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European Commission - Press release

September 2011: Business Climate Indicator down further in the euro area

Brussels, 29 September 2011 - In September 2011, the Business Climate Indicator (BCI) for the euro area fell for the seven month in a row and is now in slightly negative territory. The steady fall observed since March indicates a further slowdown, although growth in euro-area industry output remains positive.

The drop in the BCI in September reflected a more pessimistic assessment by managers about overall order books and export order books. These developments went along with a worsening in production expectations. Appraisal of stocks continued to increase from historic lows. By contrast, the assessment of production trends observed in recent months improved, compensating – although only very partially –for the strong decreases registered in the previous two months.

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 Results are due to be published on 27 October 2011.

Contacts :

Amadeu Altafaj Tardio (+32 2 295 26 58)

Catherine Bunyan (+32 2 299 65 12)

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