As 2004 is a leap year and some holidays are situated at weekends, it possesses three working days more than 2003. An analysis based on a seasonal time series model estimates an increase in production by 0.1 percent for the whole year. The working-day effect is analysed for total GDP as well as...

The slide on stock markets has shaken confidence of consumers and business world-wide. The business cycle recovery is thereby being delayed. The Austrian economy is projected to grow by barely 1 percent this year, and by over 2 percent in 2003. The slow pace of activity is causing a sharp rise...

The business cycle recovery in the USA will give early incentives to activity in Europe during the first half of 2001, leading to a marked revival of demand and output growth. Such expectations are confirmed by survey results and statistical data collected over the past few months. The WIFO...

Results from the WIFO business survey have shown a tentative upward trend since early this year, interrupted by occasional reversals. In the fourth quarter, confidence has improved in the manufacturing sector. All indicators currently point to a slow recovery, but not to a proper upturn.

The business cycle should have reached its lower turning point in the first quarter, and a recovery is expected to gather momentum from now. Because of the negative carry-over from last year, GDP growth on annual average 2002 may not exceed 1.2 percent, accelerating to 2.8 percent in 2003. While...

Recent months have seen a further improvement in business and consumer sentiment. Companies intend to invest considerably more than last year. Real retail sales also picked up at the turn of the year. The modest rise in prices contributed to a strengthening of purchasing power at the beginning...