WIFO-Monatsberichte (monthly reports)

The WIFO-Monatsberichte (monthly reports) contain research results and publications by WIFO staff on national and international economic developments based on sound economic analyses. Additionally, important key figures on the international and Austrian economic situation are published in the WIFO-Monatsberichte.

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Jesús Crespo Cuaresma (Vienna University of Economics and Business)
Claudia Kemfert (German Institute for Economic Research)
Philipp Schmidt-Dengler (University of Vienna)
Jens Südekum (Heinrich Heine University Düsseldorf)
Andrea Weber (Central European University)

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Klaus S. Friesenbichler, Nicole Schmidt-Padickakudy (WIFO), Arash Robubi (Austrian Institute for SME Research)
COVID-19-Krise ließ Cash-Flow-Marge in der heimischen Sachgütererzeugung 2020 erneut sinken (COVID-19 Crisis Caused Cash Flow Margin in Domestic Manufacturing to Drop Again in 2020)
WIFO-Monatsberichte, 2021, 94(8), pp.597-607
Online since: 31.08.2021 0:00
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Im Jahresdurchschnitt 2019 lag die Cash-Flow-Umsatz-Relation in der österreichischen Sachgütererzeugung mit 9,9% noch deutlich über dem langjährigen Durchschnitt von 9,6%. Gemäß ökonometrischen Schätzmodellen des WIFO sank sie 2020 auf 8,2%. Vorläufige Daten lassen ebenso einen Rückgang und eine Quote von 8,8% erwarten. Die Cash-Flow-Quote dürfte 2020 somit leicht geringer gewesen sein als in der Finanzmarkt- und Wirtschaftskrise 2008/09. Nach dem Ende der Rezession, die durch die COVID-19-Pandemie und die gesundheitspolitischen Maßnahmen zu ihrer Eindämmung verursacht wurde, dürfte die Ertragskraft 2021 wieder steigen.
JEL-Codes:L22, L25, M21
Keywords:Cash-Flow, Eigenkapital, Ertragskraft, Österreich
Research group:Industrial, Innovation and International Economics
Language:German
COVID-19 Crisis Caused Cash Flow Margin in Domestic Manufacturing to Drop Again in 2020
At 9.9 percent, the cash-flow-to-sales ratio in Austrian manufacturing in 2019 was still well above the long-term average of 9.6 percent. According to WIFO's econometric estimation models, the cash-flow ratio fell to 8.2 percent in 2020. Preliminary data support the picture of a decline and show a rate of 8.8 percent. The cash flow margin in 2020 is therefore likely to have been slightly lower than in the financial market and economic crisis in 2008-09. After the end recession caused by the COVID 19 pandemic and the health policy measures taken against it, earnings power is expected to rise in 2021.
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