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7 of August, 2017Research
Results of the IEER SME Outlook Survey July 2017

The results of the latest IEER SME Outlook business climate survey reveal that the business confidence significantly increased compared to the previous quarter: the Business Climate Index rose from 18 to 24 points. Thus, the decreasing tendency that started in January 2017 has been broken.

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10 of March, 2017Research
Corporate credits in Hungary, 2012-2016

In the following short analysis the Institute for Economic and Enterprise Research (IEER) examines the factors determining corporate borrowing and willingness to invest in Hungary. In the recent years several policies aimed to stimulate borrowing activity among Hungarian companies such as the reduction and the continuously low level of the central bank’s base rate or the Growth Loan program announced by the Hungarian National Bank. In our analysis three factors influencing the willingness to invest are examined: (i) interest margin and the development of interest rate environment, (ii) the quality of institutional and regulatory environment and (iii) the business climate and expectations of companies. Despite the policies implemented by the Hungarian National Bank interest margin is relatively high in Hungary in regional comparison making it difficult for companies to access financial resources. The uncertainty of institutional environment can make market players cautious as well. Business climate however, shows positive prospects, which means that business outlook does not explain the low demand for loans. In the future the reduction of interest margin, the improvement of institutional environment and competitiveness could have a positive effect on corporate borrowing and investments.

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2 of March, 2017Research
Internet usage among Hungarian SMEs

In its analysis the Institute for Economic and Enterprise Research examined the practices relating to internet usage among domestic small and medium sized companies. The analysis is based on the data of the January 2017 SME Outlook survey of 300 small and medium enterprises that have at least 20 employees. Beside the most general uses (maintaining contact with clients, maintaining an own website, administration) the Hungarian SMEs mostly use the internet to seek information. Among larger companies, among those that have foreign ownership, and among those of the commerce and manufacturing sector internet usage is more prevalent than in the case of other types of companies. 84 percent of the SMEs have an own website and these are mainly maintained by a professional. A clear evidence of the importance of internet usage among domestic companies is that 90 percent of them claim that if the internet did not work at their company for a week, it would mean a serious problem for the functioning of their businesses. At the same time however, most of the responding companies invest less than 1 percent of their income in purchasing and maintaining IT devices.

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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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5 of December, 2016Research
Results of the IEER SME Outlook Survey November 2016

The results of the latest IEER SME Outlook business climate survey reveal that the economic condition remains the same as that in the previous quarter: the Business Climate Index increased from 27 to 28 points. This is due to the fact that the vast majority of the sub-indicators stagnated compared to July 2016. Only three sub-indicators moved relative to the previous quarter: the production of level of the previous quarter dropped significantly, however, the expected business situation and the expected profitability slightly increased compared to July.

The Uncertainty Index is at a current level of 38 points, which is 2 point higher than in the previous quarter (it was 33 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 small and medium sized companies.

In sum, we can assess that the Business Climate Index dropped to 27 points in July 2016 and 28 points in October 2016 compared to the peak of April 2016 (33 points).

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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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6 of June, 2016Research
Results of the IEER SME Outlook Survey April 2016

The results of the latest IEER SME Outlook business climate survey reveal more favourable economic conditions compared to the previous quarter: the Business Climate Index increased from 25 to 31 points, which is the highest value since the beginning of the research (January 2005). This value is far higher than the one in April 2015 (23 points). The Uncertainty Index is at a current level of 37 points, which is almost the same as the value measured in the preceding quarter (it was 38 points in April 2015). 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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15 of February, 2016Research
Results of the IEER SME Outlook Survey January 2016

The results of the latest IEER SME Outlook business climate survey reveal more favourable economic conditions compared to the previous quarter: the Business Climate Index increased from 20 to 25 points, which is the highest value since the beginning of the research (January 2005). This value is far higher than the one in January 2015 (16 points). The Uncertainty Index is at a current level of 37 points, which is almost the same as the value measured in the preceding quarter (it was 38 points in October 2015). 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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8 of December, 2015Research
Results of the IEER SME Outlook Survey October 2015

The results of the latest IEER SME Outlook business climate survey reveal more favourable economic conditions compared to the previous quarter: the Business Climate Index increased from 16 to 20 points. This value is far higher than the one in October 2014 (10 points). The Uncertainty Index is at a current level of 38 points, which is higher than in the previous quarter (it was 35 points in July 2015), and the same as the value measured in the preceding 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.

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8 of September, 2015Research
Results of the IEER SME Outlook Survey July 2015

The results of the latest IEER SME Outlook business climate survey reveal a less favourable economic condition compared to the previous quarter: the Business Climate Index decreased from 23 to 16 points. This value is the same that the one measured in January (16 points) and a bit lower than the one in July 2014 (18 points). The Uncertainty Index is at a current level of 35 points, which is lower than in the previous quarter (it was 38 points in April 2015), and is equal to the value measured in the preceding 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.

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