More businesses experience shortages of staff and materials

The data for this survey were collected at the beginning of April.

For the fourth quarter in a row, entrepreneurs said they were most hampered by staff shortages. At the beginning of the second quarter, this was indicated by 34 percent of entrepreneurs, versus 13 percent one year previously. With a record of 19 percent, a lack of resources, materials and space was a growing obstacle. Furthermore, fewer and fewer entrepreneurs indicated they were not hampered at all in their production and business activities.

With a share of nearly 50 percent, business service providers such as temporary employment agencies were again most likely to report staff shortages as the biggest obstacle. The sharpest rise was seen among retailers, with a share doubling to around 39 percent. Mining and quarrying businesses had by far the lowest incidence of staff shortages. A lack of production resources was reported relatively most often as an obstacle by car dealers (36 percent). In retail trade, this share more than doubled relative to the start of 2022, and in construction it increased significantly as well.

Business confidence up

Business confidence increased at the beginning of Q2 2022, following a decline in the previous quarter. The sentiment indicator stood at 16.8 percent and was positive for the fifth consecutive quarter. The business confidence index comprises realisations and - to a smaller degree - expectations. In terms of realisations, entrepreneurs assess whether certain indicators have improved relative to the previous quarter. Since the start of the coronavirus pandemic, business confidence has fluctuated greatly, partly on account of COVID-19 measures. In February 2022, most of these measures were lifted.

Positive sentiment in most sectors

At the start of Q2 2022, most sectors saw an increase in business confidence. It was positive in all sectors, except for mining and quarrying. In accommodation and food services, the mood changed completely and business confidence was the highest of all sectors, after reaching a low in the previous quarter. Entrepreneurs in this sector saw turnover and the economic climate improve over the past three months and also expected turnover to increase in the next three months.

The positive sentiment increased further in the information and communication sector and in wholesale trade, partly because more entrepreneurs expected higher turnover. Entrepreneurs in construction were positive, although business confidence declined. This was largely due to the lower output over the previous three months. Business confidence deteriorated in the mining and quarrying sector and was negative at the start of the second quarter.

Concerns over price increases in the next 12 months

Looking ahead to the next twelve months, most entrepreneurs had concerns about commercial developments, particularly the rising prices of required materials, energy and services; 46.5 percent indicated this at the beginning of April 2022. Especially entrepreneurs in manufacturing and construction expressed this concern for the coming year. In addition, 19 percent of entrepreneurs were concerned about international political tensions, conflicts and sanctions. Entrepreneurs in the mining and quarrying sector were most likely to report this, at 29 percent. The share was also relatively high in transportation and storage. Sixteen percent of entrepreneurs expressed no concerns at all.