Dan Ostahie, Altex: Effects of Government's measures to be felt in September

Dan Ostahie, the owner of one of the biggest businesses in local retail, stated that as a result of the enforcement of the governmental steps to cut salaries and pensions the end of the year would become an uncertainty for the consumer goods sector and forecasts were hard to make for the last quarter of 2010. He added the local economy would see an up to 1% decline by the end of 2010 or would remain at the same level as last year, while Altex's business should reach 180 million euros, as previously estimated.

"Despite the measures announced, which will have a negative impact on consumer spending, we will continue with the same business plan. Let's see what happens in September first when we are able to gauge the impact of the governmental measures; however, we also need to start thinking of 2011 now, when we anticipate a rebound in demand for home appliances, especially if such measures remain in force," Ostahie said.