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Brussels, 27 November 2009
The Business Climate Indicator (BCI) for the euro area improved in November for the eighth consecutive month. Nevertheless, it remains at a subdued level, suggesting that year-on-year growth in industrial production was still negative in October. The rise in the BCI is due to a broad-based improvement in sentiment among managers. The majority of companies report higher production expectations. A better outlook for export and overall order books also helped. Managers' assessment of the production trend observed in recent months improved as well. Finally, stocks of finished goods continued to decline. The level of stocks now stands just below its long-term average.
The BCI is based on a factor analysis of the euro area aggregate balances (seasonally adjusted) of five of the monthly questions in the industry survey (only employment and selling-price expectations are excluded).
Full details of the Business Climate Indicator are available on the Europa website:
The next BCI Resu lts are due to be published on 7 January 2010.