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European Mid-Market Barometer January 2015A survey of 6,000 medium-sized companies on the economic outlook and business conditions in Europe
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As the world’s economy recovers, the middle market is leading the resurgence in revenue and employment growth.
Understanding sentiment among Europe’s mid-size companies gives a valuable insight into current market conditions and provides a unique perspective for policymakers to consider.
So, what does the survey of 6,000 companies tell us?
The mood is positive in many parts of the continent. The vast majority of firms are confident about the immediate future and plan to maintain or increase investment in their businesses.
Encouragingly, middle-market companies in countries that were hit hard by the financial crisis in 2008 are now rebounding strongly, especially in places where painful economic reforms were enacted, such as Spain, Ireland and the UK.
However, the picture is not entirely rosy.
Prospects for Greek companies are still hampered by their country’s continued problems. And the survey reveals a high degree of concern for the future among middle market firms in Germany, other German-speaking countries and … Belgium.
Foreword
European Mid-Market Barometer 2015
Stefan Olivier
EY Belgium Partner
Welcome to EY’s first European Mid-Market Barometer.
Philippe Pire
EY Belgium Partner
Page 3
Meanwhile, the majority of company leaders who were surveyed would prefer governments to promote growth through investment rather than reduce spending to consolidate their budgets. Again, most German-speaking countries and our country voice a different view on this matter.
One of the most encouraging signs for Europe is the strong investment picture. If the middle-market is investing in the future, it bodes well for sustained growth and employment. One potential obstacle is a lack of skilled labor, which can hamper companies just when they are ready to grow. Therefore, middle-market firms would like governments across the region to focus on education, training and immigration reform.
While calling for more public investment, middle-
market firms want to see taxes reduced and less regulation.Keeping abreast of middle-market sentiment, and supporting these organizations as they seek growth in this crucial recovery phase, is really important to us at EY. We have a unique legacy of working with some of the world’s fastest-growing companies as they navigate complex market conditions. We will continue to track shifts in mid-market opinion over time, as the economic and policy environments evolve, and share these insights with you.
For more information on this survey, please contact us. For insights on how we work with middle-market companies to accelerate growth, please visit www.ey.com/driversofgrowth.
Foreword (continued)
European Mid-Market Barometer 2015
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Survey design
European Mid-Market Barometer 2015
• This is representative survey of 6,000 medium-sized businesses in 21 European countries on the economic outlook and business conditions. 250 medium-sized companies in Belgium have been interviewed.
• The sample comprised companies with annual turnovers between €10m and €500m.
• The telephone survey was conducted by an independent market research institute (Valid Research, Germany) in November and December 2014.
• This is the first Europe-wide EY Mid-Market Barometer. Similar surveys have been published for Germany since 2003 and for Austria and Switzerland since 2008.
Your contacts:
Stefan Olivier
Partner
Tel: +32 11 247 533stefan.olivier@be.ey.com
Philippe PirePartner
Tel: +32 (0)4 273 7600
philippe.pire@be.ey.com
Page 5European Mid-Market Barometer 2015
Sample details
Country Number of interviews
Germany 650
France 600
United Kingdom 500
Spain 350
Italy 330
Netherlands 300
Turkey 300
Austria 250
Belgium 250
Norway 250
Poland 250
Sweden 250
Switzerland 250
Russia 200
Czech Republic 200
Denmark 200
Finland 200
Ireland 200
Portugal 200
Greece 170
Luxembourg 100
Total 6,000
Sectoral distribution
Turnover distribution
Industry and manufacturing 42%
Service 29%
Retail 17%
Construction and energy 12%
< €30m 40%
€30m to €100m 36%
> €100m 24%
Respondents
C-suite executives and business owners
Page 6European Mid-Market Barometer 2015
Key findings
Businessclimate
Economic expectations
Investment and employment
Risks
Policy recommendations
The large majority of medium-sized companies in Europe view their current state of business as positive. The outlook for the coming months is also seen as quite positive: turnover is expected to increase by an average of 1.7%. Business conditions are currently best in Turkey, Ireland and the UK and, by far, worst in Greece.Near-term economic expectations on the domestic economies are cautiously optimistic:in 14 out of 21 countries, the domestic economy is expected to improve, whereas an economic downturn is anticipated in only 6 countries.
In line with the positive economic predictions, medium-sized companies in Europe plan to increase their investments. In the labor market, too, positive trends are expected: employment looks set to rise in all 21 countries, with Ireland and the UK being the front-runners. In Greece, however, employment is likely to increase only modestly.According to Europe’s medium-sized companies, the biggest risk to their own development is high prices for raw materials, followed by the weak domestic economy and a poor economic trend abroad. Geopolitical tensions also present a significant threat, with more than one in five companies affected by the Ukraine crisis.
The majority of medium-sized companies in Europe seek growth promotion by means of increasing public investment. In only 4 out of 21 countries (Switzerland, Luxembourg, Germany and Austria), budget consolidation/debt reduction are seen as the key priorities.
Page 8European Mid-Market Barometer 2015
How would you assess your current state of business?
GreecePoland
ItalyGermany
AustriaSpain
RussiaFranceFinland
Czech RepublicPortugal
SwitzerlandNorwaySweden
LuxembourgTurkey
BelgiumNetherlands
DenmarkUnited Kingdom
Ireland
9
23
39
48
46
53
49
51
41
53
54
56
44
50
64
75
48
63
54
62
66
15
41
37
36
39
33
38
37
48
37
36
34
49
43
29
18
47
33
43
35
31
25
28
14
14
13
8
10
7
6
9
6
8
5
5
6
4
4
3
2
2
1
51
8
10
2
2
6
3
5
5
1
4
2
2
2
1
3
1
1
1
1
2
Good Quite good Fairly bad Bad
Country overview: current state of business rated best in Ireland and UK, Belgium in the top 5
Figures in %
Page 9European Mid-Market Barometer 2015
PolandCzech Republic
GermanyGreece
SwitzerlandAustriaFinland
BelgiumLuxembourg
NorwayRussia
SwedenItaly
NetherlandsFrance
SpainPortugal
DenmarkUnited Kingdom
IrelandTurkey
1
2
5
8
3
5
3
1
2
1
7
2
7
4
6
9
10
5
10
9
13
22
28
28
27
32
31
35
37
39
41
35
41
39
43
46
46
47
53
53
55
54
57
62
55
41
56
54
57
59
55
53
45
54
47
51
42
41
41
41
36
35
29
18
8
11
18
9
9
5
2
4
4
13
3
6
2
6
4
2
1
1
1
3
2
0
1
6
0
1
0
1
0
1
1
0
1
0
0
0
0
0
0
0
1
Improve significantly Improve slightly Remain the same Deteriorate slightly Deteriorate significantly
Entrepreneurs in Turkey, Ireland and the UKare the most optimistic, 38% of Belgian respondents are rather sceptical
How will your company's performance develop over the next six months?
Figures in %
Page 10European Mid-Market Barometer 2015
GreeceSwitzerland
Czech RepublicLuxembourg
BelgiumGermany
FinlandSwedenAustriaFrance
NetherlandsRussia
DenmarkItaly
PolandNorway
SpainIreland
United KingdomPortugal
Turkey
1.0
1.2
1.4
1.4
1.4
1.5
1.5
1.5
1.6
1.6
1.6
1.6
1.7
1.8
1.8
2.0
2.0
2.1
2.1
2.4
2.4
Revenue forecast: country overview
How do you expect your company's turnover to develop in 2015 compared with 2014?
Change in %
Page 11European Mid-Market Barometer 2015
How would you describe your company's current status?
GreeceRussia
ItalyPoland
SwedenCzech Republic
NetherlandsTurkey
NorwayGermany
FranceSpain
PortugalFinland
BelgiumIrelandAustria
SwitzerlandUnited Kingdom
LuxembourgDenmark
13
19
20
20
25
26
27
28
30
34
35
37
37
37
37
37
40
40
44
49
58
58
72
69
76
69
69
70
65
64
56
57
55
57
57
59
60
52
54
54
43
40
22
9
10
4
5
4
3
6
6
9
7
7
5
6
3
3
8
5
2
7
2
7
0
1
0
1
1
0
1
0
1
1
1
1
0
1
0
0
1
0
1
0
Very stable Fairly stable Somewhat critical Very critical
Highest concentration of companies in critical condition in Greece: Danish companies particularly stable
Figures in %
Page 12European Mid-Market Barometer 2015
GreecePoland
ItalyGermany
RussiaAustriaFinland
Czech RepublicSwitzerland
FranceNorwayBelgium
LuxembourgSweden
SpainPortugal
NetherlandsDenmark
United KingdomIrelandTurkey
-21
19
37
40
43
43
44
45
45
48
49
49
50
50
51
55
56
58
63
63
65
Current business climate best in Turkey,Ireland and UK; worst in Greece
Figures in points on a scale of -100 to +100; * change in points compared with business climate in July 2014 (where available)
-5*
+2*
-5*
Page 14European Mid-Market Barometer 2015
GreeceAustriaNorway
GermanySwedenFinland
ItalySwitzerland
BelgiumLuxembourg
FrancePolandRussiaTurkey
DenmarkPortugal
Czech RepublicNetherlands
SpainUnited Kingdom
Ireland
1
1
1
1
0
0
3
0
0
2
1
1
4
9
0
2
0
1
3
3
4
13
14
17
18
19
20
21
24
24
25
26
27
24
30
39
38
44
46
45
46
64
39
52
56
48
62
59
61
62
67
60
54
52
35
37
59
57
45
50
43
47
29
29
32
25
30
19
21
13
10
8
12
16
18
32
20
2
2
11
3
7
3
2
18
1
1
3
0
0
2
3
1
1
3
2
5
4
0
1
0
0
2
1
1
Improve significantly Improve slightly Remain the same Deteriorate slightly Deteriorate significantly
Optimism on domestic economy greatest among Irish companies, only 24% of Belgian respondents expect an improvement of the economic climate
How do you think the general economic climate will develop in your country in the next six months?
Figures in %
Page 15European Mid-Market Barometer 2015
GreeceRussiaAustria
SwitzerlandGermany
LuxembourgPoland
NorwaySwedenFinlandTurkey
BelgiumCzech Republic
FranceItaly
DenmarkPortugal
NetherlandsSpain
United KingdomIreland
0
0
0
0
1
1
1
0
0
1
7
0
1
2
2
0
1
0
3
2
3
10
14
15
15
17
19
19
21
21
21
17
24
28
30
35
38
39
41
39
40
56
44
48
47
47
41
65
55
63
72
66
51
68
51
57
53
59
55
55
43
51
38
35
32
35
34
37
14
23
15
6
12
21
8
19
10
9
3
4
4
14
6
3
11
6
3
4
4
1
2
1
1
0
4
0
1
1
1
0
1
0
1
1
0
Improve significantly Improve slightly Remain the same Deteriorate slightly Deteriorate significantly
Greek companies most pessimistic onthe European economy
How do you think the general economic climate will develop in Europe in the next six months?
Figures in %
Page 16European Mid-Market Barometer 2015
GreeceRussia
SwitzerlandNorway
GermanyTurkeyAustriaPoland
LuxembourgBelgium
Czech RepublicFinlandFrance
DenmarkSweden
ItalyPortugal
NetherlandsUnited Kingdom
SpainIreland
1
1
1
0
2
4
1
1
1
0
1
0
2
0
0
3
1
2
3
2
3
12
14
15
17
17
17
20
20
23
26
27
30
30
35
35
34
37
37
40
42
55
50
58
52
69
45
53
48
55
62
66
49
61
58
59
60
56
58
55
50
46
39
29
24
28
13
32
23
29
24
12
8
23
9
8
6
4
6
4
6
6
9
3
8
3
4
1
4
3
2
0
2
0
0
0
2
0
1
1
0
0
1
1
0
Irish entrepreneurs especially optimisticon world economy; Belgian respondents more or less neutral
How do you think the general economic climate will develop worldwide in the next six months?
Figures in %
Page 17European Mid-Market Barometer 2015
IrelandSwitzerlandNetherlands
DenmarkNorwaySweden
LuxembourgFrance
PortugalBelgium
United KingdomItaly
SpainAustria
GermanyCzech Republic
PolandFinlandRussia
GreeceTurkey
2
1
2
5
0
2
3
4
2
2
2
6
8
8
6
5
12
6
9
15
12
11
13
12
9
15
15
14
14
17
18
18
15
13
14
20
26
19
27
24
19
28
Yes, major effects Yes, minor effects
Turkish companies particularly affectedby Ukraine crisis
Is your business feeling any negative effects from the current tensions between Russia and the EU and US?
Figures in %
40
34
33
33
31
31
26
22
21
21
20
20
19
18
17
17
15
14
14
14
13
Page 18European Mid-Market Barometer 2015
Figures in %
SwitzerlandLuxembourg
GermanyAustria
Czech RepublicBelgium
United KingdomTurkeyFrance
SwedenFinland
PortugalSpainItaly
PolandDenmark
RussiaNetherlands
NorwayGreeceIreland
39
41
44
49
52
58
59
60
62
65
67
68
70
71
72
74
75
78
79
80
81
61
59
56
51
48
42
41
40
38
35
33
32
30
29
28
26
25
22
21
20
19
Growth promotion by increasing state investment Budget consolidation and debt reduction
Call for growth promotion strongest among Irish, Greek, Norwegian and Dutch companies
Which of the following policy approaches should European governments pursue in the next few months?
Page 19European Mid-Market Barometer 2015
Figures in %
GreeceAustria
SwedenItaly
PolandSpain
PortugalFinland
Czech RepublicBelgium
LuxembourgGermany
FranceRussia
DenmarkUnited Kingdom
SwitzerlandNorway
NetherlandsIrelandTurkey
2
2
2
2
1
4
4
2
1
0
3
3
3
2
5
3
6
4
5
5
20
4
13
15
16
18
17
18
21
22
24
23
24
25
26
31
33
31
34
36
36
35
32
51
47
51
56
50
53
57
64
60
56
57
46
53
60
59
48
55
51
51
33
25
27
35
22
21
19
20
19
9
14
15
14
24
15
4
5
14
6
8
8
10
37
7
1
9
4
10
5
1
4
2
3
2
2
4
0
0
1
1
0
0
2
Very positive Quite positive Average Quite negative Very negative
Local economic policy: satisfaction highest among Turkish entrepreneurs
How would you assess your home country’s economic policy?
Page 20European Mid-Market Barometer 2015
GreeceAustria
SwedenPoland
ItalySpain
Czech RepublicGermany
FinlandRussia
PortugalSwitzerland
BelgiumFrance
LuxembourgUnited Kingdom
DenmarkNorwayTurkey
NetherlandsIreland
1
1
1
0
2
4
0
1
2
2
4
3
0
3
2
3
4
2
15
4
4
2
8
15
17
15
14
19
21
20
21
19
21
25
23
25
30
29
35
24
36
38
20
44
71
49
49
42
62
54
59
49
53
54
58
48
55
61
64
57
41
51
49
22
38
12
29
24
26
16
22
18
21
20
19
14
24
13
5
3
5
19
8
8
55
9
1
5
10
14
3
2
1
7
4
3
3
2
5
1
0
1
1
1
1
Very positive Quite positive Average Quite negative Very negative
Domestic policies on the mid-market: Irish, Dutch and Turkish entrepreneurs most satisfied
How would you assess current policies affecting medium-sized businesses in your home country?
Figures in %
Page 22European Mid-Market Barometer 2015
GreeceSwitzerland
RussiaBelgiumSwedenAustriaFinland
GermanyLuxembourg
NorwayItaly
NetherlandsFrance
United KingdomDenmark
Czech RepublicSpain
PolandIreland
PortugalTurkey
19
23
21
17
19
25
23
27
25
28
29
26
29
30
27
32
33
35
33
38
50
71
65
69
77
74
64
68
63
67
64
62
70
64
64
70
61
61
58
64
60
43
10
12
10
6
7
11
9
10
8
8
9
4
7
6
3
7
6
7
3
2
7
To increase To keep to the same level To reduceFigures in %
Strongest increase in investment planned byTurkish companies
Over the next six months, what plans do you have for your company'stotal investment (e.g., in equipment, machines or construction)?
43
36
30
28
27
25
24
24
22
22
20
20
17
17
14
14
12
11
11
11
9
Balance of “increase” and “reduce”
Page 23European Mid-Market Barometer 2015
GreeceGermany
ItalyNorwayPoland
SwitzerlandFinlandRussia
Czech RepublicSpain
AustriaSwedenBelgium
NetherlandsFrance
LuxembourgPortugal
TurkeyDenmark
United KingdomIreland
1
3
3
2
4
2
2
2
1
3
3
1
0
2
3
2
3
7
4
3
2
15
22
19
20
21
19
18
18
23
20
23
21
24
22
24
24
23
28
29
35
38
71
58
65
65
60
68
71
71
64
68
62
73
70
71
66
69
70
53
63
59
58
11
13
11
12
13
10
9
7
11
8
11
5
5
4
6
4
4
10
3
2
2
2
3
2
1
2
1
0
2
1
1
1
0
1
1
1
1
0
2
1
1
0
Increase strongly (by more than 3%) Increase slightly (by up to 3%) Remain the sameDecrease slightly (by up to 3%) Decrease strongly (by more than 3%)
Highest increase in workforce planned byIrish and British companies
Over the next six months, what expectations do you have about thenumber of employees in your company?
Figures in %
38
35
29
23
22
21
20
19
18
17
14
14
12
11
11
10
10
9
9
9
3
Balance of “increase” and “decrease”
Page 24European Mid-Market Barometer 2015
BelgiumDenmark
SpainIrelandNorway
NetherlandsFinland
SwedenPortugal
ItalyFrance
LuxembourgUnited Kingdom
TurkeyRussia
SwitzerlandPolandAustria
GermanyGreece
Czech Republic
1
1
3
0
4
2
2
6
4
8
6
12
4
17
25
10
6
15
16
37
23
16
16
14
18
17
22
23
22
25
22
28
24
33
36
30
46
50
49
51
31
57
Very difficult Fairly difficult
Shortage of skilled labor most severe inCzech Republic, Greece and Germany
How easy or difficult is it for your company to recruit suitably skilled and qualified employees?
Figures in %
80
68
67
64
56
56
55
53
37
36
34
30
29
28
25
24
21
18
17
17
17
Page 25European Mid-Market Barometer 2015
NorwayDenmarkBelgiumFinland
NetherlandsIreland
SwedenUnited Kingdom
LuxembourgItaly
FranceSpain
PortugalCzech Republic
RussiaTurkeyPoland
GermanyGreece
SwitzerlandAustria
1
1
0
1
1
1
3
3
6
7
7
15
5
5
9
16
15
14
18
10
16
3
4
9
9
10
12
16
22
20
19
23
17
28
30
34
30
32
37
37
45
43
Yes, significant losses (greater than 5 %) Yes, slight losses (up to 5 %)Figures in %
Loss of turnover most frequently cited by Austrian, Swiss and Greek companies
Does a lack of suitable skilled personnel cause a loss of turnover or unrealized turnover potential for your company?
59
55
55
51
47
46
43
35
33
32
30
26
26
25
19
13
11
10
9
5
4
Page 27European Mid-Market Barometer 2015
Figures in %
ItalyRussia
SwitzerlandAustriaFinlandFranceGreece
GermanyPortugal
SpainCzech Republic
BelgiumNetherlands
SwedenNorwayPoland
United KingdomLuxembourg
TurkeyDenmark
Ireland
33
33
33
35
36
37
38
39
40
41
43
47
47
50
51
52
53
54
57
59
62
52
55
62
59
52
55
41
54
57
47
50
49
50
46
43
39
43
39
31
39
33
15
12
5
6
12
8
21
7
3
12
7
4
3
4
6
9
4
7
12
2
5
Growth Stability Surviving
Irish, Danish and Turkish companiesmost bullish on growth
What will your company focus on in the next few months?
Page 28European Mid-Market Barometer 2015
Figures in %
Unresolved company succession
Knowledge theft (industry spies and theft of IP)
High unemployment in home country
Difficult access to financial resources
IT security (e.g., hacker attacks)
Deflation
Geopolitical tensions and wars
Inflation
Currency fluctuations
Shortage of skilled professionals
High energy prices
Weak economic trend abroad
Weak economic trend domestically
High raw material prices
9
15
15
15
16
17
16
21
21
21
21
25
28
28
2
4
5
6
6
5
7
6
7
7
8
7
9
10
Significant risk Major risk
European mid-market fears high raw material prices and weak economic trend domestically
What are the biggest risks to your company's development?
Europe
37
38
29
32
28
28
23
27
22
21
22
19
20
11
Page 29European Mid-Market Barometer 2015
Risks: country overview
What are the biggest risks to your company's development?
Country Greatest risk % Second-largest risk % Third-largest risk %
Austria Weak economic trend abroad 59Weak economic trend domestically 59 High raw material prices 40
BelgiumWeak economic trend domestically 49 Weak economic trend abroad 38 High raw material prices 32
Czech Republic Shortage of skilled professionals 51 Currency fluctuations 48 High raw material prices 42
Denmark Weak economic trend abroad 31 High raw material prices 29Weak economic trend domestically 26
Finland High raw material prices 19 Currency fluctuations 18 Weak economic trend abroad 17
FranceWeak economic trend domestically 46 High raw material prices 39 Weak economic trend abroad 35
GermanyShortage of skilled professionals
52 High raw material prices 43Weak economic trend domestically 38
GreeceDifficult access to financial resources 69 High raw material prices 66
High unemployment in home country 64
IrelandWeak economic trend domestically 79 Weak economic trend abroad 53 High raw material prices 34
Italy High raw material prices 27High unemployment in home country 26 Deflation 24
LuxembourgWeak economic trend domestically 38 Weak economic trend abroad 33 High raw material prices 27
NetherlandsWeak economic trend domestically 48 Weak economic trend abroad 43 High raw material prices 31
NorwayWeak economic trend domestically 29 High raw material prices 29 Weak economic trend abroad 27
Poland High raw material prices 56 Geopolitical tensions and wars 44 High energy prices 43
PortugalWeak economic trend domestically 36 High raw material prices 34 Inflation 33
Russia Inflation 58 High raw material prices 51 Currency fluctuations 49
Spain High raw material prices 54 High energy prices 54 Inflation 44
SwedenWeak economic trend domestically 51 Weak economic trend abroad 37 High raw material prices 30
SwitzerlandShortage of skilled professionals
37 Weak economic trend abroad 28 Currency fluctuations 28
TurkeyGeopolitical tensions and wars
64 Currency fluctuations 62 High raw material prices 62
United KingdomWeak economic trend domestically 42 Weak economic trend abroad 35 High raw material prices 27
Page 30European Mid-Market Barometer 2015
Regulatory environment: country overviewBelgium: focus needed on tax reductions
What measures would significantly strengthen the mid-market segment in your home country?
Land Priority 1 % Priority 2 % Priority 3 %
AustriaReduction of incidental wage costs 87 Tax reductions 80 Reduction of bureaucracy 70
Belgium Tax reductions 82 Increased public investment 34 Tax benefits for R&D 25
Czech Republic Reduction of bureaucracy 58 Tax reductions 40Reduction of incidental wage costs 33
Denmark Tax reductions 60 Increased public investment 29 Tax benefits for R&D 23
Finland Tax reductions 56 Increased public investment 39 Reduction of bureaucracy 36
France Tax reductions 73 Increased public investment 38 Reduction of bureaucracy 32
Germany Tax reductions 66Reduction of incidental wage costs 63 Reduction of bureaucracy 62
Greece Reduction of bureaucracy 89 Tax reductions 86Reduction of incidental wage costs 73
Ireland Tax reductions 78 Tax benefits for R&D 43 Increased public investment 38
Italy Tax reductions 65 Increased public investment 31 Reduction of bureaucracy 30
Luxembourg Tax reductions 58 Increased public investment 38 Reduction of bureaucracy 31
Netherlands Tax reductions 63 Increased public investment 49 Tax benefits for R&D 32
Norway Tax reductions 82 Reduction of bureaucracy 54 Increased public investment 42
Poland Tax reductions 75Reduction of incidental wage costs 69 Reduction of bureaucracy 68
Portugal Tax reductions 84 Increased public investment 44 Reduction of bureaucracy 37
Russia Tax reductions 78 Increased public investment 35 Reduction of bureaucracy 34
Spain Tax reductions 59 Increased public investment 51 Reduction of bureaucracy 49
Sweden Tax reductions 62 Increased public investment 39Protection (overseas competitors) 22
Switzerland Tax reductions 61 Reduction of bureaucracy 40Reduction of incidental wage costs 37
Turkey Tax reductions 81 Increased public investment 58 Tax benefits for R&D 57
United Kingdom Tax reductions 69 Tax benefits for R&D 42 Increased public investment 31
Page 31European Mid-Market Barometer 2015
Increasing public investment: country overview
Would increasing public investment significantly strengthen the mid-market segment in your home country?
Czech RepublicSwitzerland
DenmarkUnited Kingdom
ItalyBelgium
RussiaLuxembourg
IrelandFrance
SwedenFinlandNorway
GermanyPoland
PortugalAustria
NetherlandsSpain
TurkeyGreece
25
29
29
31
31
34
35
38
38
38
39
39
42
42
43
44
47
49
51
58
68
Figures in %
Page 33European Mid-Market Barometer 2015
DenmarkNorway
Czech RepublicNetherlands
AustriaSwitzerland
PolandFinland
GermanyTurkey
United KingdomItaly
BelgiumSweden
LuxembourgIreland
SpainFrance
PortugalRussia
Greece
1
1
2
2
4
3
4
0
5
10
2
6
1
3
4
2
15
8
6
31
38
10
14
14
20
19
21
20
26
21
17
31
27
34
32
32
36
29
39
43
38
32
Very difficult Fairly difficult
Credit supply: country overview
How would you assess your company's current access to financing through outside capital and bank loans?
Figures in %
70
69
49
47
44
38
36
35
35
33
33
27
26
26
24
24
23
22
16
15
11 SpainGreeceRussiaAustria
ItalyGermany
United KingdomFinlandFrance
PortugalTurkey
SwitzerlandLuxembourg
PolandNetherlands
Czech RepublicIreland
BelgiumSweden
DenmarkNorway
24
21
16
14
13
12
11
11
11
11
11
10
10
9
8
8
6
5
3
2
2
19
9
9
8
11
12
8
8
9
10
20
7
9
10
3
11
7
3
5
2
5
Become more difficult Become easier
How has your company's access to financing through outside capital and bank loans developed in the past 12 months?
Page 35European Mid-Market Barometer 2015
Dutch companies most strongly internationalized …
Does your company engage in any form of activities abroad (production, distribution, joint venture, etc.)?
Figures in %
Dutch medium-sized companies are the most internationalized medium-sized companies in Europe: 7 in 10 engage in activities abroad, and almost 2 in 3 engage in activities abroad but within Europe.
A very high degree of internationalization is also being displayed by Swedish, Spanish, French, Danish and Finnish medium-sized companies.
In only 5 out of the sample of 21 European countries, less than half of all domestic medium-sized companies engage in activities abroad.
EuropeNorway
SwitzerlandRussiaPolandGreece
LuxembourgUnited Kingdom
AustriaCzech Republic
IrelandPortugalBelgium
TurkeyItaly
GermanyFinland
DenmarkFranceSpain
SwedenNetherlands
58
42
43
43
44
48
52
54
55
56
57
57
60
60
62
62
64
64
64
65
65
70
Page 36European Mid-Market Barometer 2015
… while most Russian companies have no links with Western or Eastern European countries
Does your company engage in any form of activities in Western Europe or Eastern Europe (production, distribution, joint venture, etc.)?
Western Europe Eastern Europe
Figures in %
Western Europe
Switzerland
Greece
United Kingdom
Portugal
Czech Republic
Luxembourg
Ireland
Finland
Belgium
Sweden
4619
3436363738
4242434546484950505152
565858
64
Europe
Poland
Norway
Austria
Luxembourg
Turkey
Spain
Germany
Finland
Belgium
Sweden
4117
2325
3133
363636383838384041
495050
53555757
Page 37European Mid-Market Barometer 2015
Dutch companies with a strong presence in North America and Asia
Does your company engage in any form of activities in North America or Asia (production, distribution, joint venture, etc.)?
North America Asia
Figures in %
Europe
Poland
Czech Republic
Norway
Turkey
Austria
United Kingdom
Germany
Italy
Denmark
France
2566
101315
1819202022232526
29303032333333
40
Europe
Poland
Portugal
Russia
Norway
Luxembourg
Turkey
Finland
Germany
Belgium
Sweden
2710111315
1819212121222424
2830
333334353535
42
Page 38
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