October 2014 was the thirty-fourth occasion of the business climate survey of HCCI Institute for Economic and Enterprise Research (IEER), which is Hungary’s largest business climate survey. This year's October survey is based on the responses of 2,853 company managers. The survey results show the business situation and the short-term expectations of managers. The following analysis summarizes the results of the October survey based on a representative sample by economic sectors, regions and number of employees. Compared to the 2012 recession the results confirm that in 2014 a turnaround occurred and a further improvement of the business climate is anticipated. The Hungarian firms’ business expectations improved once again after the rise of last year, indicating a more favourable business climate compared to the previous half year.