European Commission - Press release
Brussels, 29 November 2011 - In November 2011, the Business Climate Indicator (BCI) for the euro area declined for the ninth month in a row. The drop in the BCI in November was mainly driven by a gloomier assessment of production trends observed in recent months, as well as by increased pessimism about overall order books and export order books. Managers were also more pessimistic about production expectations. Their assessments of stocks continued to increase.
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 6 January 2012.