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

28.10.2021, 2 p.m.
29.11.2021, 2 p.m.
29.12.2021, 2 p.m.

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

September 2021

The preliminary results of the September 2021 WIFO-Konjunkturtest (business cycle survey) show a stabilisation of business confidence in all sectors except services. The WIFO Business Climate Index falls by 1.1 points, but remains in the confident range at 18.6 points. However, the WIFO economic traffic light jumps to "red", confirming that the upswing is losing momentum.
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Publication – 29.09.2021
Werner Hölzl, Jürgen Bierbaumer, Michael Klien, Agnes Kügler

Economic Momentum Stabilises in Most Sectors, Declines in Gastronomy and Tourism. Results of the WIFO-Konjunkturtest (Business Cycle Survey) of September 2021

WIFO Business Cycle Survey

Economic Sentiment Stable in the EU and the Euro Area, Employment Expectations further up

In September 2021, the Economic Sentiment Indicator (ESI) remained unchanged in the EU (at 116.6) and broadly stable also in the euro area (+0.2 points to 117.8). The Employment Expectations Indicator (EEI) increased further (+1.0 point to 113.6 in the EU and +0.8 points to 113.6 in the euro area) reaching its highest level since summer and autumn 2018 in both areas.
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Expectations Regarding Business Activity, Impairments and Liquidity in the Fourth COVID-19 Wave

Results of the Sixth Special Survey on the COVID-19 Crisis as Part of the WIFO-Konjunkturtest of August 2021

Despite a clear economic upswing, the COVID-19 pandemic brought challenges for Austrian companies in the past six months: about 73 percent of the companies surveyed reported impairment of business activities in the past six months. About one third of the companies each reported the loss of orders, supply bottlenecks and difficulties in finding employees.
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Results of the WIFO-Konjunkturtest (Business Cycle Survey) of September 2021

Economic Momentum Stabilises in Most Sectors, Declines in Gastronomy and Tourism

The economic assessments of Austrian companies remained confident in September, with only the gastronomy and tourism sectors showing a stronger decline, which can be attributed to the fourth wave of the COVID-19 pandemic. The WIFO Business Climate Index stood at 17.1 points (seasonally adjusted) and thus 0.5 points below the value of the previous month (17.6 points). The companies’ expectations indicate that the economic momentum in autumn is likely to remain stable in most economic sectors despite the pandemic and supply bottlenecks.

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".