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 decreased again at the beginning of 2020. However, the development in recent months indicates that the strong downward trend has levelled off. Among the component indicators, a gradual improvement is remarkable in the area of industrial indicators: production expectations in the manufacturing industry have improved both in Austria and the euro area as a whole and have stabilised in Germany. Likewise, the ifo Business Climate Indicator for industry and trade picked up slightly in December. The two stock indices (ATX and Euro STOXX 50) developed in opposite directions, while domestic consumer confidence was slightly more pessimistic than in November.