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.

Publications schedule

27.03.2024, 2 p.m.
29.04.2024, 2 p.m.
30.05.2024, 2 p.m.

The WIFO-Konjunkturampel (Economic Traffic Light) Jumps to "Red" in February

The results of the WIFO-Konjunkturtest (business cycle survey) for February show a decline in business assessments of the economy, the majority of which continue to be pessimistic. At –9.8 points (seasonally adjusted), the WIFO economic climate index was down 3.2 points on the previous month (–6.6 points). Overall economic situation assessments deteriorated slightly (–1.4 points) and remained below the zero line at –6.7 points. Economic expectations fell more sharply (–4.9 points) and were clearly in negative territory at –13.0 points. The sceptical economic picture continues to be determined by the weak industrial economy. Accordingly, the WIFO economic traffic light shows "red" again, signalling a slowdown in economic momentum.
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Publication – 28.02.2024
Werner Hölzl, Jürgen Bierbaumer, Michael Klien, Agnes Kügler

Economic Assessments are Sceptical. Results of the WIFO-Konjunkturtest (Business Cycle Survey) of February 2024

WIFO Business Cycle Survey

Economic Sentiment Slightly Down in the EU and the Euro Area, Employment Expectations Broadly Stable

In February 2024, the Economic Sentiment Indicator (ESI) decreased slightly in both the EU (–0.4 points to 95.4) and the euro area (–0.7 points to 95.4). The Employment Expectations Indicator (EEI) remained broadly stable in both areas (EU: ±0.0 points at 102.0, euro area: +0.2 points to 102.5). 12Contrary to the ESI, the EEI scored above its long-term average.

European Commission – BCS press releases
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Results of the WIFO-Konjunkturtest (Business Cycle Survey) of February 2024

Economic Assessments are Sceptical

The results of the WIFO-Konjunkturtest (business cycle survey) in February continue to show cautious economic assessments. At –9.8 points (seasonally adjusted), the economic climate index was 3.2 points below the previous month's value (–6.6 points) and remains in negative territory. Situation assessments deteriorated slightly compared to the previous month. Economic expectations also deteriorated compared to January, signaling a pessimistic economic outlook. Demand for credit from companies fell slightly in February. Most companies continue to judge the banks' willingness to grant loans as restrictive.

Further information can be found here.

The long index series of the WIFO-Konjunkturtest (business cycle survey) can be found here.

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.

Further information can be found here.


WIFO Economic Data Service (PDF, XLSX)
ifo Business Climate Index
EU Business and Consumer Surveys
Europe-wide Business Cycle Indicators of the European Commission

The WIFO-Konjunkturtest and the WIFO-Investitiosbefragung are part of the "Joint Harmonised EU Programme of Business und Consumer Surveys".