Business outlook improves, chamber survey shows
The biannual gauge of business confidence by the Hungarian Chamber of Commerce and Industry's (MKIK) Economy and Business Research Institute (GVI) rose to +34 points in October from +30 in April, MTI new agency reported.
Chamber head László Parragh said businesses' outlook shows the Hungarian economy is on the path of growth, although managers still see external risks, such as the slowdown in growth in Germany and the protraction of the Russia-Ukraine conflict, as well as uncertainty over the domestic regulatory environment.
With the exception of the construction industry, every component of the confidence measure improved. The index was the highest among industrial companies, with foreign-owned exporting companies being the most optimistic.
Economic growth is more and more based, however, on domestic resources, Parragh said. The ratio of competitive sector companies planning large hires in the next six months was the highest in 12 years, he added. The survey also indicated a rise in capacity utilisation. In answer to a question, Parragh said that foreign criticism against Hungary has in general had an adverse effect on confidence, but senior business officials still see it worth investing here.
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