The downturn in Austrian industry slows towards the end of the year
In November, there were cautious signs of stabilisation in the industrial economy for the first time in months. “The UniCredit Bank Austria Purchasing Managers’ Index rose by 2.5 points to 44.5 points in November compared to the previous month. However, the indicator was still well below the 50-point mark that signals growth in domestic industry and thus pointed to a continuation of the recession in domestic industry, albeit to a lesser extent,” says UniCredit Bank Austria Chief Economist Stefan Bruckbauer, adding: “This is because the downward trend in production and orders slowed down. On the other hand, the reduction in employment accelerated and weak demand further increased caution in stockpiling. In addition, there was even greater pressure to grant price reductions in sales.”
- The UniCredit Bank Austria Purchasing Managers’ Index rose to 44.5 points in November, signalling a slight easing of the economic weakness in the middle of the third year of recession
- Slightly fewer declines in orders resulted in fewer production restrictions than in the previous month
- However, job losses in domestic industrial companies picked up speed again in November
- The accelerated reduction in purchasing volumes led to a further significant decrease in stocks of purchases
- The output price reductions as a result of weak demand were greater than the cost savings from falling raw material prices
- The outlook for Austrian industry stabilised at a low level: the index of production expectations within a year rose to 50.1 points in November, just above the neutrality threshold
UniCredit Bank Austria Purchasing Managers' Index (PDF)
as of November, 2024.
About UniCredit Bank Austria Purchasing Managers' Index
The UniCredit Bank Austria Purchasing Managers' Index offers an evaluation of the economic situation of Austrian industry by selected purchasing managers.
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