The Weekly WIFO Economic Index (WWWI) is a measure of the real economic activity of the Austrian economy on a weekly basis. It is based on weekly, monthly and quarterly indicators.
The index is scaled to the values of the rates of change in GDP compared with the corresponding quarter in the previous year: Therefore, a value of 2 percent in a given week means that an average growth of 2 percent compared to the same quarter of the previous year would be expected if the conditions of that week continue for a whole quarter.
The Weekly WIFO Economic Index (WWWI) measures the real economic activity of the Austrian economy on a weekly basis. It is based on 14 weekly and 7 monthly indicators, and 1 quarterly indicator for the Austrian economy.
The weekly data currently comprises 14 time series such as truck mileage, electricity consumption, credit card transaction volume, unemployment, nitrogen dioxide emissions, payment transaction data (number and volume of bank transfers), Google data on mobility (retail and recreation, grocery and pharmacy, transit stations, workplaces), flight data on passenger and freight volume as well as data from the weekly evaluations of selected indicators from the WIFO-Konjunkturtest (business cycle survey). The monthly data includes sentiment indicators from the WIFO-Konjunkturtest and hard indicators such as industrial production and labour market figures (employment and vacancies).
GDP is the only series based on a quarterly frequency in the model.
Financial data are not included in the construction of the WWWI, as the WWWI is intended to provide a measure of real economic
activity, but not of financial conditions. The index is created using a dynamic factor model.