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A Business Tendency Survey (BTS) is one of popular instruments used for providing rough forecasts of future conditions of the national economy. Economists, journalists and analysts are not the only ones interested in the future development of the economy; ordinary citizens are also attentive to such forecasts. The Czech Statistical Office publishes results of the BTS in two forms: balance, and basic indices, respectively. The paper focuses on the base of basic indices, and investigates why the base is different for different European countries and protracts attention to a related question whether a point estimate such as a base year or long-term average is suitable for the Czech Republic. The aim of the paper is to find the most suitable base for the Czech Republic in terms of getting the tightest match between the obtained and predicted values of economic indicators. Findings from this study should be important for obtaining better predictions and enhancing capabilities of the BTS.

Is one time-series in the business tendency survey able to predict another one? Granger causality between time series