Recent information on the publication of the WWWI: in the future, the Weekly WIFO Economic Index will be published on WIFO's website on a 14-day basis. Currently, the additional observations for calendar weeks 34 and 35 have been included in the analysis.
The latest WWWI calculation takes into account the revision of the Quarterly National Accounts for the period from the first quarter of 2020 to the first quarter of 2021 and the first calculation by Statistics Austria for the second quarter of 2021, as well as the most recently published monthly statistics for overnight stays, retail sales and production indices for industry and construction for July 2021. Together with the specification check necessitated by the increased sample size and the re-estimation of the nowcasting model, this entailed the most comprehensive revision of the WWWI for GDP and its sub-components to date. The WWWI and its sub-aggregates were recalculated for the period from calendar week 1 2020 to calendar week 34 2021. The estimate for weekly GDP growth relative to the 2019 reference period, last published on 31 August 2021 for calendar weeks 32 and 33, as a result of the revision increased by 0.4 and 0.3 percentage points, respectively.
Although the determinants of WWWI continue to paint a favourable picture for calendar weeks 34 and 35, the momentum of expansion has weakened somewhat. Overall, sales of cashless payment cards were slightly below the level of the previous weeks. Passenger traffic at Vienna International Airport continued to increase, and recently also mobility according to Google mobility indicators increased again. For industry, the current edge showed a stabilisation, in particular energy consumption in the night hours was expanded again. The transport indicators in Austrian freight transport showed a (slight) increase, with the exception of rail transport. There were somewhat mixed signals from the labour market compared with the previous week. Nonetheless, unemployment continues to show strong declines compared with the same weeks last year. The number of job vacancies is also at an extremely high level.
With the start of the vacation season from calendar week 26, there was a further increase in private consumer spending; it exceeded pre-crisis levels for the first time. In calendar weeks 34 and 35, however, private consumption weakened slightly. With the peak of the main summer season passed in calendar week 33, travel exports and imports also lost momentum at the current edge, but the net contribution to GDP is still positive, as it was last summer. The net contribution of foreign trade in goods currently amounts to –0.3 percentage points.
On the output side, value added showed further slight increases compared with the pre-crisis level. In goods production and the construction industry, however, momentum continued to slow. According to the WIFO-Konjunkturtest (business cycle survey), the main reasons for this are production constraints in the areas of materials and capacity as well as labour supply.