EUROCHAMBRES Economic Survey 2015

EUROCHAMBRES Economic Survey 2015
Table of contents
Foreword............................................................................................................................... 3
Executive Summary .............................................................................................................. 5
Challenges to business confidence ....................................................................................... 6
Trading within and beyond the EU ........................................................................................ 9
Employment Creation.......................................................................................................... 11
Sales and investment .......................................................................................................... 13
Appendix ............................................................................................................................. 17
Methodology .................................................................................................................... 17
Questionnaire .................................................................................................................. 26
Countries participating in survey ...................................................................................... 28
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2
EUROCHAMBRES Economic Survey 2015
Foreword
The deep gloom of the 2008-13 period is
thankfully
less
apparent
in
EUROCHAMBRES Economic Survey (EES)
2015, the 22nd edition of this annual
assessment
community’s
of
European
expectations
for
business
the
year
ahead. Nonetheless, the feedback indicates
that Europe is not yet out of the woods and
that the recovery remains slow. Perennial
problems, such as high labour costs, low
investor
confidence
and
financing conditions, remain
unfavourable
in
several
economies. At the same time, geopolitical
tensions with EU trading partners and ongoing obstacles to buying and selling within
the EU seem to be turning businesses back towards their national markets, a
worrying trend in this era of digital and global opportunities.
Several of the EES indicators are of course inextricably linked: investment will not
improve unless sales increase and employment will not rise without more
investment. Europe’s recovery will be restricted unless policy makers act swiftly,
decisively and coherently to address this negative ‘chicken and egg’ pattern.
The recent announcement of the European Commission’s Investment Plan for
Europe could therefore not be timelier. It is an encouraging signal of the new
Commission’s intent and EUROCHAMBRES welcomes the investment stimulation
philosophy that underpins it. National governments must be similarly ambitious and
innovative in the measures they take to strengthen business confidence, facilitate
access to finance, dynamize labour markets, stimulate investment and provide
market opportunities.
3
EUROCHAMBRES Economic Survey 2015
EES2015 is a clarion call to leading policy makers for the new EU term to provide the
business community with the framework conditions that it requires to drive Europe’s
economic recovery. I can assure you that EUROCHAMBRES and the Chamber
network will be doing their utmost to ensure that this call is heard clearly and acted
upon.
Dr Richard Weber
President of EUROCHAMBRES
4
EUROCHAMBRES Economic Survey 2015
Executive Summary
The EUROCHAMBRES Economic Survey (EES) 2015, based on responses from over
60,000 European businesses, indicates a sluggish economic recovery in most of the 261
countries participating in the survey.
All economic indicators show a clear improvement in outcomes during 2014, but apart from
domestic demand and employment, the majority of indicators for 2015 slowdown in their rate
of growth.

The upturn in business confidence of 2014 continues for 2015, but levels vary
hugely, with the Iberian peninsula most buoyant while German businesses offer a
much gloomier forecast.

Exports in 2015 are expected to increase but at a slower pace than in recent years,
given the heightened geopolitical tensions and the uncertain global environment.
Greece and Turkey stand apart from the rest, registering the greatest expected
increase.

Domestic sales and employment show encouraging signs of recovery. Portugal is the
most optimistic, seemingly anticipating a positive impact from the reform programme.

Businesses identify domestic demand, foreign demand and economic policy
conditions as the hardest challenges to cope with. Access to finance remains a major
concern for business sector’s growth, contributing to the stagnation of investment
expectations.
As ever, the results vary considerably across countries, but, being overall in line with the
recent European Commission forecasts2, they paint a picture of modest growth.
1
For a complete list of participating countries is consult the Appendix
European Economic Forecast, Autumn 2014
http://ec.europa.eu/economy_finance/publications/european_economy/2014/pdf/ee7_en.pdf
2
5
EUROCHAMBRES Economic Survey 2015
Challenges to business confidence
Challenges ahead
Respondents to EUROCHAMBRES Economic Survey (EES) 2015 were asked to identify up
to three challenges respectively faced during 2014 and that they anticipate as being the
most significant in 2015.3
Domestic demand remains constrained and far from the pre-crisis level and needs further
support, as reflected in its prominence among the challenges identified in EES2015, both for
2014 and 2015.4
Many report difficulties in coping with general economic policy conditions. This confirms that,
apart from specific issues that create challenges for individual businesses in particular
sectors or areas of activity, entrenched economic obstacles to productivity and
competitiveness remain.
Two other persistent issues of concern for businesses- financing conditions and labour costsfeature strongly among the challenges for the year ahead. Addressing these challenges
3
Respondents were asked to select up to 3 from a list of 8 challenges, without ranking their selection. The list of 8 challenges
can be seen in the EES2015 questionnaire in the Appendix
4
Graphs of the ‘challenges’ question are available in the Appendix
6
EUROCHAMBRES Economic Survey 2015
effectively will be a key factor in the new EU leadership’s ability to steer Europe towards
recovery.
Business Confidence
The EUROCHAMBRES Economic Survey business confidence indicator5 captures
respondents’ general sentiment about their prospects for the year ahead, reflecting their
level of optimism. EES2015 reveals that business confidence for the year ahead remains
roughly at the same level of 2014. This result is in line with the European Commission’s
estimations and reflects an overall decline in business confidence in the second semester of
2014.
Business Confidence in EU
40
120
30
115
10.57
10
110
105
100
0
95
-10
90
-20
85
-30
80
-40
75
-50
Index (unit=100)
Weighted index
20
70
2005
2006
2007
2008
2009
2010
2011
Business Confidence
2012
2013
2014
2015
Economic Sentiment Indicator
Source: Economic Sentiment Indicator, European Commission. Business Confidence, EUROCHAMBRES
Concerns over both domestic demand and trading conditions, fuelled notably by RussiaUkraine tensions, along with frustrations at the pace of structural reforms and uncertainty
about global growth, contribute to the levelling out in business confidence. Perennial
constraints, such as high labour costs and difficulties in accessing credit or other forms of
5
Indicates how optimistic or pessimistic businesses are for the coming year, effectively giving a sense of what the general
feeling of businesses in the participating countries will be is for 2015
7
EUROCHAMBRES Economic Survey 2015
financing, should also be factored into the business community’s fairly cautious outlook for
2015.
Business Confidence and Real GDP Growth in EU
40
4
2
Weighted index
20
10.57
10
7.39
0
-10
0
-2
-20
-30
-4
real GDP growth rate
30
-40
-50
2005
2006
2007
2008
Business Confidence Forecast
-6
2009
2010
2011
2012
2013
2014
2015
Business Confidence Outcome
GDP growth (EU 28)
Source: Real GDP growth rate, volume, percentage year-on -year change, year 2015- forecast, EUROSTAT.
Business Confidence Index, EUROCHAMBRES
The picture varies considerably between countries: Portugal and Spain, economies which
have undertaken ambitious reform programmes, displayed a significant increase in business
confidence, while extremely low inflation and concerns relating to tensions with Russia have
led to a much gloomier prognosis by German businesses.

After a surprisingly subdued performance during 2014, Germany has revised further
downward their expectation for 2015, dropping approximately five-fold, from 31 to 6.

The most optimistic businesses can be found in Montenegro, with an index of 55.5,
while the most pessimistic are in Austria, with a descending indicator of -40.7, and
Slovakia, with an index of -34.4.

Austria and Slovakia have been consistently pessimistic in the previous three years,
displaying the lowest variation over time between forecasted and realised values.
The average index for the period 2012-2015 is respectively equal to -34.2 and -43.
Conversely, Turkey has been the most optimistic over the medium term, registering
the highest average of 38.8 during the period 2012-2015.
Overall, although still above the levels recorded at the peak of the crisis, this deceleration in
the improvement of business confidence is a cause for concern.
8
EUROCHAMBRES Economic Survey 2015
Trading within and beyond the EU
Export sales
6
30
in
confirming
20
expectations. This growth
10
2014,
has mainly been driven by
Index
Exports steadily increased
-10
countries, whereas in the
-20
Euro Area, export sales
-30
remained
and
roughly
22.88
0
candidate
non-Euro
25.82
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
stable
EES average
EURO area
from 2013.
For 2015, conversely to recent years when trade was the beacon of hope, European
businesses are relatively cautious about export
Box 1: Voice of entrepreneurs
sales.
Businesses are still hindered by the many
remaining barriers to the EU single market,
despite its theoretical completion over 20 years
ago. They are now also increasingly concerned
During the European Parliament of
Entrepreneurs,
European
businesses clearly expressed their
wish to move towards a more
integrated EU single market and a
about the impact of the complex geo-political
stronger
situation in some of the EU’s neighbouring
Diplomacy on the global stage.
European
Economic
countries, the EU-Russia trade sanctions and
embargos, as well as contracting global growth
prospects, all of which is holding back export projections for next year.
6
Demonstrates businesses' expectations regarding the growth or decrease in sales beyond the national border, whether that is
within the EU single market or towards third countries
9
EUROCHAMBRES Economic Survey 2015

After a fall in exports in 2014, Hungarian
businesses expect a further contraction
in 2015.


Greece7 expects a sharp surge in export
Box 2: Did you know that…
After
6
years
of
economic
sales, with an index increase from 11.5
recession, Greece seems to be
to 36.5, finally revealing early signs of an
turning the corner. Available data
economic upturn.
indicates
Portugal and Spain improved their export
balance will be positive. However,
performance
while exports of goods, sustained by
during
2014:
Portugal
increased its index by 27%, reaching 65
points, its highest since 2005, and Spain
by 60%, achieving an index of 59. These
positive performances corroborate the
recent
surge
in
optimism
the
that
euro’s
exceeded
exports
the
trade
depreciation,
the
of
2014
pre-crisis
services
have
levels,
are
still
subdued, 25% below the pre-crisis
level.
about
prospects for the Spanish and Portuguese
economies, which seem to be starting to feel the benefits of several years of
extensive reforms.
7
Data from OECD international trade database http://data.oecd.org/trade/trade-in-services.htm#indicator-chart
10
EUROCHAMBRES Economic Survey 2015
Employment creation
High unemployment is one of the most striking and damaging legacies of the crisis. While
remaining a major socio-economic challenge, employment levels8 among EES respondents
picked up during 2014 in all of the surveyed countries and this positive trend is set to
continue in 2015.
After a fall in 2013, the indicator performed much better than expected in 2014, climbing
from -9.1 to 2.7. For 2015, firms have revised their expectations upwards, with a positive
index of 7.1 across the EES. Nonetheless, the level of improvement anticipated is tentative.
Elsewhere in the EES, labour costs are identified among the key challenges for the year
ahead. This area clearly remains a priority for reforms if minor improvements in employment
levels are to accelerate significantly.
20
2
15
1.5
10
5.21
1
5
0.5
0
0
-5
-0.5
-10
-1
-15
-1.5
-20
Growth rate
Weighted index
Employment Forecast, Outcome and Employment
Growth
-2
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Employment Forecasts
Employment Outcome
Employment growth
Source: Annual percentage change in total employment population EUROSTAT. Labour Index,
EUROCHAMBRES
8
Indicates whether businesses plan to employ more or less people than in the current year
11
EUROCHAMBRES Economic Survey 2015
Indeed, given low levels of business confidence,
high unemployment, especially amongst young
Box 3: Voice of entrepreneurs
generations, remains a concern and a priority
for most countries. The fragile rebound in the
During the European Parliament of
labour market is uneven, with unemployment
forecasts
diminishing
overall,
but
Enterprises, businesses called for
varying
stronger
considerably across countries.
EU
engagement
in
enhancing skills and training of
workers: 99% of voters expressed

Estonia9 confirms its long term positive
their support for reforms to work-
performance, with an employment index
based
of 18.9 in 2014 and 30 in 2015. Apart
supported
learning;
the
93%
of
creation
them
of
a
European mobility programme for
from a dramatic slump in 2009 due to
job seekers.
the crisis, Estonia stands out for its
consistent and above average employment
figures.

Southern European countries such as Spain and Portugal show increasing signs of
recovery. The employment index for
Spanish
firms
surpassing
its
improved
pre-crisis
markedly,
level
and
Since the early 90s, Estonia has
reaching a peak in 2014 of 14 points.
Portuguese
business
outcomes
made the digital agenda one of its
were
main priority, building an efficient
above expectations for 2014 and the 2015

Box 4: Did you know that…
system
of
e-government
and
index is 34.5. Given the rigidity of their
pursuing
labour markets, much effort still needs to
policies. Today, its hi-tech sector
be done, as recent growth is not yet
counts for more than 15% of GDP; it
making up for the weak recovery.
is global leader in number of start-
Greece’s labour market is still struggling
ups per person, developing a highly
and
concentrated cluster of globally-
EES2015
provides
no
oriented start-ups.
encouragement: the index has been
constantly
below
zero
since
2009
technology-oriented
and
forecasts for 2015 at -1.7 are set to maintain this worrying pattern.
9
Box 4: Data on come from World Bank's Entrepreneurship Survey and database
http://econ.worldbank.org/research/entrepreneurship
12
EUROCHAMBRES Economic Survey 2015
Sales and investment
Domestic demand
Although still far below
levels,
witnessed
revival
a
in
Domestic sales
2014
modest
domestic
10
sales . After four years
of negative outlook, 2014
domestic sales increased
on average by 16 points
Index
pre-crisis
40
30
20
10
0
-10
-20
-30
-40
10.6
6.3
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
and a further rise of 25%
EES average
EURO area
is predicted for 2015. In
the Euro area, the index performed better, jumping from
-27.3 in 2013 to -0.6 in 2014, while in 2015 it is expected to increase further to 6.3.
However, sales to domestic purchasers, which provide a measure of underlying demand, are
still depressed in much of Europe, so even
taking into account these optimistic increases,
there
remains
considerable
scope
Box 5: Did you know that…
for
improvement.
There
All countries expect an increase in private
recovery
consumption, even if moderate, and private
projected to benefit the most from
investment. This should boost domestic sales
and
have
a
positive
knock-on
effect
on
are
in
signs
Spain.
of
economic
SMEs
are
improved availability of credit. Many
initiatives in this area are supported
by the Chamber network, such as
investment.
the project Aprende a financiarte,
which targets companies in need of

Greece is the only country in which
funds providing support and help.
domestic demand is set to remain
10
Shows businesses' predictions regarding growth or decrease in sales of their products within the national borders
13
EUROCHAMBRES Economic Survey 2015
subdued, reflecting the country’s still unsteady path out of the crisis. In 2014
domestic sales recovered somewhat, slightly improving to -5.6 point, but they are
expected to lose ground again in 2015 and fall to the 2013 level of -30.6.

In the Baltic States, domestic demand is helping to ensure growth and both the 2014
outcome and 2015 forecasts are above the EES average.

As with several other EES2015 indicators, domestic sales improvements indicate
economic recovery in Portugal and Spain as the deep structural adjustment starts to
bear fruit. Portugal expects a big surge in sales next year, while Spain has posted the
greatest increase among all large Eurozone countries, with a rise in the index from 30 in 2013 to 14 in 2014.
Given the importance of domestic demand to boost economic growth, these optimistic
figures are sources of encouragement. Nonetheless, it must be remembered that these
improvements are based on a historically low starting point of 2012 and 2013. This, together
with the fact that domestic sales are also identified in the survey as a potential challenge for
2015, demonstrate that policy makers must make a concerted effort in the year ahead to
stimulate demand across Europe and to give solid foundations to the internal market.
14
EUROCHAMBRES Economic Survey 2015
Investment
Investment
Investment
levels
30
depend on domestic
demand
20
and
10
are also affected by
a number of other
factors,
Index
domestic sales, but
8.02
5.47
0
-10
notably
-20
access to finance
and
the
general
economic
outlook.
-30
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
EES average
EURO area
Businesses’ positive
investment expectations for 2014 were met according to EES2015: investment levels 7.86
reached the highest value since 2007. However, it seems that this momentum may not be
maintained in 2015 as businesses expect a similar level of investment for the year ahead:
still higher than for the post-crisis period as a whole, but below the level needed for a robust
economic recovery.
Investments are likely to suffer from the businesses’ limited ability to acquire bank loans.
Banks are not yet loosening their credit standards despite the accommodating monetary
policy of the European Central Bank. As underlined in responses to the EES question on
challenges during the previous year, severe financing conditions undermined the business
community’s recovery in 2014.
Low levels of investment restrict firms’ productivity and competitiveness, which in turn has a
negative effect on the internal market, currently characterised by weak levels of demand.
The contraction in investment has to be seen as the primary reason for the weak recovery:
as shown by the EES results, the predicted figure for 2015 is still more than 10 points lower
than its pre-crisis level.
15
EUROCHAMBRES Economic Survey 2015
Business expectations for investment for 2015 vary greatly between countries.

The Baltic States have registered a consistently positive outlook since 2012, always
meeting their expectations: their internal market is strengthening, as the data on
domestic sales and private consumption corroborate. Since 2005, they have
historically recorded above-average levels of investment, dipping dramatically only in
2009 before rapidly returning to a high trend.

Candidate countries (Turkey, Montenegro, Serbia) also performed quite well in recent
years, as they did not suffer directly from the same challenges as Euro area
businesses, such as protracted mediocre growth and persistently low inflation.
Regulatory uncertainties, along with banks’ effort
to deleverage their balance-sheets ahead of the
AQR and the ECB stress tests, mean that
European businesses continue to encounter a
Box 6: Voice of entrepreneurs
At
the
October
2014
European
Parliament of Enterprises results,
dramatic shortfall in options from a stubbornly
75% of businesses registered that
fragmented European financial market.
access to finance has become more
difficult due to increased regulatory
The micro perspective described by private
costs for the banking sector.
businesses and the macro one presented by
policy makers describe the same phenomenon through two different lenses: as long as
financing solutions remain unavailable to the private sector, the level of investment required
to drive a more sustained and robust recovery will be out of reach.
16
EUROCHAMBRES Economic Survey 2015
Appendix
Methodology
About the Survey
EUROCHAMBRES Economic Survey (EES) is an annual qualitative survey of business
expectations in Europe. The survey is implemented by the Chambers of Commerce and
Industry and co-ordinated by EUROCHAMBRES and is now in its 22nd year. It is based on a
harmonised questionnaire sent to business owner-managers from EU member states as well
as to EU candidate countries: Serbia, Turkey and Montenegro. The questionnaire focuses
on five economic indicators: business confidence, domestic sales, exports, employment and
investment and also includes two questions on challenges. For EES2015, over 60 000
businesses responded during early autumn 2014. Data has been aggregated at national
level and weighted according to the respective 2013 GDP to obtain EU estimates.
Implementation
Chambers of Commerce and Industry in Austria, Belgium, Bulgaria, Croatia, Cyprus, the
Czech Republic, Estonia, Finland, Germany, Greece, Hungary, Italy, Latvia, Lithuania,
Luxembourg, Malta, Montenegro, the Netherlands, Portugal, Romania, Slovakia, Slovenia,
Spain, Serbia and Turkey have posed companies a set of 12 questions on their past and
future expectations.
Business owner-managers were asked to give a comparative response, i.e. “better than the
previous year”, “the same as the previous year” or “worse than the previous year” to two
questions per indicator: one on the outcomes of 2014 as compared to the previous year, and
one on expectations for 2015. Responses from entrepreneurs were collected and
aggregated at national level according to official regional GDP. At European level, results
were weighted according to national GDP. Weighted averages were used to guarantee
representativity by size and region.
17
EUROCHAMBRES Economic Survey 2015
Results are a balance figure, obtained by deducting the percentage of companies giving a
negative response from the percentage of companies giving a positive response, thereby
obtaining the 'net positive response'. Analysis of the results was based on input from
national Chambers, as well as on various external sources.
In the case of Finland, an alternative methodology was followed: rather than questionnaires
being sent to businesses, they were answered by Chambers of Commerce and Industry at
regional level, and then aggregated at national level according to regional GDPs. Answers
were based on Chamber analysis and conclusions regarding the outcomes in 2014 and
2015 expectations for businesses.
Results for the Netherlands are provided following a slightly different procedure: businesses
were asked about their sentiments for 3Q 2014, which were then treated as proxy for 2014
annual data.
18
EUROCHAMBRES Economic Survey 2015
Tables
Figure 1: EUROCHAMBRES Economic Survey results on Challenges
Challenges for 2014
Economic
policy
conditions
Domestic
demand
Financing
conditions
Foreign
demand
Prices of
energy and
raw materials
Exchange
rates
Labour costs
Lack of
skilled
workers
Shares are calculated as % of the total number of respondents
Challenges for 2015
Economic
policy
conditions
Domestic
demand
Financing
conditions
Foreign
demand
Prices of
energy and
raw materials
Labour costs
Exchange
rates
Lack of
skilled
workers
19
Shares are calculated as % of the total number of respondents
EUROCHAMBRES Economic Survey 2015
Figure 2: EUROCHAMBRES Economic Survey results over the years 2005-2015
Index of Business Confidence (weighted average)
40
30
20
10
0
-10
-20
-30
-40
2005
2006
2007
Business confidence
2008
2009
2010
Domestic sales
2011
Export sales
20
2012
Employment
2013
2014
Investment
2015
EUROCHAMBRES Economic Survey 2015
Figure 3: Business confidence per country (2013-2015)
70
50
Index (weighted average)
30
10
-10
-30
-50
-70
-5.3 -20.5 27.0 -47.1 30.4 -23.2 28.0
42.0 -28.1 13.9
0.0
EES
Avera
ge
-11.0 -27.7 21.4 -33.9 -58.3 -34.9 -30.0 39.0 -2.5
2014 -40.7 -2.3
5.7
-30.2 -16.3 27.3 -34.5 -61.9 31.0 -47.1 -13.9 -12.8 51.5
26.9 -20.2 11.8
55.5
-1.9 -13.5 12.1 -11.1 -34.4 -16.5 12.0
39.0
7.4
2015 -37.9
19.5
24.8
60.6 -20.2 23.3
44.2
0.0
36.0
10.6
AT
BE
BG
HR
CY
CZ
2013 -31.2 -0.2 -10.9 -34.8 -62.8 -9.5
9.7
6.5
EE
FI
20.9 -20.1 -0.2
DE
6.0
EL
HU
-12.4 -11.4
IT
3.3
LV
20.0
21
LT
LU
MT
ME
NL
PT
62.6
RO
32.7
RS
SK
SI
ES
46.7 -23.0 -18.7 38.0
TR
EUROCHAMBRES Economic Survey 2015
Figure 4: Export sales per country (2013-2015)
100
80
Index (weighted average)
60
40
20
0
-20
-40
-60
AT
BE
BG
HR
CY
CZ
EE
FI
DE
EL
2013
2.9
10.0
19.1 -15.6 -7.8
3.1
2014
5.8
11.5
10.8
-7.7
5.5
10.5
17.3 -14.3
0.0
17.4
23.0
2015 -6.5
25.2
38.9
15.4
16.7
-1.0
38.4 -53.9 15.0
85.7
LU
MT
ME
NL
PT
RO
RS
SK
SI
ES
31.8
0.5
13.8
0.0
3.1
51.9
16.8
7.6
26.2
14.9
37.0
EES
Avera
ge
29.0 20.4
15.3
10.6
-0.6 -50.0
6.6
17.4
-3.8
9.1
26.2
44.9
44.0
41.0
24.4
32.3
12.4
19.0
18.3
65.9
17.7
52.3
31.1
49.4
59.0
34.0
25.8
HU
IT
LV
LT
11.5
7.6
25.0
60.0
11.5
-9.2
26.4
27.3
36.7 -17.0 40.9
54.5
22
-3.8
TR
EUROCHAMBRES Economic Survey 2015
Figure 5: Employment per country (2013-2015)
60
Index (weighted average)
40
20
0
-20
-40
-60
AT
BE
BG
HR
CY
CZ
2013 -6.1
-0.5
2.3
-2.6 -56.5 -7.2
2014 -6.7
8.9
4.8
-5.4
-0.1
9.3
2015 -27.6 11.5
18.1
9.3
0.0
4.0
EE
FI
DE
EL
HU
14.4 -30.8
0.0
-19.6
0.0
-22.1 -15.0 18.5
18.9 -55.8
4.0
-19.6
0.0
-13.7 24.2
1.6
30.0
2.0
-1.7 -11.0 -9.5
8.0
6.3
-4.7
IT
LV
33.3
23
LT
LU
MT
ME
NL
PT
7.1
5.3
0.0
10.1
16.2
3.8
1.8
7.0
17.5
42.3
1.7
34.5
17.2
-12.9 -15.5
RO
RS
0.3
3.8
34.0
6.7
11.1
SI
ES
TR
0.0
EES
Avera
ge
-16.4 -20.0 34.0 -9.1
-3.3
32.6
14.0
36.0
2.8
3.3
8.1
22.0
40.0
5.2
SK
EUROCHAMBRES Economic Survey 2015
Figure 6: Investment per country (2013-2015)
60
Index (weighted average)
40
20
0
-20
-40
-60
AT
BE
BG
HR
CY
CZ
EE
FI
DE
EL
HU
IT
LV
2013 -14.6
3.9
-0.4 -13.6 -53.9 -10.3 17.3 -10.3
0.0
-12.5 16.3 -12.1 29.0
2014 -16.2
5.3
11.6 -14.3 -19.0
3.9
13.0
48.7
8.0
-12.5 -3.6
25.2
5.8
27.1 -55.4
8.0
2015 -24.3 12.5
23.8
-3.8
0.1
-13.9
LT
LU
MT
ME
NL
PT
RO
RS
EES
Avera
ge
22.6 -31.8 -16.0 28.0 -3.5
SK
SI
ES
TR
29.1
3.4
24.5
0.0
-7.8
4.8
8.8
8.8
5.4
51.5
21.6
7.5
29.8
38.1
6.1
10.5
2.0
24.4
4.9
23.2
8.0
25.0
7.9
7.6
36.4
27.9
7.9
32.5
53.1
5.8
45.0
29.3
9.1
27.9
34.8
10.0
26.0
8.0
24
EUROCHAMBRES Economic Survey 2015
Figure 7: Domestic sales per country (2013-2015)
80
60
Index (weighted average)
40
20
0
-20
-40
-60
-80
2013 -11.2
1.8
2.4
1.9
-72.5 -23.0
22.1
-26.8 -30.3
36.5
-38.3 -58.0
34.6
6.0
2.5
0.0
-28.9
-2.9
9.9
21.4
-36.9 -30.0
EES
Avera
ge
50.0 -13.5
2014 -15.2
8.8
-4.4
-10.5
-0.3
11.0
18.0
-14.2
-5.6
-3.9
-13.6
48.5
34.2
11.5
-3.3
25.0
5.3
22.1
22.2
19.7
25.9
14.0
44.0
3.0
2015 -19.2
20.8
9.8
23.8
0.0
5.3
23.3
45.8
-30.3 -17.0
-2.8
60.6
35.1
13.3
13.6
34.6
67.8
39.7
57.8
9.8
15.0
37.0
47.0
10.6
AT
BE
BG
HR
CY
CZ
EE
FI
EL
HU
IT
LV
25
LT
LU
MT
ME
PT
RO
RS
SK
SI
ES
TR
EUROCHAMBRES Economic Survey 2015
Questionnaire
CHALLENGES
LABOUR
Q.1 Compared with 2013, the biggest
Q.7 Compared with 2013, the size of our
challenge(s) for the economic development
workforce in 2014 has:
of our company in 2014 was (max. 3



answers possible):








Q.2
Domestic demand
Increased
Remained constant
Decreased
Foreign demand
Labour costs
Lack of skilled workers
Exchange rates
Price of energy and raw materials
Financing conditions
Economic policy conditions
We
expect
that
the
biggest
Q.8 We expect that during 2015 the size of
challenge(s) for the economic development
our workforce will:
of our company in 2015 will be (max. 3



answers possible):








Domestic demand
Foreign demand
Labour costs
Lack of skilled workers
Exchange rates
Price of energy and raw materials
Financing conditions
Economic policy conditions
26
Increase
Remain constant
Decrease
EUROCHAMBRES Economic Survey 2015
NATIONAL SALES
INVESTMENT
Q.3 Compared with 2013, our revenue
Q.9 Compared with 2013, our level of
from national sales in 2014 has:
investments in 2014 has:






Increased
Remained constant
Decreased
Increased
Remained constant
Decreased
Q.4 We expect that our revenue from
Q.10 We expect that during 2015 our level
national sales in 2015 will:
of investments will:






Increase
Remain constant
Decrease
Increase
Remain constant
Decrease
EXPORT SALES
BUSINESS CONFIDENCE
Q.5 Compared with 2013, our revenue
Q.11
from export sales in 2014 has:
developments for our business in 2014
Compared
with
2013,
overall
were:



Increased



Remained constant
Decreased
Favourable
Remained constant
Unfavourable
Q.6 We expect that our revenue from
Q.12 We expect that during 2015, overall
export sales in 2015 will:
developments for our business will be:






Increase
Remain constant
Decrease
27
Favourable
Remain constant
Unfavourable
EUROCHAMBRES Economic Survey 2015
Abbreviations for countries participating in survey
Abbreviations (EU countries arranged in alphabetical order)
AT
Austria
BE
Belgium
BG
Bulgaria
HR
Croatia
CY
Cyprus
CZ
Czech Republic
EE
Estonia
FI
Finland
DE
Germany
EL
Greece
HU
Hungary
IE
Ireland
IT
Italy
LV
Latvia
LT
Lithuania
LU
Luxembourg
MT
Malta
ME
Montenegro
NL
Netherlands
PT
Portugal
RO
Romania
SK
Slovakia
SI
Slovenia
ES
Spain
RS
Serbia
TR
Turkey
28
EUROCHAMBRES Economic Survey 2015
Participating Chambers of Commerce and Industry
Austria
Austrian Federal Economic Chamber
Christoph Haushofer, (+43) 05 90 900 4280
[email protected]
Claudia Huber
[email protected]
Belgium
Federation of Belgian Chambers of Commerce
Antonio Giromini, (+32) 02 209 0552
[email protected]
Bulgaria
Bulgarian Chamber of Commerce and Industry
Olga Chugunska, (+35) 92 8117 411
[email protected]
Croatia
Croatian Chamber of Economy
Dubravka Zubak
[email protected], [email protected]
Jasna Belošević Matić, (+38) 50 148 28373
[email protected]
Cyprus
Cyprus Chamber of Commerce and Industry
Leonidas Paschalides, (+35) 72 288 9840
[email protected]
29
EUROCHAMBRES Economic Survey 2015
Czech Republic
Czech Chamber of Commerce
Petr Valenta, (+42) 02 667 21417
[email protected]
Estonia
Estonian Chamber of Commerce and Industry
Marko Udras, (+37) 2 604 0060
[email protected]
Finland
Finland Chamber of Commerce
Anne Hatanpää, (+35) 8 9 4242 6261
[email protected]
Germany
Association of German Chambers of Industry and Commerce
Dirk Schlotböller, (+49) 030 20308 1504
[email protected]
Greece
Union of Hellenic Chambers of Commerce
Vassilis Apostolopoulos, (+30) 2103387104-6
[email protected]
Hungary
Hungarian Chamber of Commerce and Industry
Agnes Mako, (+36) 12 35 0584
[email protected]
30
EUROCHAMBRES Economic Survey 2015
Italy
Union of Italian Chambers of Commerce, Industry, Craft and Agriculture
Domenico Mauriello, (+39) 06 470 4513
[email protected]
Ilaria Cingottini
[email protected]
Latvia
Latvian Chamber of Commerce and Industry
Elīna Bičevska
[email protected]
Janis Butkevics
[email protected]
Lithuania
Association of Lithuanian Chambers of Commerce, Industry and Crafts
Asta Cekelyte, (+370) 5 261 21 02
[email protected]
Luxembourg
Chamber of Commerce of the Grand Duchy of Luxembourg
Christel Chatelain, (+35) 242 39 39 358
[email protected]
Malta
Malta Chamber of Commerce, Enterprise and Industry
Andre Fenech, (+35) 622 032 312
[email protected]
31
EUROCHAMBRES Economic Survey 2015
Montenegro
Chamber of Economy of Montenegro
Ksenija Dukanović (+382) 20 231 006
[email protected]
Tanja Radusinović
[email protected]
Netherlands
Netherlands Chamber of Commerce
Ivo de Jong, (+31) 651 594 445
[email protected]
Portugal
Portuguese Chamber of Commerce and Industry
João Paes Cabral, (+351) 21 322 4050
[email protected]
Romania
Chamber of Commerce and Industry of Romania
Petru Russu
[email protected]
Petru Saca
[email protected]
Slovakia
Slovak Chamber of Commerce and Industry
Katarína Hvizdošová, +421 2 54433846
[email protected]
32
EUROCHAMBRES Economic Survey 2015
Slovenia
Chamber of Commerce and Industry of Slovenia
Alenka Avberšek
[email protected]
Bojan Ivanc
[email protected]
Spain
Chamber of Commerce of Spain
Manuel Valero, (+34) 91 590 69 00
[email protected]
Serbia
Chamber of Commerce and Industry of Serbia
Snezana Raseta, (+38) 111 3248 349
[email protected]
Dragana Camagic
[email protected]
Turkey
Union of Chambers and Commodity Exchanges of Turkey
Cagri Gurgur, (+90) 312 218 2610
[email protected]
Thank you also for their valuable comments to
33
EUROCHAMBRES Economic Survey 2015
EES2015 Editorial Committee
Ben Butters (EUROCHAMBRES)
Elisa Facchetti (EUROCHAMBRES)
Iwona Mertin (EUROCHAMBRES)
Dirk Schlotböller (Association of German Chambers of Industry and Commerce)
Recommended links
EUROCHAMBRES Economic Survey 2015 Infographic
European Parliament of Enterprises
34