COVID-19 Slows Down Economic Recovery. Results of the WIFO-Konjunkturtest (Business Cycle Survey) of November 2020

The economic assessments of Austrian companies declined in November in the course of the second wave of the COVID-19 pandemic and the associated restrictions. The WIFO business climate index fell by 5.2 points and was more clearly in negative territory with –14.7 points. Companies assessed the current economic situation worse and business expectations for the coming months became more sceptical. The economic assessment was particularly pessimistic in tourism, transport and consumer goods industries.