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Brussels, 29 November 2010

November 2010: Business Climate Indicator improves slightly in the euro area

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. The Business Climate Indicator (BCI) for the euro area registered a further gain in November, although the improvement was less marked than in the previous month. The level of the indicator now stands at its highest since December 2007, suggesting that the recovery in industry will continue in the coming months. The modest rise in BCI was mainly due to significantly brighter export order books and to more optimistic production expectations. The stocks of finished goods component improved also somewhat in November, but remained at very low level. On the contrary, managers' assessment of the production trend observed in recent months decreased.

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 6 January 2011.

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