Austria PMI March 2019

Austria

Austria: Business conditions in Austria stagnate in March

March 27, 2019

At the close of the first quarter, business conditions in Austria’s manufacturing sector stagnated. The Bank Austria Purchasing Managers’ Index (PMI) fell to a four-year low of 50.0 in March, down from February’s 51.8.

The fall in the headline was broad-based. Output grew at the weakest pace in over three-and-a-half years while new orders fell for the third consecutive month, despite robust growth in consumer goods production. Meanwhile, order books declined at the strongest pace in over four years. Moreover, new export orders dropped at the steepest rate in nearly six-and-a-half years, likely due to uncertainty related to trade protectionism and troubles in the automotive sector across Europe. Backlogs of work continued to fall while job creation was the weakest in nearly three years. Regarding inflation, weakened demand led to a slowdown in input price inflation and output prices continued to rise at a weak rate. Looking ahead, confidence among manufacturers remained subdued.

FocusEconomics Consensus Forecast panelists expect gross fixed investment to rise 2.7% in 2019, which is down 0.1 percentage points from last month’s forecast. The panel sees fixed investment growth of 2.0% in 2020.


Author:, Economist

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Austria PMI March 2019

Note: Bank Austria Purchasing Managers’ Index (PMI) Composite Output. A reading above 50 indicates an expansion in business activity while a reading below 50 indicates a contraction.
Source: Bank Austria and IHS Markit.


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