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)
27.02.2025
14:00
Publication date
WIFO-Konjunkturtest (business cycle survey)
28.03.2025
14:00
Publication date
WIFO-Konjunkturtest (business cycle survey)
29.04.2025
14:00
Publication date
WIFO-Konjunkturtest (business cycle survey)
27.05.2025
14:00
Publication date
WIFO-Konjunkturtest (business cycle survey)
27.06.2025
14:00
Publication date
WIFO-Konjunkturtest (business cycle survey)
30.07.2025
14:00
Publication date
WIFO-Konjunkturtest (business cycle survey)
28.08.2025
14:00
Publication date
WIFO-Konjunkturtest (business cycle survey)
29.09.2025
14:00
Publication date
WIFO-Konjunkturtest (business cycle survey)
30.10.2025
14:00
Publication date
WIFO-Konjunkturtest (business cycle survey)
27.11.2025
14:00
Publication date

WIFO-Konjunkturampel (economic traffic light)

The results of the WIFO Business Survey in January show a slight improvement in business assessments of the economy compared to the previous month, although the majority remains skeptical. At –5.2 points (seasonally adjusted), the WIFO economic climate index in January was 0.8 points above the previous month's value (–6.0 points). Overall economic situation assessments improved (+1.8 points), but remained in negative territory at –4.3 points. There was no change in economic expectations, which also remained in pessimistic territory at –6.4 points. Despite improvements the economic picture is determined in particular by the continued weakness of the industrial sector. The construction industry declined. The WIFO economic traffic light has turned 'green' and is signaling a cautious improvement in economic momentum at a low level.

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Economic Sentiment and Employment Expectations up in the EU and the euro area

In January 2025, the Economic Sentiment Indicator (ESI) picked up by 1.1 points in the EU (to 95.8 points) and by 1.5 points in the euro area (to 95.2 points). The Employment Expectations Indicator (EEI) rebounded as well (EU: +1.1 points to 99.5 points; euro area: +1.6 points to 98.8 points). While the EEI returned close to its long-term average of 100 points, the ESI continues to score below 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 November 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) – improved slightly compared to the previous quarter (+1.6 points), but remained in negative territory at –17.7 points (i.e. the credit hurdle fell). There are differences according to company size: the credit hurdle is higher for smaller companies (less than 50 employees) (–19.3 points) than for medium-sized companies (50 to 250 employees –14.2 points) and large companies (more than 250 employees –9.7 points).

The survey results show little change (+0.2 percentage points compared to the previous quarter) in demand for credit in the aggregate (excluding retail) at 21.4 percent (long-term average: 20.9 percent). In the manufacturing sector, demand for credit is slightly above average (25.1 percent of companies report a need for credit), while demand for credit is average in the construction industry (19.3 percent of companies), the services sector (20.0 percent) and the retail trade (14.9 percent). In terms of company size (excluding retail), 21.8 percent of smaller companies (less than 50 employees) recently reported a need for credit, 21.3 percent of medium-sized companies and 25.3 percent of larger companies (more than 250 employees).

Of the companies with credit requirements (excluding retail), around 33.1 percent had to cut back on the amount or conditions (18.0 percent reported worse conditions, 7.6 percent lower amount and 7.5 percent worse conditions and lower amount than expected). This figure is still above the average of the past five years (30.7 percent). Around 31 percent of companies requiring credit were able to obtain it as expected (5-year average: 43.6 percent). At 35 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: 25.8 percent; around 7.8 percent of all companies surveyed) because the loan application was rejected by the bank (5.0 percent), the conditions were not acceptable (16.0 percent) or they did not attempt to obtain a loan due to lack of opportunity (14.3 percent).

WIFO-Konjunkturtest
30.01.2025
Results of the WIFO-Konjunkturtest (Business Cycle Survey) of January 2025
Finalization: January 2025
Contractor project: European Commission
Specialist publication: WIFO-Konjunkturtest
WIFO-Konjunkturtest
08.01.2025
Results of the WIFO-Konjunkturtest (Business Cycle Survey) of Dezember 2024
Finalization: December 2024
Contractor project: European Commission
Specialist publication: WIFO-Konjunkturtest
WIFO-Konjunkturtest
28.11.2024
Results of the WIFO-Konjunkturtest (Business Cycle Survey) of November 2024
Finalization: November 2024
Contractor project: European Commission
Specialist publication: WIFO-Konjunkturtest
WIFO Reports on Austria
03.12.2024
Results of the WIFO-Konjunkturtest Quarterly Survey of October 2024
Finalization: November 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-Konjunkturtest Investitionsbefragung
07.02.2025
Finalization: January 2025
Contractor project: European Commission
Specialist publication: WIFO-Konjunkturtest Investitionsbefragung
WIFO-Konjunkturtest Investitionsbefragung
04.07.2024
Finalization: June 2024
Project partner Austrian Institute of Economic Research, Economic and Social Science Computing Center
Contractor project: European Commission
Specialist publication: WIFO-Konjunkturtest Investitionsbefragung
WIFO-Konjunkturtest Investitionsbefragung
06.02.2024
Finalization: February 2024
Project partner Austrian Institute of Economic Research, Economic and Social Science Computing Center
Contractor project: European Commission
Specialist publication: WIFO-Konjunkturtest Investitionsbefragung

Contact

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

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