According to WIFO estimates, Austrian manufacturing achieved a cash flow to sales ratio of 11 percent in 2003, which is comparable to the performance in 2002. The high cash flow to sales ratio in 2002 had been unexpected, given the sluggish growth prospects. A survey among major firms conducted...

Our econometric estimates indicate that in 2005 Austrian manufacturing has achieved a cash-flow to sales ratio of about 9.7 percent, which is slightly higher than 2004. In the second half of 2005 demand growth accelerated, however the high price of oil seems to have impeded a more substantial...