Bulgaria's new car sales decline slowed in October to 32.8% on the year compared with 37.8% a month earlier and some 40% at the beginning of 2010, according to figures from the Association of Automobile Manufacturers (AAM).

Car makers in the country said they believed the market had bottomed out and begun to stablise.

However, they added that there were still no positive signs of growth.

Between January and October, 15,407 new vehicles were sold in Bulgaria against 22,949 units in the year-earlier period.

In October alone, car dealers sold 1,650 vehicles, down from 1,874 in the same month of 2009, an annual decrease of 11.95%.