Economic Expectations Cloud Over

Results of the WIFO-Konjunkturtest (Business Cycle Survey) of May 2023

The results of the WIFO-Konjunkturtest (business cycle survey) show a deterioration in the economic assessments of Austrian companies in May. The WIFO Business Climate Index stood at 4.9 points (seasonally adjusted), 6.1 points below the value of the previous month (11.0 points). This decline was in particular due to economic expectations, which deteriorated significantly across all sectors, while the situation indicators still show an average economic environment for most sectors, except for the manufacturing sector. Companies' demand for credit declined in May. The majority of companies assess the willingness of banks to grant loans as restrictive this spring.