Corporate Spending on New Product Launches Cut in 2022

As the results of the December 2022 WIFO-Konjunkturtest (business cycle survey) show, the economic assessments of Austrian companies in 2022 were less confident than in the previous year due to increased geopolitical uncertainty. This was accompanied by a decline in spending on new products and services. Spending plans for 2023 again reflect a brightening of sentiment. Companies tend to hold constant or increase their spending on new product launches over the long run. However, the share of companies with new product launches has been declining in Austria for years.