The HCCI Institute for Economic and Enterprise Research (IEER) business climate survey in July 2014 shows that the level of business confidence in Hungary continued to improve compared to that seen in the previous quarter, and that for three consecutive quarters a rising business confidence was detected. Since the indicators show that business confidence in the second quarter of 2014 continues the improvement apparent since the last quarter of 2013, it has thus reached the best level in the history of the IEER Quarterly Business Climate Index, that is, since 2010. In addition, the value of the Uncertainty Index indicates that the current trend is not uniform within the private sector, and that the recovery will continue to be confined to one part of the economy and will not be felt by all companies.