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Brussels, 7 January 2010
The Business Climate Indicator (BCI) for the euro area improved further in December – its ninth consecutive monthly increase. But it remains at a low level, suggesting that year-on-year growth in industrial production was still negative in November.
The significant increase in the BCI reflects an across-the-board improvement in managers' assessments: the perception of the production trend observed in recent months and order books went up strongly, while the rise in export order books and production expectations were not as pronounced. The declining level of stocks confirmed further destocking.
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 28 January 2010.