Economic Dynamics Continue to Decline

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

The results of the WIFO-Konjunkturtest (business cycle survey) show a clear cooling of the economic assessments of Austrian companies in June. The WIFO Business Climate Index stood at –0.9 points (seasonally adjusted), 5.7 points below the value of the previous month (4.8 points). The assessments of the current situation clouded over across the sectors and were deeply negative, especially in the energy-intensive manufacturing sector. Economic expectations also declined significantly, showing a sceptical economic outlook for all sectors. Sales price expectations continued to decline but remained above average in services and retail trade.