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Austria PMI May 2024

Austria: Manufacturing PMI rises in May

The UniCredit Bank Austria Manufacturing Purchasing Managers’ Index (PMI) rose to 46.3 in May from 43.5 in April. As a result, the index remained below the 50.0 no-change threshold, but signaled a softer deterioration in manufacturing-sector operating conditions compared to the previous month.

May’s increase was primarily driven by shallower declines in both output and new orders: The fall in production in May was marginal and the weakest since July 2022, while new orders contracted at the slowest pace in two years. Export sales also trended towards stabilization—though the German market remained a weak spot. Additionally, firms reduced their workforce numbers at a slower rate.

In terms of prices, purchasing costs fell at the softest clip since March 2023. Meanwhile, output price deflation remained broadly unchanged from April, as competition for new work led Austrian manufacturers to reduce factory gate charges. Lastly, business optimism improved, fueled by hopes that lower interest rates would support investment and overall economic activity.

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