WIFO-Konjunkturtest

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.

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 February 2024, the credit hurdle – 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) – improved slightly compared to the previous quarter (+0.5 points) but remained deep in negative territory at –22.9 points. The assessments by company size continue to show differences: the credit hurdle is higher for smaller companies (less than 50 employees; –25.6 points) than for medium-sized companies (50 to 250 employees: –19.0 points) and large companies (more than 250 employees: –14.6 points).

The survey results show a slight decline in demand for credit (–0.2 percentage points compared to the previous quarter), which at 22.0 percent in the aggregate (excluding retail) is only slightly above the long-term average (21.0 percent). In the construction industry, 21.4 percent of companies reported a need for credit, in manufacturing 21.3 percent, in the service sectors 22.6 percent and in retail 18.8 percent. In terms of company size (excluding retail), 21.9 percent of smaller companies (less than 50 employees) recently reported a need for credit, 24.3 percent of medium-sized companies and 21.5 percent of larger companies (more than 250 employees).

Of the companies with credit requirements (excluding retail), around 41.6 percent had to cut back on the amount or conditions (31.0 percent reported worse conditions, 2.1 percent lower amount and 8.6 percent worse conditions and lower amount than expected). This figure is still well above the average of the past five years (28.0 percent). Only around 24.7 percent of companies requiring credit were able to obtain it as expected (5-year average: 48.5 percent). At 34.7 percent, 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: 23.5 percent; around 7.5 percent of all companies surveyed) because the loan application was rejected by the bank (7.2 percent), the conditions were not acceptable (17.4 percent) or they had not tried to obtain a loan due to lack of opportunity (10.1 percent).

WIFO-Konjunkturtest
29.04.2024
Results of the WIFO-Konjunkturtest (Business Cycle Survey) of April 2024
Finalization: April 2024
Project partner Austrian Institute of Economic Research, Economic and Social Science Computing Center
Contractor project: European Commission
Specialist publication: WIFO-Konjunkturtest
WIFO-Konjunkturtest
27.03.2024
Results of the WIFO-Konjunkturtest (Business Cycle Survey) of March 2024
Finalization: March 2024
Project partner Austrian Institute of Economic Research, Economic and Social Science Computing Center
Contractor project: European Commission
Specialist publication: WIFO-Konjunkturtest
WIFO-Konjunkturtest
28.02.2024
Results of the WIFO-Konjunkturtest (Business Cycle Survey) of February 2024
Finalization: February 2024
Project partner Austrian Institute of Economic Research, Economic and Social Science Computing Center
Contractor project: European Commission
Specialist publication: WIFO-Konjunkturtest
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 Reports on Austria
01.03.2024
Results of the WIFO-Konjunkturtest Quarterly Survey of January 2024
Finalization: February 2024
Specialist publication: WIFO Reports on Austria
JEL-Codes: E32, E66
WIFO Reports on Austria
20.12.2023
Results of the WIFO-Konjunkturtest Quarterly Survey of October 2023
Finalization: December 2023
Specialist publication: WIFO Reports on Austria
JEL-Codes: E32, E66
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.