WIFO-Konjunkturtest

Part of the Joint Harmonised EU Programme
of Business and Consumer Surveys

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The WIFO-Konjunkturtest (business cycle survey) is a monthly survey of Austrian companies on their economic situation and its development in the coming months. The results of the WIFO-Konjunkturtest help to reliably assess the economic development in Austria at an early stage. The WIFO-Konjunkturtest has been conducted since 1954 and has been part of the "Joint Harmonised EU Programme of Business and Consumer Surveys" since 1996.
WIFO-Konjunkturtest (business cycle survey)
28.11.2024
14:00
Publication date
WIFO-Konjunkturtest (business cycle survey)
08.01.2025
14:00
Publication date

WIFO-Konjunkturampel (economic traffic light)

The results of the WIFO-Konjunkturtest (business cycle survey) for October show a slight deterioration in companies' economic assessments compared to the previous month, although they remain tense. At –6.5 points (seasonally adjusted), the WIFO economic climate index in October was 0.6 points below the previous month's value (–5.9 points). The assessment of the overall economic situation deteriorated slightly (–1.3 points) and is below the zero line at –8.7 points. Economic expectations are moving sideways (–0.2 points) and remain skeptical at –5.3 points. The economic picture continues to be dominated by the weak industrial economy. However, the decline in the index values in October is primarily due to the slight deterioration in economic assessments in the service sector. The WIFO economic traffic light is therefore back to “red”, signaling a slowdown in economic momentum.

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Economic Sentiment Dips in the EU and the Euro Area, Employment Expectations Remain Broadly Stable

In October 2024, the Economic Sentiment Indicator (ESI) dipped by 0.7 points in both the EU (to 96.0 points) and the euro area (to 95.6 points). The Employment Expectations Indicator (EEI) remained broadly stable (EU: +0.1 points to 100.0 points, euro area: –0.2 points to 99.2 points). While the EEI is at or close to its long-term average of 100, the ESI moved slightly further away from that reference value.

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Credit Conditions of Austrian Companies

The credit questions of the WIFO-Konjunkturtest (business cycle survey) allow us to present the assessments and experiences of companies with regard to bank lending. The credit questions are asked quarterly in February, May, August and November.

In August 2024, companies‘ assessments of banks’ willingness to lend – defined as the balance of the proportion of companies that describe banks‘ lending as accommodating (positive values) and the proportion of companies that describe banks’ lending as restrictive (negative values) – deteriorated slightly (–0.8 points) compared to the previous quarter (i.e.: the credit hurdle increased) and remained deep in negative territory at ‑19.2 points. The assessments by company size show differences: The credit hurdle is higher for smaller companies (less than 50 employees) (‑22.5 points) than for medium-sized companies (50 to 250 employees: –12.4 points) and large companies (more than 250 employees: –15.3 points).

The survey results show an increase in demand for credit (+1.4 percentage points compared to the previous quarter), which at 21.2% in the aggregate (excluding retail) is now in line with the long-term average (21.0%). In the construction industry, 22.2% of companies reported a need for credit, in manufacturing 21.3%, in the service industries 20.9% and in retail 15.4%. In terms of company size (excluding retail), 21.7% of smaller companies (less than 50 employees) reported a need for credit, 20.3% of medium-sized companies and 22.5% of larger companies (more than 250 employees).

Of the companies with credit requirements (excluding retail), around 35.8% had to cut back on the amount or conditions (21.8% reported worse conditions, 5.6% lower amount and 7.3% worse conditions and lower amount than expected). This figure is still above the average of the past five years (29.2%). Around 32% of companies requiring credit were able to obtain it as expected (5-year average: 45.1%). At 33%, the proportion of companies with credit requirements that did not receive a loan or did not apply for one was also above average (5-year average: 24.9%; around 7.4% of all companies surveyed) because the loan application was rejected by the bank (5.8%), the conditions were unacceptable (16.2%) or they did not try to obtain a loan due to lack of opportunity (11.2%).

WIFO-Konjunkturtest
30.10.2024
Results of the WIFO-Konjunkturtest (Business Cycle Survey) of October 2024
Finalization: October 2024
Contractor project: European Commission
Specialist publication: WIFO-Konjunkturtest
WIFO-Konjunkturtest
27.09.2024
Results of the WIFO-Konjunkturtest (Business Cycle Survey) of September 2024
Finalization: September 2024
Contractor project: European Commission
Specialist publication: WIFO-Konjunkturtest
WIFO-Konjunkturtest
29.08.2024
Results of the WIFO-Konjunkturtest (Business Cycle Survey) of August 2024
Finalization: August 2024
Contractor project: European Commission
Specialist publication: WIFO-Konjunkturtest
WIFO Reports on Austria
17.09.2024
Results of the WIFO-Konjunkturtest Quarterly Survey of July 2024
Finalization: August 2024
Specialist publication: WIFO Reports on Austria
JEL-Codes: E32, E66
WIFO-Konjunkturtest Sonderausgabe
15.06.2022
Results of the Special Survey on the Ukraine War as Part of the WIFO-Konjunkturtest of May 2022
Finalization: June 2022
Project partner Austrian Institute of Economic Research, Economic and Social Science Computing Center
Contractor project: European Commission
Specialist publication: WIFO-Konjunkturtest Sonderausgabe
WIFO-Konjunkturtest Sonderausgabe
11.03.2022
Results of the Seventh Special Survey on the COVID-19 Crisis as Part of the WIFO-Konjunkturtest of February 2022
Finalization: March 2022
Project partner Austrian Institute of Economic Research, Economic and Social Science Computing Center
Contractor project: European Commission
Specialist publication: WIFO-Konjunkturtest Sonderausgabe
WIFO-Konjunkturtest Sonderausgabe
09.09.2021
Results of the Sixth Special Survey on the COVID-19 Crisis as Part of the WIFO-Konjunkturtest of August 2021
Finalization: September 2021
Project partner Austrian Institute of Economic Research, Economic and Social Science Computing Center
Contractor project: European Commission
Specialist publication: WIFO-Konjunkturtest Sonderausgabe
WIFO-Monatsberichte
10.07.2023
Results of the WIFO Spring 2023 Investment Survey
Finalization: June 2023
Specialist publication: WIFO-Monatsberichte
JEL-Codes: D22, D25, G31
WIFO-Monatsberichte
10.02.2023
Results of the Autumn 2022 WIFO Investment Survey
Finalization: January 2023
Specialist publication: WIFO-Monatsberichte
JEL-Codes: D22, D25, G31
WIFO-Monatsberichte
05.07.2022
Results of the WIFO Spring 2022 Investment Survey
Finalization: June 2022
Specialist publication: WIFO-Monatsberichte
JEL-Codes: D22, D25, G31

Contact

For general enquiries, please contact konjunkturtest@wifo.ac.at.

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