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15 of May, 2017Research
Results of the IEER Quarterly Business Climate Survey

The results of the latest quarterly business climate survey reveal less favourable economic conditions compared to the previous quarter: the IEER Quarterly Business Climate decreased from 31 to 21 points. It means that the enterprises detect a turning point: we received at least 30 points in each quarter since January 2016, 21 points were measured for the last time in July 2015. (The Business Climate Index was 33 points in the same period of the previous year.)

This decline is mainly due to the fact that businesses are evaluating the current profitability, stock order, business situation, and past six-month production levels more negatively than in January. In addition, expectations on the development of investments have become more pessimistic.

The Uncertainty Index is at a current level of 35 points, which is slightly lower than in the previous quarter (it was 36 points in January 2017). The value of the Uncertainty Index indicates that the current trend is not uniform within the private sector, and that it will continue to be confined to one part of the economy and will not be felt by all companies.

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9 of February, 2017Research
Results of the IEER SME Outlook Survey January 2017

The results of the latest IEER SME Outlook business climate survey reveal that the business confidence slightly decreased compared to the previous quarter: the Business Climate Index fell from 28 to 25 points. The value of the index was 25 points in January 2016.

The Uncertainty Index is at a current level of 38 points, which is the same as in the previous quarter. The value of the Uncertainty Index indicates that the current trend is not uniform within the private sector, and that it will continue to be confined to one part of the economy and will not be felt by all small and medium sized companies.

In sum, we can assess that the Business Climate Index after the peak (33 points) in April 2016 dropped to 27 points in July 2016 and it was 28 points in October 2016, now a decrease (25 points) occurred again.

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7 of February, 2017Research
Results of the IEER Quarterly Business Climate Survey January 2017

The results of the latest quarterly business climate survey reveal that the economic condition remains the same as that in the previous quarter: the IEER Quarterly Business Climate Index is 30.5 points, and it was 30.4 points in October 2016. The value of the indicator was 30.5 points in July 2016, that is, the last three quarters are characterized by the stagnation of the Business Climate Index. (The Business Climate Index was 31.7 points in the same period of the previous year.)

The Uncertainty Index is at a current level of 36 points, which is slightly higher than in the previous quarter (it was 35 points in October 2016). The value of the Uncertainty Index indicates that the current trend is not uniform within the private sector, and that it will continue to be confined to one part of the economy and will not be felt by all companies.

In sum, we can assess that the level of business climate is still favourable in January 2017, however, there were no improvement compared to October 2016, the value of the index stagnated.

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2 of February, 2017Research
Business perception of labor shortage in Hungary

In its analysis the Institute for Economic and Enterprise Research (IEER) examined the perception of labor shortage among Hungarian companies. The analysis is based on the data of the October 2016 Business Climate Survey of 3185 companies among which 2980 answered questions related to recruiting difficulties, and labor and skill shortage. The analysis also covers how recruiting difficulties and expected investments, stock orders, and plans of salary increase are related. The results show that a growing number of Hungarian companies consider recruiting difficulties and labor shortage as an obstacle to business activity and two thirds of them expect that the problems related to this are going to worsen in 2017. The most prevalent problem mentioned by the companies is the recruitment of senior employees. Plans of salary increase and recruiting difficulties are positively related showing that salary increase is a possible way of adaptation to labor shortage among the Hungarian companies.

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1 of December, 2016Research
Results of the IEER Quarterly Business Climate Survey October 2016

The results of the latest quarterly business climate survey reveal that the economic condition remains the same as that in the previous quarter: the IEER Quarterly Business Climate Index is still 30 points. The upward trend since October 2015 has been broken in July 2016, when the Business Climate Index decreased from 33 points to 30 points. According to our results, this quarter is characterized by stagnation. (The Business Climate Index was only 24 points in the same period of the previous year.)

The Uncertainty Index is at a current level of 35 points, which is slightly higher than in the previous quarter (it was 34 points in July 2016). The value of the Uncertainty Index indicates that the current trend is not uniform within the private sector, and that it will continue to be confined to one part of the economy and will not be felt by all companies.

In sum, we can assess that the level of business climate is still favourable in October 2016, however, there were no improvement compared to July 2016, the value of the index stagnated.

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23 of August, 2016Research
Results of the IEER SME Outlook Survey August 2016

The results of the latest IEER SME Outlook business climate survey reveal less favourable economic conditions compared to the previous quarter: the Business Climate Index decreased from 31 to 27 points. Thus the upward trend since last October was broken. While enterprises regard their current situation more favourable compared to the previous quarter, they consider their future prospects more negatively than in April. It means that the SME sector predicts a turning point in the trends of domestic business climate.

The Uncertainty Index is at a current level of 36 points, which is almost the same as the value measured in the preceding quarter (it was 37 points in April 2016). The value of the Uncertainty Index indicates that the current trend is not uniform within the private sector, and that it will continue to be confined to one part of the economy and will not be felt by all small and medium sized companies.

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12 of August, 2016Research
Results of the IEER Quarterly Business Climate Survey July 2016

The results of the latest quarterly business climate survey reveal slightly less favourable economic condition compared to the previous quarter: the IEER Quarterly Business Climate Index decreased from 33 to 30 points, thus the upward trend since October 2015 has been broken. According to the results the enterprises see their future prospects – not their current situation – more pessimistic than in April, that is, they predict the deterioration of the so far favourable business climate. The Business Climate Index was only 21 points in the same period of the previous year.

The Uncertainty Index is at a current level of 34 points, which is slightly lower than in the previous quarter (it was 35 points in April 2016). The value of the Uncertainty Index indicates that the current trend is not uniform within the private sector, and that it will continue to be confined to one part of the economy and will not be felt by all companies.

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20 of June, 2016Research
The use of fringe benefits among Hungarian companies

In its ongoing analysis of Hungarian companies, the Institute for Economic and Enterprise Research (IEER) examined the practices relating to the use of fringe benefits among domestic enterprises. The analysis is based on the data of the April 2016 Business Climate survey of 1,771 domestic enterprises employing at least one person; they were questioned in relation to the non-wage benefits they provide. The results show that 55% of companies with a minimum of one employee provided at least one form of fringe benefits in 2016, the most popular non-wage benefits being considered were local travel allowances and the Erzsébet vouchers (food coupons, but sometimes used for non-food purchases). The use of fringe benefits is associated with a company's size, the economic sector it operates in, and its level of foreign ownership, as well as a firm’s business situation: the highest proportion of those that provide fringe benefits are typically medium and large sized companies, those that are foreign-owned, firms operating in the manufacturing sector, and those in a good business situation. For 83% of responding companies, the amount allocated to fringe benefits has not changed over the past year, while for 7% it declined compared to the previous year, and 11% reported that it increased. Those raising fringe benefits were characteristically those in a good business situation and those companies that lifted wages in 2015. Overall, domestic enterprises consider the role of fringe benefits as having a medium effect when making their company attractive to employees.

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14 of June, 2016Research
Late payments and debt queues among Hungarian companies

A recent analysis from the Institute for Economic and Enterprise Research (IEER) of the Hungarian Chamber of Commerce and Industry (HCCI) examined the experiences of late payment and debt queues of domestic enterprises. The results are based on data from the IEER January 2016 Quarterly Business Climate Survey during which we asked 400 domestic enterprises about the topic. The results show that 81% of businesses had at least one business partner that paid late in 2015, while 45% of respondents themselves owed to their suppliers at least once in the period under review. The highest proportion of late payments was among small businesses and the construction sector. From the combined results of the last few years, though, it appears that the situation of companies in terms of late payments has improved: the number of business partners paying late has declined on average as well as the amounts outstanding. The proportion of companies that could not pay their suppliers on time at least once because of a late payment by their customers is also in decline, as well as, compared to previous years, the proportion of respondents who feel that the debt queue problem is worsening.

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3 of June, 2016Research
Results of the IEER Business Climate Survey – April 2016

Regarding the new results of the IEER Business Climate Index (the survey is based on the answers of 3187 enterprises) further positive changes can be expected. The IEER Business Climate Index rose to +49 points in April 2016 from +45 points in October 2015. The value of the Uncertainty Index has not changed since the last survey (October 2015).

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