Economic Forecasts Improve at Low Level

The results of the WIFO-Konjunkturtest (business cycle survey) show an improvement in business assessments of the economy in November, although they remain at a low level. At –4.3 points (seasonally adjusted), the WIFO Business Climate Index was 2.3 points higher in November than in the previous month (–6.6 points). Overall economic situation assessments and economic expectations are improving, but remain largely sceptical. The economic picture continues to be dominated by the weak industrial sector. Corporate demand for credit remained virtually unchanged in the aggregate compared to the previous quarter. The majority of companies continue to assess the banks' willingness to grant loans as restrictive.