Executive Summary Passenger car sales in Bulgaria declined 9.8% y-o-y in the first quarter of 2013, to 3,541 units (although this figure may be subject to an upward or downward revision due to the unreliability of the statics). In 2013, we expect private consumption to remain weak on the back of prolonged political uncertainty exacerbating existing dynamics in the labour market. The weak sales figures to date and our bearish outlook for consumer sentiment have prompted us to revise our 2013 sales forecast to a decline of 12% over the year, from a 3.3% decline previously. Indeed, Passenger car sales …
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