DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/01f5de/bulgaria_retail_re) has announced the addition of the "Bulgaria Retail Report Q3 2011" report to their offering.
The Q311 BMI Bulgaria Retail report forecasts that the country's total retail sales will grow from an estimated BGN15.01bn (US$10.50bn) in 2011 to BGN18.91bn (US$13.23bn) by 2015. Key factors behind retail market expansion include rising disposable incomes and Bulgarians seeking the choice and low prices offered by foreign and domestic chains. EU membership gained at the start of 2007 and a substantial amount of foreign direct investment (FDI) have allowed retailers to make significant inroads into the market, contributing to forecast average annual retail sales growth of 6.0% in local currency terms between 2011 and 2015.
Bulgaria's nominal GDP in 2011 is forecast to be US$48.02bn, with growth of 2.7% expected for the year. Average annual GDP growth of 3.3% is forecast by BMI between 2011 and 2015. Although the population is predicted to decrease slightly, from 7.5mn in 2011 to 7.3mn by 2015, GDP per capita is forecast to grow by 31.2% to reach US$8,389.
The growth in the overall retail market will be driven largely by a growing urban population, with higher disposable incomes and an interest in aspirational purchasing. According to the UN Population Division, the urban population in Bulgaria reached 72.2% in 2010 and will rise to more than 78.0% by 2030. Retail sectors that are likely to expand over the forecast period include consumer electronics, due to the growth potential offered by relatively low household penetration rates for digital products. BMI predicts that consumer electronics sales will rise by 24%, from a forecast US$1.30bn in 2011 to US$1.62bn by 2015.
In the automotives sector, sales of new imported completely built units (CBUs) should grow rapidly over the coming years, with BMI forecasting an increase in vehicle sales from 21,416 units in 2011 to 31,939 units by 2015, a rise of more than 49%.
Over the counter (OTC) pharmaceutical sales are predicted to increase by more than 24%, from US$0.24bn in 2011 to US$0.30bn, by the end of the forecast period.
Key Topics Covered:
Executive Summary SWOT Analysis
Bulgaria's Retail Rating
Market Overview
Industry Forecast Scenario
Regional Retail Outlook
Mass Grocery Retail
Consumer Electronics
Automotives
Country Snapshot: Bulgaria Demographic Data
Methodology
How We Generate Our Industry Forecasts
Sources
For more information on this comprehensive report please visit http://www.researchandmarkets.com/research/01f5de/bulgaria_retail_re.