Cautious optimism among Hungarian SMEs – the third quarter report of the VOSZ Barometer 2025 has been published

By: Trademagazin Date: 2025. 10. 14. 12:50

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According to the latest Barometer report of the National Association of Entrepreneurs and Employers (VOSZ), the business sentiment of domestic small and medium-sized enterprises has slightly improved, while investment and financial indicators are stagnating or slowly deteriorating. The Barometer index for the third quarter of 2025 is 50%, which is the same as the previous quarter, but two percentage points lower than a year earlier.

Sentiment is improving, but the sense of security remains weak

58% of the companies surveyed rated the business sentiment as positive, which is two points higher than the second quarter. The short- and long-term outlook is also somewhat more optimistic, while the proportion of those who see the economic situation pessimistically has fallen to a historic low. Half of the companies consider the coming months to be risky, but only 7% assess the economic environment as particularly safe.

The biggest problems: tax burdens, inflation, decline in purchasing power

According to respondents, the most pressing problems of the economy continue to be high tax burdens, inflation and impoverishment, which are also reflected in the weakening of purchasing power. In addition to these, businesses often mentioned labor shortages, unpredictable economic policies and the lack of SME subsidies. Daily operations are most difficult due to poor payment morale, a lack of orders and rising costs.

Investments and the labor market: companies are characterized by restraint

The investment sub-index stands at 32%, which is a slight decrease compared to the previous quarter. Only one in four business leaders is planning new investments, and the same number is counting on hiring new employees. Although three-quarters of them do not see a need for layoffs, 85% do not plan to increase salaries, which is a record high compared to previous years.

The implementation rate of planned developments is also moderate: 55% of companies were able to complete their previously launched investments. However, a positive sign is that the rate of potential new business opportunities has increased again to 24% after three quarters.