The WIFO Leading Indicator is a monthly composite indicator designed to provide timely indication of business cycle turning points in the Austrian economy. It consists of a combination of 10 different indicators, each having a constant lead to the overall Austrian economic activity of up to 3 quarters to macroeconomic activity in Austria. These individual indicators relate to about half each to the Austrian and European economic area and, in addition to real economic indicators and stock indices, mainly comprise survey data.
The WIFO Leading Indicator is published in the first week of each month.
The WIFO Leading Indicator showed a marked pick-up in July compared to the previous month. Although the current level of the indicator is still clearly below the long-term average, the size of the rise is the highest ever recorded. While the majority of the sub-components improved, foreign indicators in particular made strong gains. All in all, the current picture of the sub-components of the WIFO Leading Indicator on a broad basis reveals first signs of a gradual recovery after the sharp declines.