A measure of business confidence by the Confederation of Hungarian Business (VOSZ) rose to 54% in the first quarter, Ákos Kozák, the director of the Balance Institute, which helps prepare the index, announced.
Among the sub-indices of the VOSZ Barometer, the measure of business sentiment rose 3 percentage points from the previous quarter to 61%. One-third of respondents expect to make new hires and 38% plan investments. Around 60% said they could complete their planned investments, a big improvement over the previous two years.
Among the problems related to the country’s economic situation, respondents once again ranked unpredictability as the top concern, just as they did in the previous quarter; this was followed by high tax burdens, economic policy in general, and high energy prices. Inflation, however, fell to fifth place.
Among the problems related to day-to-day business operations, declining purchasing power is the most significant, according to businesses. In addition, they view payment practices, a lack of orders, labor shortages, and unpredictability as the biggest concerns.
About 69% of respondents said they planned no pay rises.
VOSZ chief secretary László Perlusz said the survey was conducted among some 600 SMEs, including 400 VOSZ members.
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