High Frequency Business Cycle Analysis of July 2020

The newly developed weekly WIFO Economic Index (WWWI) based on high-frequency data up to the end of July (calendar week 31, 27 July to 2 August) shows an improvement in the economic situation compared to the trough during the lockdown in March and April (–22 percent). Compared to the figures for the previous year, however, economic output still shows a significant gap (–3.1 percent). The WWWI-based estimate of overall GDP growth for the year stabilised at around –7 percent from the end of April. The situation on the labour market eased further in July, but less dynamically than in the months before.