Boston, MA -- (SBWIRE) -- 08/08/2013 -- Recent political instability in Bulgaria has prompted us to downgrade our 2013 real GDP growth projection to 0.5%, from 1.5% previously. Ongoing commitment to fiscal consolidation and a fixed exchange rate will compound the impact of weaker private consumption and investment, dampening hope of a near-term economic recovery.

Headline Industry Data (local currency)

- 2013 per capita food consumption growth: +2.25%; forecast compound annual growth rate (CAGR) to 2017: +2.65%.
- 2013 alcoholic drinks sales growth: +4.0%; forecast CAGR to 2017: +5.12%.
- 2013 soft drinks sales growth: +6.27%; forecast CAGR to 2017: +4.18%.
- 2013 mass grocery retail sales growth: +4.17%; forecast CAGR to 2017: +5.75%.

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Key Industry Trends

Kraft Becomes Mondelez In Bulgaria: In May 2013, Kraft Foods Bulgaria officially changed its name to Mondelez Bulgaria as part of the international restructuring of Kraft Foods and the division of the business into two separate companies. The process of introducing a new identity and reorganisation started in October 2012, with the change taking place gradually in 165 countries worldwide. The Bulgarian subsidiary is part of the structure of Mondelez Central Europe along with 17 other countries in the region.

Carrefour Plans Expansion In Bulgaria: In early 2013, the exclusive franchisee of Carrefour in Southeast Europe, CM Balkans, revealed plans for further expansion in Bulgaria. According to the executive director of CMB Bulgaria, Christian Charitat, the retailer sees Bulgaria as the springboard for expansion in the region, with plans to open three hypermarkets in Sofia and between eight and 10 supermarkets nationwide over the course of 2014, retaining its focus on larger cities in the country. He also revealed that the retailer is considering adding another store format in Bulgaria.

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