The EU Craft and SME Barometer 2011/H2

The EU Craft and SME Barometer 2011/H2
EU SME business climate: recovery comes to a standstill
Decreasing confidence and increasing imbalances are main concerns
The UEAPME SME Business Climate Index (Chart 1) for the European Union fell for the first time since
early 2009. However, it was only a small decrease of 1.3 percentage points (pp), down to 70.8. Despite this
fall, European SMEs still stand above the 70-points barrier which we assume to represent a neutral business
climate. The economic situation of the continent is on average stable, neither receding nor pushing growth
upwards.
The worry about imbalances within
Europe remains, though. The
SME Business Climate Index
countries hardest hit by the
90
sovereign debt crisis lag behind
80
others in growth. Not enough growth
means in turn lower tax revenues,
70
72,1
further complicating the balancing of
60
national budgets. This becomes
evident if we filter the European
50
responses. Towards the end of
40
2010, when all of Europe was
07/H1 07/H2 08/H1 08/H2 09/H1 09/H2 10/H1 10/H2 11/H1 11/H2
fighting their way out of recession,
we observed no significant
EU-wide Index
Pt/Ir/It/Gr/Sp
EU-Rest
difference between the results for
The index is calculated as an average of companies that have reported positive or
Portugal, Ireland, Italy, Greece, and
stable business situations and expect a positive or stable development for the next
period. Therefore the index can range from 100 (all positive or neutral) to 0 (all Spain and those of the rest of
negative).
Europe.1
75,5
70,8
60,7
64,1
65,5
64,7
59,3
55,1
69,2
73,2
78,6
78,7
75,9
Chart 1
Since then, a wedge has become apparent and only increased over the last six months from 11.8 pp at the
start of 2011 to 14.8pp now. The risk of contagion looms heavily over Europe’s economy. Furthermore, the
current situation might be worse than presented, as our analysis does not cover the fluctuations and
insecurities experiences by market participants during the month of August.
EU institutions and national governments need to get on the front foot and do everything possible to stabilise
financial markets and gain back the trust of entrepreneurs.
1
In fact, the result for the periphery was, at 67.8, even higher than that of the rest of Europe: 64.9.
UEAPME STUDY UNIT
MAISON DE L'ECONOMIE EUROPEENNE - RUE JACQUES DE LALAING 4 - B-1040 BRUXELLES
TEL +32 (0)2 230 75 99 - FAX +32 (0)2 230 78 61 - E-MAIL [email protected]
Introduction to the EU Craft and SME Barometer
The EU Craft and SME Barometer builds on the results of surveys that are conducted by UEAPME Member
Organisations twice or four times a year in different regions all over Europe. The survey is based on about
120.000 questionnaires, with 30.000 answers received. The data for this survey were collected between
May 2011 and July 2011, which gives a quite recent picture about the development and the expectations of
SME owners all over Europe.
At European level, we are able to provide data for size classes (micro, small and medium-sized enterprises)
and for four economic sectors (manufacturing, construction, business and personal services), which may
show different developments over business cycles and may react differently to external effects.
For each of these groups the Barometer provides balanced figures on the following categories: overall
situation, turnover, employment, prices, investment and orders, where balanced means the difference
between businesses that answered the questions about their expectation in these six categories in a positive
or negative manner (balance = positive answers – negative answers). In order to get European figures from
different national surveys, national results have been weighed with employment figures (see Table 1 and 2 in
the Annex).
This Barometer presents the results (experiences) for the both semesters of 2010 (10/H1 and 10/H2), the
first semester of 2011 as well as the expectations for the second half-year of 2011 (11/H1e).
UEAPME issues its EU Craft and SME Barometer twice a year, ahead of the European Summit in spring
and autumn.
Furthermore, UEAPME provides twice a year a European SME Business Climate Index (see page 1),
which is calculated as the average of the current situation and the expectations about the next period and
sums positive and neutral answers as regards the overall situation for the business.
Finally, UEAPME will only present European figures and will not disclose country specific data. This is due to
the fact that we have not data for all Member States that are significant enough from a statistic perspective
and furthermore, the presentation of national data from SME surveys is a prerogative of our national
organisations, which are collecting these data.
______________________________________________________________
For further information on this document, please contact:
Gerhard Huemer, Study Unit Director
Mario Gronert, Study Unit Economist
UEAPME
UEAPME
Rue Jacques de Lalaing, 4
B-1040 Brussels
Tel: +32 2 2307599
E-mail: [email protected]
Rue Jacques de Lalaing, 4
B-1040 Brussels
Tel: +32 2 2850710
E-mail: [email protected]
2
Main Results of the EU Craft and SME Barometer 2011/H1
The balances (positive answers – negative answers) improve overall for Europe’s SMEs (Chart 2), in contrast
to the slight downturn for the Climate Index. This is the consequence of SME entrepreneurs having stronger
either positive or negative opinions.2 This would suggest that the portrayed stability does not come from
many respondents reporting no change, but rather from more positive and negative signals being currently in
balance. This balance, it can be argued, stands on shakier ground and could flip in either direction more
easily than an economy where a large majority reports “business as usual”. This leads to further uncertainty
on the market.
Companies are coming out of the recession in very different shapes. It seems a large part of the SME
economy has either undergone reforms or found a stable, prospering niche market. They look optimistically
ahead. Another large proportion of Europe’s smaller firms are more pessimistic. They have scraped through
the recession and are uncertain about the future. A new negative shock might see them go under.
Chart 2 – balance +/-
4,62
5,82
5,74
3,06
1,53
10,00
0,59
5,95
7,11
3,13
6,60
7,47
20,00
8,94
10,55
SME Main Results
30,00
10/H2
-30,00
-3,84
-2,30
-3,59
-13,14
-11,12
-4,75
-2,58
-20,04
-20,00
-6,29
-1,96
-2,82
0,00
-10,00
10/H1
11/H1
11/H2e
-40,00
Situation
Turnover
Employment
Prices
Investments
Orders
Looking at the data, we observe that all results are positive except for investments. Situation is at 6.6pp for
the first half of this year and is expected to reach 7.5 in the current semester. Turnover follows a similar path:
6.0pp in H1/2011 and 7.1pp foreseen for H2/2011. Employment grew slightly at the start of 2011 (3.1pp) and
is believed to lose pace as the year goes on (1.5pp are expected for the second semester). Prices shoot up
the strongest, climbing to 8.9pp in the first semester of 2011 and are expected to improve slightly up to
10.6pp in the second half of the year. SMEs seem to be more able to enforce their price claims on the
market place. This will be discussed in more detail further below in the document.
The Climate Index shows the sum of positive and neutral (meaning: no change) answers. If the results for situation are, for
example: 25% positive, neutral 55%, and 20% negative, the balance would be (25 – 20 =) +5pp and the climate index (25 + 55 =)
80. If the next semester the respondents report 40% positive, 30% neutral, and 30% negative,, the balance would grow to (40 – 30
=) +10pp, but the climate index recedes to (40 + 30 =) 70.
2
3
Orders and investments show a disconnected behaviour. While orders appear to stabilise at a positive
balance of around 5pp, investments are still negative and more erratic. Compared to the end of 2010, the
balance improves by 8.8pp (to -2.3pp), but is expected to worsen again to -3.6pp. This is not too dramatic,
though. We observed that SMEs to usually correct their investments largely upwards, as we show later in the
text.
Employment to stay stable, productivity gains to cover increased turnover
The analysis of the balances in terms of employment shows answers to hover around zero. The job market
situation is expected neither to worsen nor to improve. In the past we discussed how employment setbacks
had been, despite being a heavy social and economic burden, not as marked as the overall recession. The
talk was of labour hoarding: the voluntary retention of more workers than needed to produce a certain output
in the hope of output increasing in the near future. The reasoning behind labour hoarding is that it may be
less costly to keep underused workers for some time than to fire them and having to find and train other
workers at a later stage, when demand recovers.3
At the start of our observations at the beginning of 2008, employment was already above turnover (1.8pp
and -3.4pp respectively). Turnover fell sharply, reaching a low of -28pp in late 2008. Employment bottomed
in late 2009 (-14pp). Since then, turnover has improved more quickly than employment, reporting a better
balance already at the start of 2010. The expectation for the second half of 2011 sees turnover at 7.1pp and
employment at 1.5.
Chart 3
Turnover and Employment over time - SME All
10,0
7,1
5,0
-5,0
1,8
1,5
-3,4
-14,6
0,0
-10,0
-15,0
-28,0
-20,0
-25,0
-30,0
08/H1
08/H2
09/H1
Turnover
09/H2
10/H1
10/H2
11/H1
11/H2e
Employment
Increases in demand are thus not met by hiring new workers but by increasing per worker productivity. The
surplus labour retained is being reduced. Only when this surplus has been entirely used up will employment
pick up more strongly – if turnover growth remains positive and stable.
The Oxford Dictionary of Economics, Oxford University Press, 2002, read 26 Sep, 2011, http://www.enotes.com/econencyclopedia/labour-hoarding.
3
4
Retail prices for SMEs improve
Retail prices for SMEs have been steadily improving but did not turn positive on average until the start of
2011. Europe’s smaller companies are better able now to push through their desired prices on the market
place. The trend has been much the same across sectors but has shown differences in the strength of the
effect (Chart 4).
Chart 4
SME Prices by Sector
20,0
10,2
10,8
6,8
4,0
10,4
2,75
-13,0
0,0
12,3
-1,4
10,0
12,5
-18,8
-10,0
-23,5
-20,0
-30,0
08/H1
08/H2
Manufacturing
09/H1
Construction
09/H2
10/H1
Business Services
10/H2
11/H1
11/H2e
Personal Services
Construction has always reported the worst balances over the observed time period, reaching -23.5 in early
2009. Manufacturing prices, starting from a relatively high point also fell rapidly, bottoming at -18.8 during the
second semester of 2009, but have made the strongest recovery since, reporting the best balance of all
sectors for the first half-year of 2011. The expected value for the second half of the year is slightly worse
(10.8). Both business and personal services have been more stable, especially personal services, where
results remained around zero for five consecutive semesters. Both have jumped upwards above the 10ppline and expect to stay there during the second half of the year.
It is also interesting to see how able respondents have been to correctly anticipate the behaviour of prices.
The first three columns of table 1 compare the actual results for a semester with those expected for the same
semester six months before, for both half-years of 2010 and the first half of 2011. A positive value means the
balance was better than expected; a negative value represents a downward correction of the balance.
Table 1 – Prices per sector
10/H1 – 10/H1e
(1)
10/H2 – 10/H2e
(2)
11/H1 – 11/H1e
(3)
11/H2e – 11/H1
(4)
Manufacturing
-9.5
-5.5
6.0
-1.8
Construction
-7.4
-11.7
-2.0
6.4
Business Services
-8.3
-8.3
3.7
1.3
Personal Services
-14.0
-9.8
1.9
-0.1
Sector
5
During 2010 results were always worse than expected for all sectors. Correcting price expectations
downwards meant most likely slimmer profit margins for SMEs. This trend seem to have changed, in line with
the generally more positive mood: prices had to be corrected upwards for the first half year of 2011 for all
sectors but construction. Looking ahead at the outlook (column 4)4, the picture is mixed, with manufacturers
expecting a slightly less good prices, personal services staying put and business services looking somewhat
optimistically ahead. Only the construction sector, where prices have not yet reached satisfactory levels,
believes retail prices will improve markedly for them.
Investments back to being underestimated – as seems to be the norm
Table 2 shows the difference between the balances for
investment recorded in a given semester and the
expectation expressed one semester before for the SME
average.
All results are positive meaning that investments were
higher than anticipated. The most likely explanation for
this mismatch, as mentioned in the previous edition, is
that entrepreneurs think of investment, when asked
about it, as an expansionary activity.5
Table 2 – Investment realisation
SME All
09/H2 – 09/H2e
15.3
10/H1 – 10/H1e
12.2
10/H2 – 10/H2e
1.3
11/H1 – 11/H1e
13.8
During the first half of 2010 entrepreneurs nearly correctly anticipated their needs for the second semester.
However, the expectations for the beginning of this year were again largely surpassed by the actual results.
A larger than expected proportion of respondents saw their investments grow at the start of the year.
It remains to be seen how investments evolve but it seems the -3.6pp foreseen for the end of 2011 (see
Chart 2) might very well turn positive after all.
Economic wedge continuing to test Europe’s unity
If the European Union is to be a unified market, different economic performances of its members should not
be a source of peril. In fact, disparate results should generate growth, pointing at what sectors and markets
are most profitable and allowing companies to target these. Competition should work as a discovery
procedure, as the Austrian scholar F.A. Hayek put it.
In the current climate, we see no such thing for Europe’s SMEs. It can be argued that, firstly, barriers abound
for smaller companies to exit as well as to enter markets. Secondly, eventual adjustments in the member
states’ economies were slowed down or even hindered by public expenditure altering market developments
negatively. As a result, the drift between the SMEs in countries experiencing turbulences due to the
sovereign debt crisis (Portugal, Ireland, Italy, Greece, and Spain) and the rest of Europe is only gaining
strength, as can be seen from Chart 5 (next page).
Column four shows the difference between the expected value for the second half of 2011 and the result for the current
semester. A negative value signals results are thought to be worse (though still may be positive), a positive value reveals results
are expected to improve.
5 Respondents are probably not confident enough to believe in the necessity for investments to augment production capacities, yet
later reassess and are possibly surprised by the amount of investment needed to keep production stable.
4
6
Chart 5
15,5
30,00
9,8
20,00
16,6
SME All Situation
10,00
10/H2
Pt/Ir/It/Gr/Sp
-11,3
10/H1
-11,8
-30,00
-18,9
-20,00
-14,4
-10,00
-19,5
0,00
11/H1
11/H2e
EU rest
At the start of 2010, both regions were reporting similarly negative results. Since then, economic
performance has been consistently weaker in the European periphery, as the overall situation indicator
shows. The average gap between the regions (2010/H2 – 2011/H2e) stands at 26.5 percentage points. The
graph may indeed be even misleadingly optimistic. The gap seems to stabilise but does reflect an
improvement of the situation above 0 and a worsening below 0 – the absolute values drift further apart.6
The answer to this wedge is to further improve the internal market, paying special attention to the needs of
Europe’s SMEs so they, the backbone of the European economy, can unleash their entrepreneurial talent,
level the pressure across the continent, and create economic and social ties bounding Europe more firmly
together. Resolving to protectionism, trying to fence in plots of the European economy is the wrong solution
and should be opposed.
Financial market stability and a shift from public to private spending in Europe’s periphery are key
The current economic climate appears to be somewhat bipolar and recovery has come to a standstill. To
move ahead two types of measures are required. For Europe as a whole, the present uncertainty on financial
markets needs to be tackled. A trustworthy stability mechanism is to be put in place so governments can win
back the confidence of market participants.
The countries in the European periphery need to enact long-run measures to aid the shift from public to
private expenditure. The currently unsustainably high levels of public spending need to be reduced. Private
sector reforms ought to make investments more profitable for SMEs so they can expand and match the
reduction in government expenditure. Austerity measures, the reorganisation of the public sector and the
necessary reforms of the private sector must be well balanced to ensure the best conditions for a stable
growth path to emerge.
If the balance is +10pp one semester it means that more entrepreneurs think the situation will improve than worsen. If the next
semester the balance is again +10pp, this observation is based on the improved situation of the previous semester, since
questions are asked in comparison to the last six months.
6
7
Annex
Employment for the non-financial business economy broken down by enterprise size class and sector 2005 (%)
Table 1 / EUROSTAT
BE
1 to 9
BG
CZ
DK
DE
EE
EL
ES
FR
IE
IT
CY
LV
LT
26.72
43.53
39.26
47.35
29.82
31.98
29.03
58.39
49.01
38.13
33.99
58.39
49.10
28.75
EU Share
1.95
1.47
3.35
0.92
11.13
0.22
2.77
13.15
9.30
0.57
19.21
0.21
0.33
0.39
10 to 49
32.60
29.61
26.41
38.00
36.12
37.28
26.50
32.26
33.94
32.91
26.50
28.25
36.44
36.53
EU Share
2.06
1.56
2.62
1.65
17.66
0.40
1.77
12.16
11.63
0.78
12.25
0.17
0.59
0.75
50 to 249
23.87
31.13
26.24
32.18
31.90
33.69
15.11
18.73
27.93
33.10
15.11
22.65
34.81
36.75
EU Share
SME
EU Share
1 to 9
EU Share%
10 to 49
EU Share%
1.97
3.12
1.67
18.68
0.43
1.21
8.46
11.46
0.94
8.37
0.16
0.67
0.91
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
1.95
1.63
3.07
1.34
15.09
0.33
2.06
11.64
10.58
0.73
14.27
0.19
0.50
0.64
EU 27
LU
HU
MT
NL
AT
PL
PT
RO
SI
SK
FI
SE
UK
33.57
55.05
49.45
32.01
36.33
57.67
50.17
32.57
39.40
20.12
37.84
44.00
36.84
43.37
0.10
3.03
0.11
2.86
1.60
8.59
3.32
2.29
0.49
0.25
0.78
2.06
9.55
100.00
35.76
23.69
24.66
35.07
35.26
16.52
28.38
30.43
27.58
32.80
31.25
30.43
33.62
30.86
100.00
0.08
4.40
2.18
3.46
2.64
3.00
0.49
0.57
0.90
2.01
12.24
30.67
21.27
25.90
32.92
28.41
25.80
21.45
37.01
33.01
47.08
30.92
25.57
29.54
25.77
0.15
1.97
0.10
4.95
2.10
6.47
2.39
4.37
0.70
0.98
1.07
2.02
12.89
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.13
2.38
0.09
3.87
1.91
6.46
2.87
3.04
0.54
0.54
0.89
2.03
11.24
100.00
0.15
50 to 249
EU Share%
SME
1.80
100.00
EU Share%
1.83
Table 2 / EUROSTAT
Business Sector
Manufacturing
EU Share %
24.86
Construction
14.06
Business Services
22.66
Personal / Social Services
SME
38.42
100.00
8
Results – European Crafts and SME Barometer – 2011/H2
Table 3 / UEAPME Study Unit
Balance between positive and negative answers / weighted by number of employees
∑SME
Micro Enterprises
Small Enterprises
Medium-sized Enterprises
10/H1
10/H2
11/H1
11/H2e
10/H1
10/H2
11/H1
11/H2e
10/H1
10/H2
11/H1
11/H2e
10/H1
10/H2
11/H1
11/H2e
Situation
-20.04
3.13
6.60
7.47
-22.48
-3.39
2.31
4.46
-14.98
9.20
9.90
10.90
-4.84
14.46
14.72
14.19
Turnover
-2.82
0.59
5.95
7.11
-6.10
-8.46
0.55
3.36
0.50
7.77
10.19
9.25
14.93
10.36
17.99
15.90
Employment
-6.29
-1.96
3.06
1.53
-9.00
-6.07
-0.98
-0.71
-3.45
0.59
4.81
2.80
-0.69
5.31
12.06
5.62
Prices
-4.75
-2.58
8.94
10.55
-4.24
-3.70
9.09
11.57
-4.94
-0.29
10.02
10.81
-3.37
-0.16
14.03
11.65
Investments
-13.14
-11.12
-2.30
-3.59
-15.55
-19.02
-5.33
-6.47
-8.31
-3.60
-1.31
-2.11
-8.94
0.64
5.60
4.60
Orders
-3.84
4.62
5.82
5.74
-7.87
0.40
1.56
4.11
2.73
9.47
8.54
6.78
7.20
11.07
15.58
14.15
∑Manufacturing
Construction
Business Services
Personal Services
10/H1
10/H2
11/H1
11/H2e
10/H1
10/H2
11/H1
11/H2e
10/H1
10/H2
11/H1
11/H2e
10/H1
10/H2
11/H1
11/H2e
Situation
-19.97
6.63
11.56
11.33
-23.88
-0.18
2.08
3.66
-23.04
5.95
3.32
3.17
-18.72
1.00
4.37
5.74
Turnover
2.19
4.91
12.24
12.12
-5.17
-6.62
-1.58
0.69
-10.70
-0.81
2.65
3.64
-6.79
-5.47
3.23
6.76
Employment
-10.52
2.67
5.13
3.97
-11.79
-7.15
-3.36
-1.54
-6.18
-0.15
1.75
1.45
-4.09
0.56
4.96
2.94
Prices
-7.18
-6.22
12.54
10.78
-10.66
-12.29
-3.66
2.75
-3.22
-1.09
10.99
12.30
-0.10
0.28
10.52
10.40
Investments
-13.91
-9.50
1.66
-0.66
-24.88
-18.76
-10.08
-9.14
-10.71
-11.63
-1.89
-4.16
-7.02
-9.63
-0.29
-1.68
Orders
-10.80
8.98
10.10
9.17
-4.72
2.45
4.87
2.43
-3.33
7.00
0.09
2.84
-6.70
2.97
2.06
3.79
9
Table 4 / UEAPME Study Unit
Difference between the balance expected and the in retrospect reported balance
∑SME
Micro Enterprises
Small Enterprises
Medium-sized Enterprises
10/H2 – 10/H2e
11/H1 – 11/H1e
10/H2 – 10/H2e
11/H1 – 11/H1e
10/H2 – 10/H2e
11/H1 – 11/H1e
10/H2 – 10/H2e
11/H1 – 11/H1e
Situation
5.67
3.68
2.09
2.79
5.53
2.98
6.35
3.68
Turnover
1.52
7.21
-3.70
5.61
2.53
7.79
-4.46
11.52
Employment
-0.86
2.60
-2.83
1.07
1.14
2.19
3.43
5.99
Prices
-7.15
1.86
-7.84
2.68
-3.01
1.11
-2.38
6.93
Investments
1.24
13.79
-4.41
16.75
5.15
10.47
7.68
8.42
Orders
-0.43
0.17
0.94
-0.83
3.04
1.35
2.88
2.81
∑Manufacturing
Construction
Business Services
Personal Services
10/H2 – 10/H2e
11/H1 – 11/H1e
10/H2 – 10/H2e
11/H1 – 11/H1e
10/H2 – 10/H2e
11/H1 – 11/H1e
10/H2 – 10/H2e
11/H1 – 11/H1e
Situation
9.20
5.68
3.12
2.23
12.34
-1.68
2.53
4.14
Turnover
2.35
8.87
2.60
6.83
2.38
4.25
-7.92
7.39
Employment
6.74
1.36
0.23
1.97
-0.45
-0.60
-0.07
2.16
Prices
-5.47
6.03
-11.72
-1.96
-8.29
3.67
-9.83
1.87
Investments
2.53
13.35
1.58
12.64
0.25
12.28
-2.14
14.16
Orders
5.74
2.26
9.08
3.76
1.20
-8.46
-0.53
-4.18
10
-20,00
-30,00
-40,00
-10,00
-8,31
-3,60
-1,31
-2,11
10/H1
10/H2
11/H1
11/H2e
30,00
20,00
10,00
0,00
-10,00
-20,00
-30,00
7,20
11,07
15,58
14,15
small enterprises
0,64
5,60
4,60
-40,00
14,03
11,65
-30,00
-7,87
-5,33
-6,47
-15,55
-19,02
-4,24
-3,70
-9,00
-6,07
-0,98
-0,71
-6,10
-8,46
-3,39
-20,00
-8,94
30,00
0,40
1,56
4,11
9,09
11,57
0,55
3,36
2,31
4,46
20,00
-3,37
-0,16
-40,00
-10,00
5,31
12,06
5,62
11/H2e
10,00
14,93
10,36
17,99
15,90
11/H1
-22,48
0,00
10/H2
14,46
14,72
14,19
4,62
5,82
5,74
8,94
10,55
10/H1
-0,69
0,00
-3,84
-13,14
-11,12
-2,30
-3,59
-4,75
-2,58
3,06
1,53
SME All
-4,84
2,73
9,47
8,54
6,78
10,02
10,81
-6,29
-1,96
-20,00
0,59
4,81
2,80
0,59
5,95
7,11
3,13
6,60
7,47
30,00
-4,94
-0,29
10,00
-3,45
20,00
-2,82
-10,00
0,50
7,77
10,19
9,25
-30,00
-20,04
10,00
9,20
9,90
10,90
20,00
-14,98
Results – European Crafts and SME Barometer – 2011/H2
30,00
micro enterprises
10/H1
0,00
10/H2
11/H1
11/H2e
medium enterprises
10/H1
10/H2
11/H1
-40,00
11/H2e
11
-20,00
-30,00
-40,00
-3,33
-1,89
-4,16
10/H2
11/H1
11/H2e
-10,00
-20,00
-30,00
2,97
2,06
3,79
10,52
10,40
20,00
-7,02
-9,63
-0,29
-1,68
10,00
0,28
-40,00
-0,10
10/H1
-30,00
0,56
4,96
2,94
-40,00
-0,18
-4,72
-24,88
-18,76
-10,08
-9,14
-10,66
-12,29
-3,66
-11,79
-7,15
-3,36
-1,54
-5,17
-6,62
-1,58
-20,00
3,23
6,76
11/H2e
1,66
8,98
10,10
9,17
2,45
4,87
2,43
2,75
0,69
2,08
3,66
10,00
-6,70
0,00
11/H1
-23,88
-10,00
1,00
4,37
5,74
-10,80
-0,66
12,24
12,12
12,54
10,78
2,67
5,13
3,97
2,19
4,91
6,63
11,56
11,33
SME manufacturing
-4,09
7,00
0,09
2,84
-13,91
-9,50
10/H2
-6,79
-5,47
20,00
-10,71
-11,63
SME business services
10,99
12,30
-7,18
-6,22
-10,52
-10,00
-3,22
-1,09
1,75
1,45
2,65
3,64
0,00
10/H1
-18,72
-10,00
-0,81
-20,00
-6,18
-0,15
-10,70
10,00
-19,97
-30,00
5,95
3,32
3,17
10,00
-23,04
20,00
20,00
SME construction
0,00
0,00
10/H1
10/H2
11/H1
11/H2e
SME personal services
10/H1
10/H2
11/H1
-40,00
11/H2e
12