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Brussels, 30 August 2010

August 2010: Business Climate Indicator for the euro area remains broadly unchanged

Important notice: since May 2010 business surveys data are classified in accordance with an updated version of the Nomenclature of Economic Activities (NACE rev. 2) causing a potential break in series at this date

In August, the Business Climate Indicator (BCI) for the euro area remained broadly unchanged after the jump observed in July. The level of the indicator suggests that economic activity in industry will continue to recover in the coming months, although it has still some way to go to reach its pre-crisis level. Managers in industry were more optimistic about their order books; in particular they were upbeat about their export order books. Managers' assessment of production observed in recent months and production and employment expectations remained unchanged. Meanwhile, managers' assessment of their stocks of finished products worsened slightly.

Figures and graphics available in PDF and WORD PROCESSED
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).

Figures and graphics available in PDF and WORD PROCESSED

Full details of the Business Climate Indicator are available on the Europa website:

The next BCI Results are due to be published on 29 September 2010.

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