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MKIK GVI: businesses are uncertain

Business managers judge all the examined aspects more pessimistically.

The economic and business research institute of the Hungarian Chamber of Commerce and Industry (MKIK GVI) indicates the uncertainty of the businesses that the first-quarter economic index, based on the January 2024 data collection, dropped to plus 13 points from plus 21 points in October 2023.

MKIK GVI asks the opinion of the managers of 350 companies employing at least 20 people about their company’s business situation and prospects in the business cycle survey.

In the announcement, it was highlighted that improving and deteriorating periods followed each other in 2023, as a result of which the current value of the quarterly economic indicator is only 3 points higher than the low point in October 2022.

Prior to this, the quarterly economic index reached a similar value during the second wave of the coronavirus epidemic, in October 2020 (plus 10 points), and before the pandemic it was last at a similar level in October 2014 (plus 12 points).

The value of the quarterly business cycle index is the highest for service companies, plus 26 points, while the lowest is for companies active in trade, with plus 6 points.

In the announcement, it was also pointed out that the managers of the enterprises judge all the examined aspects more pessimistically compared to the level of October 2023. Compared to the previous quarter, the largest deterioration of 15 points was observed in the assessment of the current business situation, a significant decrease also occurred in terms of the current profitability, the expected investment activity and the evaluation of the current order book.

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