{"id":439463,"date":"2026-01-27T15:38:12","date_gmt":"2026-01-27T14:38:12","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/439463\/"},"modified":"2026-01-29T14:53:39","modified_gmt":"2026-01-29T13:53:39","slug":"cautious-economic-sentiment-at-the-start-of-the-year","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/439463\/","title":{"rendered":"Cautious Economic Sentiment at the Start of the Year"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-439463","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"Results of the WIFO-Konjunkturtest (Business Cycle Survey) of January 2026","text":"The results of the WIFO-Konjunkturtest (business cycle survey) show a slight decline in business sentiment in January. The WIFO Business Climate Index stood at \u20130.4 points (seasonally adjusted), 0.9 points below the December figure. Overall, both assessments of the current situation and economic expectations declined slightly. However, there are slight differences across sectors. The downturn is mainly due to the deterioration in economic sentiment in the service sector and industry. Despite a slight improvement in assessments of the current situation, economic sentiment in the construction industry remains subdued, while it improved in the retail sector.","onlinedate":"2026-01-29 14:00:00","lang":"German","publication_series":"","publication_date":"20260129","publication_date_year":"","publication_date_full":true,"publication_num_pages":"13","keywords":"[\"KT_Aktuell\"]","jelcodes":"[]","related_publications":"[]","pdf":439660,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"1","journal":"WIFO-Konjunkturtest","publisher":"","invisible":false,"external":false,"embargo_date":"2026-01-29 14:00:00","types":[44466],"research_groups":[3491,3500,3481],"collaboration":"","persons":[3607,3537,3731,3488],"persons_data":"[{\"personId\":3607,\"personName\":\"Werner H\u00f6lzl\",\"organisationNames\":[]},{\"personId\":3537,\"personName\":\"J\u00fcrgen Bierbaumer\",\"organisationNames\":[]},{\"personId\":3731,\"personName\":\"Michael Klien\",\"organisationNames\":[]},{\"personId\":3488,\"personName\":\"Agnes K\u00fcgler\",\"organisationNames\":[]}]","clients":[10646],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"
H\u00f6lzl, W.<\\\/span>, Bierbaumer, J.<\\\/span>, Klien, M.<\\\/span>, & K\u00fcgler, A.<\\\/span> (2026). Verhaltene Konjunkturstimmung zu Jahresbeginn: Ergebnisse des WIFO-Konjunkturtests vom J\u00e4nner 2026<\\\/span>. WIFO-Konjunkturtest<\\\/em><\\\/span>, (1).<\\\/div>\",\"vancouver\":\"
H\u00f6lzl W<\\\/span>, Bierbaumer J<\\\/span>, Klien M<\\\/span>, K\u00fcgler A<\\\/span>. Verhaltene Konjunkturstimmung zu Jahresbeginn: Ergebnisse des WIFO-Konjunkturtests vom J\u00e4nner 2026<\\\/span><\\\/span><\\\/span>. WIFO-Konjunkturtest<\\\/span>. 2026 Jan 29;(1).<\\\/div>\",\"bibtex\":\"
@misc{22e99d1d997e4b2292d11f3e00322829,<\\\/div>
title = \\\"Verhaltene Konjunkturstimmung zu Jahresbeginn: Ergebnisse des WIFO-Konjunkturtests vom J{\\\\\\\"a}nner 2026\\\",<\\\/div>
abstract = \\\"Die Ergebnisse des WIFO-Konjunkturtests zeigen im J{\\\\\\\"a}nner einen leichten R{\\\\\\\"u}ckgang der unternehmerischen Konjunktureinsch{\\\\\\\"a}tzungen. Der WIFO-Konjunkturklimaindex notierte mit \u20130,4 Punkten (saisonbereinigt) 0,9 Punkte unter dem Wert vom Dezember. Im Aggregat waren sowohl Lagebeurteilungen als auch Konjunkturerwartungen leicht r{\\\\\\\"u}ckl{\\\\\\\"a}ufig. {\\\\\\\"U}ber die Sektoren hinweg zeigen sich aber leichte Unterschiede. Die Eintr{\\\\\\\"u}bung ist vor allem auf die Verschlechterung der Konjunkturstimmung in den Dienstleistungen und der Industrie zur{\\\\\\\"u}ckzuf{\\\\\\\"u}hren. In der Bauwirtschaft bleibt die Konjunkturstimmung trotz leichter Verbesserung der Lageeinsch{\\\\\\\"a}tzungen verhalten, w{\\\\\\\"a}hrend sie sich im Einzelhandel verbesserte.\\\",<\\\/div>
keywords = \\\"KT\\\\_Aktuell, KT\\\\_Aktuell\\\",<\\\/div>
author = \\\"Werner H{\\\\\\\"o}lzl and J{\\\\\\\"u}rgen Bierbaumer and Michael Klien and Agnes K{\\\\\\\"u}gler\\\",<\\\/div>
year = \\\"2026\\\",<\\\/div>
month = jan,<\\\/div>
day = \\\"29\\\",<\\\/div>
language = \\\"Deutsch\\\",<\\\/div>
journal = \\\"WIFO-Konjunkturtest\\\",<\\\/div>

}<\\\/p><\\\/div>\",\"ris\":\"

TY - GEN<\\\/p>

T1 - Verhaltene Konjunkturstimmung zu Jahresbeginn<\\\/p>

T2 - Ergebnisse des WIFO-Konjunkturtests vom J\u00e4nner 2026<\\\/p>

AU - H\u00f6lzl, Werner<\\\/p>

AU - Bierbaumer, J\u00fcrgen<\\\/p>

AU - Klien, Michael<\\\/p>

AU - K\u00fcgler, Agnes<\\\/p>

PY - 2026\\\/1\\\/29<\\\/p>

Y1 - 2026\\\/1\\\/29<\\\/p>

N2 - Die Ergebnisse des WIFO-Konjunkturtests zeigen im J\u00e4nner einen leichten R\u00fcckgang der unternehmerischen Konjunktureinsch\u00e4tzungen. Der WIFO-Konjunkturklimaindex notierte mit \u20130,4 Punkten (saisonbereinigt) 0,9 Punkte unter dem Wert vom Dezember. Im Aggregat waren sowohl Lagebeurteilungen als auch Konjunkturerwartungen leicht r\u00fcckl\u00e4ufig. \u00dcber die Sektoren hinweg zeigen sich aber leichte Unterschiede. Die Eintr\u00fcbung ist vor allem auf die Verschlechterung der Konjunkturstimmung in den Dienstleistungen und der Industrie zur\u00fcckzuf\u00fchren. In der Bauwirtschaft bleibt die Konjunkturstimmung trotz leichter Verbesserung der Lageeinsch\u00e4tzungen verhalten, w\u00e4hrend sie sich im Einzelhandel verbesserte.<\\\/p>

AB - Die Ergebnisse des WIFO-Konjunkturtests zeigen im J\u00e4nner einen leichten R\u00fcckgang der unternehmerischen Konjunktureinsch\u00e4tzungen. Der WIFO-Konjunkturklimaindex notierte mit \u20130,4 Punkten (saisonbereinigt) 0,9 Punkte unter dem Wert vom Dezember. Im Aggregat waren sowohl Lagebeurteilungen als auch Konjunkturerwartungen leicht r\u00fcckl\u00e4ufig. \u00dcber die Sektoren hinweg zeigen sich aber leichte Unterschiede. Die Eintr\u00fcbung ist vor allem auf die Verschlechterung der Konjunkturstimmung in den Dienstleistungen und der Industrie zur\u00fcckzuf\u00fchren. In der Bauwirtschaft bleibt die Konjunkturstimmung trotz leichter Verbesserung der Lageeinsch\u00e4tzungen verhalten, w\u00e4hrend sie sich im Einzelhandel verbesserte.<\\\/p>

KW - KT_Aktuell<\\\/p>

KW - KT_Aktuell<\\\/p>

M3 - WIFO-Schriftenreihen<\\\/p>

JO - WIFO-Konjunkturtest<\\\/p>

JF - WIFO-Konjunkturtest<\\\/p>

ER - <\\\/p><\\\/div>\"}","scientific_assistance":"[\"Agnezy Birgit\"]","scientific_review":"[\"Scheiblecker Marcus\"]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"\nCautious Economic Sentiment at the Start of the Year - WIFO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wifo.ac.at\/en\/publication\/439463\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cautious Economic Sentiment at the Start of the Year\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wifo.ac.at\/en\/publication\/439463\/\" \/>\n<meta property=\"og:site_name\" content=\"WIFO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/WIFOat\/\" \/>\n<meta property=\"article:modified_time\" content=\"2026-01-29T13:53:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO-Gebaeude-FotoAlexanderMueller-www.alexandermueller.at-IMG_6326-Bearbeitet-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@WIFOat\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/439463\\\/\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/439463\\\/\",\"name\":\"Cautious Economic Sentiment at the Start of the Year - 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