UniCredit Bank Austria's Purchasing Managers' Index sink to a record low of 31.6 points in April. A strong rebound is expected from Q3 2020 after the easing of lockdown restrictions.
According to the data of UniCredit Bank Austria, there is an unprecedented disruption to industrial development in Austria due to the lockdown measures introduced in Europe in the last months. The Purchasing Managers' Index in Austria fell in April to 31.6 points. This record low rate is the consequence of the disruptions in global value chains and the drop of demand caused by the coronavirus crisis.
The rate of increase in unemployment figures is lower than in the financial crisis in 2009 due to the Kurzarbeit introduced in Austria and Germany.
After hitting its lowest point in April, the current measures toward loosening the lockdown restrictions will lead to a development in the industrial activity from Q3 2020. Concerning the upcoming recovery, the fall of the industrial production should be less than 10 percent this year.
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