Results of the IEER SME Outlook Survey October 2014

The HCCI Institute for Economic and Enterprise Research (IEER) SME Outlook business climate survey in October 2014 shows that the level of business confidence declined significantly compared to the previous quarter. The Business Climate Index declined to 9 points from the 18 points measured in July. This severed the improving trend observed since the beginning of 2014. However, it is important to note that the index is still significantly higher than it was last year in the same period (2 points). The Uncertainty Index is at 36 points level, which is one point lower than its value in July, so the uncertainty seems to stagnate after the increase in the beginning of the year. The 36 points level is slightly higher than the level measured last year (31 points in October 2013), but lower than the level measured two years ago (44 points in October, 2012). This suggests that the deterioration in business expectations is not universal and that it only concerns a part of the business community.