"Beyond the second wave of the crisis: improving expectations - decreasing uncertainty" is the title that summarizes the results of the IEER April 2014 Business Climate Survey. The results of the study indicate a strengthening of the positive changes, the business climate indicator increased and reached the level of April 2011. The increase of the index value was derived from the improved expectations of stock orders and business situation of enterprises. These positive changes are accompanied by a low and declining level of investment activity. According to the results, after a long period of stagnation labour demand in the following half year is expected to rise in the Hungarian private sector.