Upswing Loses Momentum, Indices Remain at High Level


WIFO-Konjunkturtest (Business Cycle Survey) of August 2021

Sentiment among Austrian companies remained at a high level in August. The WIFO Business Climate Index stood at 19.7 points (seasonally adjusted), about 2.2 points below the value of the previous month (22.0 points).

Assessments of the situation and expectations showed slight declines due to the increase in the number of infections and continuing supply bottlenecks. After the strong catch-up process of the past months, the upswing is likely to continue with weaker momentum in the coming months.

The index of current assessments for the economy as a whole fell by 2.4 points in August (excluding seasonal fluctuations), but remained clearly in positive territory at 22.2 points. In the service sectors the index deteriorated slightly (–1.9 points), but at 20.4 points it was still clearly above the zero line separating positive from negative economic assessments. In the construction industry, the situation index continued to stabilise and, despite a decline of 1.1 points, remained at an above-average level of 34.5 points. In the manufacturing sector, as well, the situation index lost momentum (–3.7 points), but at 21.2 points it still signalled good business activity in the manufacturing sector.

The expectations of Austrian companies weakened somewhat compared to the previous months. The index of business expectations lost 2.1 points in August, but at 17.3 points was clearly in the optimistic range. This decline is mainly due to the slowdown in the service sectors, where the index lost considerable momentum (–5.0 points) but remained in the confident range at 12.9 points. In the construction industry, on the other hand, the expectations index rose by 3.7 points and was clearly in the optimistic range at 38.9 points. In the manufacturing sector, the expectations index remained almost unchanged (+0.7 points) and continued to be in the optimistic range at 17.4 points.


Aufschwung verliert an Dynamik, Indizes bleiben auf hohem Niveau. Ergebnisse des WIFO-Konjunkturtests vom August 2021 (Upswing Loses Momentum, Indices Remain at High Level. Results of the WIFO-Konjunkturtest (Business Cycle Survey) of August 2021)
WIFO Business Cycle Survey, 2021, (8), 13 pages
Commissioned by: European Commission
Study by: Austrian Institute of Economic Research – Computing Centre for Economics and Social Sciences
Online since: 30.08.2021 14:00
Die Stimmungslage unter den österreichischen Unternehmen hat sich im Juli auf hohem Niveau stabilisiert. Der WIFO-Konjunkturklimaindex notierte bei 22,0 Punkten (saisonbereinigt) nahezu unverändert zum Vormonat (22,6 Punkte). Die Konjunktureinschätzungen der aktuellen Lage verbesserten sich trotz weiter anhaltender Lieferengpässe. Die Konjunkturerwartungen zeigen hingegen einen Rückgang, bleiben aber dennoch auf hohem Niveau. Nach dem starken Aufholprozess der vergangenen Monate setzt sich der Aufschwung mit etwas schwächerer Dynamik fort.
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Research groups: Industrial Economics, Innovation and International Competition
© Ahmed Elqsas/
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