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

06.01.2023, 2 p.m.
30.01.2023, 2 p.m.
27.02.2023, 2 p.m.

The WIFO-Konjunkturampel (Economic Traffic Light) Remains At "Red" in November

The economic assessments of Austrian companies improved slightly in November. The WIFO Business Climate Index stood at 4.0 points (seasonally adjusted), 1.1 points above the previous month's value (2.9 points). Situation assessments remained almost unchanged in the positive range. However, business uncertainty rose to new highs. Accordingly, the majority of economic expectations remained cautious and signalled a continuation of the economic slowdown in most sectors in the coming months. The WIFO economic traffic light thus remains at "red" and continues to signal a decline in economic momentum. The uncertainty indicator also remains above average.
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Publication – 29.11.2022
Werner Hölzl, Jürgen Bierbaumer, Michael Klien, Agnes Kügler

Majority of Economic Outlooks Remain Sceptical. Results of the WIFO-Konjunkturtest (Business Cycle Survey) of November 2022

WIFO Business Cycle Survey

Economic Sentiment and Employment Expectations Halting Their Decline in the EU and the Euro Area

In November 2022, the Economic Sentiment Indicator (ESI) increased for the first time since February in both the EU (+1.0 point to 92.2) and the euro area (+1.0 point to 93.7). The Employment Expectations Indicator (EEI) also increased (+1.4 points to 106.3 in the EU and +2.0 points to 107.4 in the euro area).
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Impairments due to the Ukraine War and Possible Effects of Gas Stops on Production in the Manufacturing Sector

Results of the Special Survey on the Ukraine War as Part of the WIFO-Konjunkturtest of May 2022

The Ukraine war further increased uncertainty and impaired the majority of Austrian companies (55 percent). Larger companies (73 percent) in all sectors and companies in manufacturing (67 percent) were particularly affected, with rising energy and input prices cited most frequently. 
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Results of the WIFO-Konjunkturtest (Business Cycle Survey) of November 2022

Majority of Economic Outlooks Remain Sceptical

The results of the WIFO Business Survey show a slight improvement in economic assessments in November. At 4.0 points (seasonally adjusted), the WIFO Business Climate Index was 1.1 points above the value of the previous month (2.9 points). While the situation indicators continue to show an average economic environment despite small declines, the majority of business expectations continue to signal a sceptical economic outlook despite index increases in many sectors. Business uncertainty remains high. Despite an increase, companies' credit demand remained below average in November. Companies assess the willingness of banks to lend much more restrictively than in previous years.

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-Investitions- and Konjunkturtest is part of the "Joint Harmonised EU Programme of Business und Consumer Surveys".