Economic Sentiment Remains Subdued

The results of the WIFO-Konjunkturtest (business cycle survey) in October show a slight deterioration in companies' economic assessments, most of which remained strained across all sectors. At –6.5 points (seasonally adjusted), the WIFO Business Climate Index in October was 0.6 points below the previous month's value (–5.9 points). The industrial economy remained weak in October despite improvements in the index, but the deterioration in the overall index is primarily due to the slowdown in the service economy. The overall economic situation assessments deteriorated slightly and remained in sceptical territory. Economic expectations moved sideways, but on balance continue to signal a mostly sceptical economic outlook in the majority of cases.