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The data for this survey were collected in July.
As of July 2023, CBS implements a new method to calculate business confidence, which involves recalculation of the time series. More information can be found in a background article (Dutch only). Entrepreneurial confidence declined from the end of 2021 until end of 2022. This was followed by tentative recovery in 2023, but the indicator still remained negative.
| 2018 | Jan | 17.1 |
|---|---|---|
| 2018 | Apr | 13.9 |
| 2018 | Jul | 11.5 |
| 2018 | Oct | 8.9 |
| 2019 | Jan | 4 |
| 2019 | Apr | 2.4 |
| 2019 | Jul | 0.9 |
| 2019 | Oct | -4.6 |
| 2020 | Jan | -1.6 |
| 2020 | Apr | -51.9 |
| 2020 | Jul | -22.8 |
| 2020 | Oct | -15.9 |
| 2021 | Jan | -11.4 |
| 2021 | Apr | 0 |
| 2021 | Jul | 11.9 |
| 2021 | Oct | 12.9 |
| 2022 | Jan | -0.6 |
| 2022 | Apr | -9.9 |
| 2022 | Jul | -12.5 |
| 2022 | Oct | -22.2 |
| 2023 | Jan | -13.2 |
| 2023 | Apr | -8.1 |
| 2023 | Jul | -8.3 |
| Source: CBS, EIB, KVK, MKB-Nederland, VNO-NCW | ||
Negative mood in most sectors
In almost all sectors, entrepreneurial sentiment was negative at the start of Q3. Only in the sectors information and communication, and in culture, sports and recreation, are entrepreneurs slightly positive. The mood improved for the third quarter in a row in these sectors and in retail trade. Confidence in the construction sector and in real estate activities increased most substantially, although it was still the lowest among all sectors. A separate indicator for the construction sector is compiled by EIB which follows the old method; this sentiment indicator declined, but did remain positive. Confidence fell most sharply among entrepreneurs in car maintenance and repair services and in wholesale and commission trade.
| Total (excl. financial and public sector) | -8.3 | -8.1 |
|---|---|---|
| Information and communication | 2 | 1.3 |
| Culture, sports and recreation | 0.5 | 0.2 |
| Transportation and storage | -2.1 | -6.1 |
| Business services | -3.9 | -0.5 |
| Retail trade (excl. cars) | -6 | -8.1 |
| Manufacturing | -7.3 | -5.2 |
| Wholesale and commission trade | -7.4 | -0.7 |
| Mining and quarrying | -7.8 | -11 |
| Car trade and repair | -10 | -0.9 |
| Other services | -10.4 | -4.4 |
| Accommodation and food services | -10.8 | -7.7 |
| Agriculture, forestry and fisheries | -13.1 | -12.7 |
| Real estate activities | -13.3 | -20.7 |
| Construction | -24.5 | -32.3 |
| Source: CBS, EIB, KVK, MKB-Nederland, VNO-NCW | ||
More negative opinions about order position
On balance, entrepreneurs were negative about their expected order position, with the indicator showing a further decline on last year. At the beginning of Q3 2023, on balance 2 percent of entrepreneurs expected a decline in the value of their order positions over the next three months. One year earlier, on balance nearly 5 percent were still expecting an improvement. It is the first time that the expected order position is negative since the beginning of 2021.
In most sectors, entrepreneurs are more negative or less positive about their expected order position than last year. The strongest declines are seen in culture, sports and recreation, in manufacturing and in car trade and repair. In the latter sector, entrepreneurs are the most negative, with on balance nearly 15 percent expecting their order position to deteriorate. Entrepreneurs in accommodation and food services are also less positive than last year, although still the most positive among all sectors; on balance, nearly 9 percent expect to see more purchase orders.
| Total (excl. financial and public sector) | -1.9 | 4.7 |
|---|---|---|
| Accommodation and food services | 8.9 | 19.4 |
| Real estate activities | 5.9 | 6.2 |
| Culture, sports and recreation | 0.9 | 13 |
| Construction | -0.7 | 3.9 |
| Wholesale and commission trade | -1.7 | 6.7 |
| Information and communication | -2.8 | -0.9 |
| Business services | -2.8 | 1.6 |
| Manufacturing | -3 | 8.2 |
| Transportation and storage | -3 | 2.3 |
| Other services | -3.3 | -7 |
| Retail trade (excl. cars) | -3.4 | 4.9 |
| Agriculture, forestry and fisheries | -5.9 | -7.9 |
| Car trade and repair | -14.7 | -3.2 |
| Source: CBS, EIB, KVK, MKB-Nederland, VNO-NCW | ||
Investment outlook for 2023 less positive
At the start of Q3 2023, nearly 17 percent of the entrepreneurs expected to make more investments in the current year relative to 2022. Nearly 16 percent were expecting to invest less, while the remaining 67 percent expected investment to remain stable. Therefore, on balance, nearly 1 percent anticipate an increase in investments. One year previously, this was still slightly over 7 percent of entrepreneurs on balance. The investment outlook has not been this low since the beginning of 2021.
In most sectors, entrepreneurs still foresee an increase in investments on balance. Expectations vary widely per sector, but deterioration is visible in almost every sector. The investment outlook has declined most strongly in accommodation and food services; on balance, nearly 8 percent expect lower investments. One year previously, that sector expected to see an increase by over 16 percent. Entrepreneurs in agriculture, forestry and fisheries as well as construction are most negative about investments for the current year. The most positive sector is culture, sports and recreation.
| Total (excl. financial and public sector) | 0.9 | 7.3 |
|---|---|---|
| Culture, sports and recreation | 21.1 | 9.9 |
| Mining and quarrying | 14.8 | 34.5 |
| Transportation and storage | 13.1 | 15.4 |
| Car trade and repair | 11.7 | 8 |
| Real estate activities | 11.3 | 19.9 |
| Information and communication | 4.2 | 6 |
| Wholesale and commission trade | 3.9 | 9.3 |
| Manufacturing | 1.7 | 11.4 |
| Business services | 1.7 | 5.3 |
| Retail trade (excl. cars) | -2.4 | 1.2 |
| Other services | -3.7 | -0.3 |
| Accommodation and food services | -7.9 | 16.5 |
| Construction | -9.6 | 0.9 |
| Agriculture, forestry and fisheries | -10 | -5.2 |
| Source: CBS, EIB, KVK, MKB-Nederland, VNO-NCW | ||
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