction. In June, the composite indicator ‘business climate in construction’ increases by 2.8 percentage points (from 23.3% to 26.1%) (Figure 6), which is due to the positive construction entrepreneurs’ assessments and expectations about the business situation of the enterprises. In their opinion, the present construction activity is slightly improved, as their forecasts about the next 3 months are the activity to keep the same level. (Figure 7).
Figure 6. Business climate in construction
Figure 7. Expected construction activity over the next 3 months
The main factor limiting the activity in the sector is the shortage of labour, pointed out by 43.2% of the enterprises. In second and third place are the uncertain economic environment and costs of materials (Figure 8).
Figure 8. Factors limiting the activity in construction
(Relative share of enterprises)
Concerning the selling prices in the construction, the managers foresee certain increase over the next 3 months (Figure 9).
Figure 9. Selling prices expectations in construction over the next 3 months
Retail trade. The composite indicator ‘business climate in retail trade’ increases by 3.6 percentage points (from 26.8% to 30.4%) (Figure 10) as a result of the improved retailers’ assessments and expectations about the business situation of the enterprises. However, their forecasts about the volume of sales (Figure 11) and orders placed with suppliers over the next 3 months are reserved.
Figure 10. Business climate in retail trade
Figure 11. Sales expectations in retail trade over the next 3 months
In the last month an increase of the negative influence of the factor ‘uncertain economic environment’ is observed, which shifts to the second place the competition in the branch. In the background remain the insufficient demand and shortage of labour (Figure 12).
Figure 12. Factors limiting the activity in retail trade
(Relative share of enterprises)
In comparison with the previous month, the share of retailers who expect the selling prices in the sector to increase over the next 3 months is rising (Figure 13).
Figure 13. Selling prices expectations in retail trade over the next 3 months
Service sector[1]. In June, the composite indicator ‘business climate in service sector’ increases by 3.0 percentage points (from 12.4% to 15.4%) (Figure 14), which is due to the favourable managers’ assessments about the present business situation of the enterprises. Their opinions about the present demand for services are positive, while the expectations over the next 3 months are shifting to the more moderate opinions (Figure 15).
[1] Excl. trade.
Figure 14. Business climate in service sector
Figure 15. Expected demand in the service sector over the next 3 months
The most serious problem for the activity continue to be the uncertain economic environment, followed by the competition in the branch and shortage of labour (Figure 16).
Figure 16. Factors limiting the activity in service sector
(Relative share of enterprises)
Concerning the selling prices in the service sector, the managers’ forecasts are for slight increase over the next 3 months (Figure 17).
Figure 17. Selling prices expectations in the service sector over the next 3 months
Methodological notes
The business surveys in the industry, construction, retail trade and in the service sector gather information about the entrepreneurs’ opinions about the situation and development of their business.
Since May 2002, all business surveys have been co-financed by NSI and the European Commission ( ) according to agreements signed between these two institutions. NSI has undertaken to conduct the surveys according to the Harmonized EU Programme. Any notice or publication of NSI reflects the author’s view, and the Commission is not liable for any use that may be made of the information contained therein.
Since July 2010, NSI has started publishing the business surveys data according to the new Classification of Economic Activities (NACE.BG - 2008) (NACE Rev. 2). All of the time series have been recalculated according to the Classification and are comparable throughout time.
The replies to questions from the inquiries are presented in a three-option ordinal scale of the following type: ‘up’, ‘unchanged’, ‘down’ or ‘above normal’, ‘normal’, and ‘below normal’. The balances of assessments are calculated as a difference of the relative shares of extreme variants of answers. The ‘Business climate indicator’ is a geometric mean of balances of assessments of the present business situation and the expected business situation of enterprises in the next 6 months.
The total business climate indicator is a weighted average of four branch business climate indicators in: industry, construction, retail trade and in the service sector. The last indicator of the business climate in the service sector has been included in the total time series since
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