Bulgarian companies have reported lower levels of performance in 2018 amid a worsening business environment, an annual survey conducted by the Bulgarian Industrial Association (BIA) showed on Monday.

As many as 30 percent of the 740 business representatives surveyed said production volumes of their companies have increased and 33 percent reported sales growth, but declines were reported by 41 percent and 38 percent, respectively.

In addition, only 11 percent of the companies increased their investment in new production capacities and facilities and 12 percent in new products, while declines were reported by 29 percent and 37 percent, respectively.

Meanwhile, 49 percent said the business climate has deteriorated in 2018. For 34 percent it remained unchanged and 14 percent saw improvement, the survey showed.

As for their expectations for the next year, 84 percent of respondents foresaw a rise in raw material prices; 95 percent an increase in energy prices; and 89 percent expected fiscal burdens to become heavier. Nevertheless, 36 percent expected Bulgaria's economy to grow, while 26 percent predicted a decline.