The weekly activity index (WAI) for the German economy was developed in 2020 at the Bundesbank to assess the impact of the COVID-19 crisis on economic activity from a near-time perspective. The WAI is composed of seven indicators, which all play a part in explaining economic developments. These include “electricity” and “toll” (road charge) – indicators of industrial production – as well as “flights” – an indicator of global activity. In addition, there are the “unemployment” and “short-time work” variables, which relate to the labour market. The “cash” indicator captures one part of consumer behaviour, while the “air pollution” variable serves as a metric for the mobility sector.
The WAI is still a work in progress – it is constantly undergoing revision and is, when necessary, adjusted. The WAI is not an official forecast of the Deutsche Bundesbank or the Eurosystem.