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Brussels, 30 March 2011

March 2011: Business Climate Indicator declines in the euro area

Important notice: From February 2011 onwards, business surveys are presented exclusively in accordance with the NACE rev. 2 classifications. In previous months, a combination of NACE rev. 1 and rev. 2 has been used. The Business Climate Indicator (BCI) for the euro area fell in March 2011. Still, the current level of the indicator is very close to historical peaks, suggesting that the recovery in industry will continue in the coming months. The indicator's overall decrease was the result of offsetting forces, with improvements in order books and an improvement in managers' appraisal of stocks of finished goods more than offset by a decline in their assessment of production trend observed in recent months, production expectations and export order books.

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 29 April 2011.

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