Weak Industrial Economy Determines Economic Picture

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

The results of the WIFO-Konjunkturtest (business cycle survey) of October show a sideways movement in overall economic assessments. The WIFO Business Climate Index, at –7.9 points (seasonally adjusted), was 0.5 points above the value of the previous month (–8.4 points). The pessimistic economic picture is determined in particular by the continued weakness of the industrial economy. Assessments of the situation in manufacturing deteriorated further, while they remained almost unchanged for the economy as a whole. Despite slight improvements, economic expectations also remained in negative territory and continue to signal a pessimistic economic outlook. Business uncertainty remained above average in October.