Another Difficult Year For Beer

BMI expects Bulgarian beer to remain weak through 2010 in line with our downbeat Balkan view. Coming off a difficult 2009 where headline beer volumes are estimated to have dipped 4.39% year-on-year (y-o-y (and an even stronger decline in value sales), we expect discretion to continue weighing down on beer with a 2.07% decline forecast for 2010 to go with an anticipated 1% y-o-y decline in real private consumption.

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