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).

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.

The 38^th wave of the IEER Business Climate Survey was conducted in October 2016. This is the largest business climate survey in Hungary with regard to the number of participating companies. This year 3185 managers responded to the questionnaire on their business climate and short-term business expectations. The surveyed companies are representative to the Hungarian business sector in terms of economic performance, region and sector distribution. This analysis summarizes the results of the October 2016 survey. According to the new results of the IEER Business Climate Survey the IEER Business Climate Index decreased to +48 points in October 2016 from +49 points in April 2016, which is the second highest value in the history of the survey. Companies are still very positive about their current business climate, however, it seems that the continuing upward trend since October 2012 is broken. This is due to the fact that the expectations on investments (especially construction and machinery investments), profitability and stock orders are slightly more pessimistic than in the previous period. The value of the Uncertainty Index has increased by one point (October 2016: 48 points) compared to April 2016. This refers to the fact that the difference between the evaluations of the enterprises has not changed compared to the previous period.

The new (digital) revolution generates significant changes in the labor market. The result of the ‘skilled-biased technological change’ suggests the following expectations: the demand for unskilled workers will decrease and the demand for high educated labor force will significantly increase. The full automation of certain professions will result in a decrease in the number of work places. In the IEER research the possible effects of automation on the Hungarian labor market were studied with a primary focus on the effects on districts and counties.

In the following analysis we present the major conclusions drawn from the organization and conducting of the recent Rio de Janeiro Summer Olympics and Paralympics. There have been numerous media coverages and reports by those concerned that have drawn attention to deficiencies, maladministration, and dangers concerning participants and the audience. These facts raise the following question: how was Rio de Janeiro be able to get the right to host the Olympic Games? In the analysis those factors and conditions will be presented that are indispensable to host the Games. Main focus will be given to economic aspects.

Economic and social indicators can explicitly describe the economic situation and the potential improvements of a country, as well as they can be part of an international comparison. These 48 economic and social indicators compiled by IEER illustrate the most important economic processes and current situation of Hungary. They can also help us to evaluate Hungary in the regional contest and compare with its earlier performance. In the indicator-set yearly, quarterly and monthly data are available. The data collection was closed on 1st September.

Labels and notes belonging to the graphs are in Hungarian.

The result of the June 23th United Kingdom referendum shocked the world. The sudden drop in the exchange rate of the British Pound on the following days supports this very clearly (see Figure 1, 23 to 30 June 2016). In the following brief analysis we describe potential effects of Brexit that may have an impact on Hungary in the medium term. In our work we summarize the conclusions of the Hungarian and international literature related to the UK’s withdrawal from the European Union. The most obvious result of the referendum so far is the financial and political uncertainty that is dominating Europe. Another effect may be a significant decline in the Hungarian Gross Domestic Product in 2016 and the next few years.

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.

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.

The IEER analysis examines plans for further education of students from the nation’s best high schools. The results show that a vast majority of students want to continue their education, namely at national institutions of higher education, and only 7% of them would study abroad (as well). The available statistics also indicate that Hungarian students do not participate in large numbers in (long-term) foreign study, but in recent years their numbers show a growing trend.