For several months, business surveys have indicated a gradual but steady improvement of firms' expectations. Opinions on the current economic situation are also somewhat more upbeat in manufacturing and substantially more so in the construction industry. A turnaround on the labour market,...

Production expectations in Austrian manufacturing are stabilising, and cautious optimism is confirming the business cycle recovery. Construction activity has recently been lacking strength, although firms' judgements on their order levels point to a rebound in the months to come. Retail sales...

The weakness of domestic demand in Austria and in major trading partner countries is shaping current economic developments. Hopes for a pick-up of activity are based upon a speedier recovery in the USA which is, however, subject to considerable risks. In Austria, equipment investment and imports...

No signs are currently visible of a cyclical recovery in Europe. Survey results for Austria as for the whole EU suggest business conditions being fragile, with no upward tendency.

In the last couple of months, business surveys in the euro area point to a slowdown of the recovery in the manufacturing sector. The boom in exports has not, or only hesitantly been transmitted to domestic demand. In Austria, exports and manufacturing output were still relatively lively early...

Surveys among industrial companies show a significant improvement of the business climate both in Austria and the euro area. Positive incentives are coming mainly from strong economic growth in the USA and in Asia, in spite of the strong euro exchange rate. Companies in manufacturing report a...

There are still no signs of a cyclical recovery in Austria. While surveys for February point to a slight pick-up in business confidence in Germany and Austria, the risks in the international economic and political environment weigh heavily on further developments. Global activity is being held...

The revival of global economic activity is gaining momentum. Next to the USA, the Japanese economy is for the first time showing signs of a sustained recovery with growth in the fourth quarter 2003 even exceeding that of the USA. The upward trend has so far hardly extended to the euro area;...

While the business cycle recovery is progressing in the USA and Japan, growth in the euro area shows few signs of heading up. Nevertheless, business surveys in Germany point to a tentative strengthening towards the end of this year. In Austria, pessimism among firms appears to be in retreat, too.

The dampening impact of the international cyclical slowdown on Austrian exports and business investment is being exacerbated by a decline in construction activity: in April and May, the sector's gross output fell by an inflation-adjusted 8 percent below the year-earlier level. Domestic...