ANNUAL REPORT 2011 - Magyar Fejlesztési Bank Zrt.

8. MFB INDICATOR
The MFB INDICATOR corporate survey
In line with its strategy, a principal task of MFB Hungarian
Development Bank is to provide preferential development loans
to Hungarian enterprises. A proper understanding of macro- and
micro-economic processes and the position and expectations
of the corporate sector is absolutely important precursor to
designing a selection of preferential loans that are best suited
to the requirements. To this end, MFB Hungarian Development
Bank has been conducting regular, semi-annual corporate
surveys (MFB INDICATOR) since the summer of 2009 and in
doing so applies methods and approaches that are different
from but serve to back and supplement the results of the Bank’s
macro-economic analyses.
In spring and autumn 2011, MFB Hungarian Development
Bank repeated its half-yearly survey for the fourth and fifth time
and received responses to questionnaires sent to companies from
794 and 790 enterprises, respectively. In addition to providing a
detailed and comprehensive picture of the actual situation and
the needs, future plans and expectations of the Hungarian
entrepreneurial sector, the results of the MFB INDICATOR survey
provided a suitable basis for comparison with the former surveys
to help map the changes and trends of the preceding year and
evaluate the dynamics of the economy.
The questionnaire consists of two fundamental parts
focussing on five main areas: the first part examines the general
(structural) figures of enterprises as well as their valuation and
expectations of domestic macro-economic processes and their
own position in the (domestic and international) market. Part two
comprises questions on the enterprises’ experiences and plans
regarding to external funding and investment.
The principle of designing the questionnaire required that is
should be suitable for the calculation of an economic indicator
similar to a prosperity index but with much wider scope in addition
to allowing deeper and more detailed analysis. MFB INDICATOR
differs from traditional prosperity and business sentiment indices
in that it lays great emphasis on both the external environment
and on evaluating processes that are relatively loosely interrelated
with macro-economic factors, such as the evaluation of the status
AUTUMN 2011 44,7 40,4 45,4 46,9 56,4 48,4 44,7
SUMMER 2011 55,2 48,6 54,1 54,2 61,8 63,4 55,0
SUMMER 2010 47,1 41,4 43,7 43,9 46,6 53,9 49,1
WINTER 2009 43,9 31,8 40,3 43,5 45,5 53,9 49,8
SUMMER 2009 37,3 20,7 35,7 39,2 39,7 42,1 50,6
N.B.: ThE METhodology of cAlcUlATINg ThE MfB INdIcAToR chANgEd IN AUTUMN 2011. To RENdER chANgES coMpARABlE, ThE RESUlTS of EARlIER
SURvEyS ARE REpoRTEd AccoRdINg To ThE NEW METhodology.
MFB ANNUAL REPORT 2011 47