High-frequency Business Cycle Monitoring 2022

This project, commissioned by the Federal Ministry of Finance, continues the high-frequency business cycle monitoring and the weekly estimation of real GDP and its sub-aggregates on the production and expenditure side of the national accounts. The Weekly WIFO Economic Index (WWWI) estimates of GDP include eight sub-aggregates on the expenditure side of the National Accounts (private and public consumption, gross fixed capital formation, exports and imports of goods and services, and a residual item) and ten sub-aggregates on the production side of the National Accounts (goods producing sector, construction, accommodation and food services, transport, trade, residual market services, other private services, public sector, and taxes and subsidies on products). Estimates are produced using a range of monthly and weekly indicators. Monthly indicators comprise, amongst others, monthly series from Statistics Austria (turnover, production, foreign trade) and WIFO's Business Climate Indicators. The weekly indicators include, for example, non-cash transactions, emissions, truck, rail and air freight volumes, passenger transport and booking interest, as well as weekly GDP estimates for major trading partners. The estimates are accompanied by a report to the BMF presenting the main results and discussing the sources of revisions, and are published on the WIFO homepage.