Brussels, 29 April 2011
Important notice: From February 2011 onwards, business surveys are presented exclusively in accordance with the NACE rev. 2 classification. 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 April 2011 for the second month in a row. Despite this, the current level of the indicator remains close to historic peaks, suggesting that the recovery in industry will continue in the coming months.
The drop in the BCI reflects worsening assessments of production trends observed in recent months, and of production expectations, which declined sharply. Appraisal of stocks rebounded slightly from historic lows. These negative developments were not offset by the slight improvement in managers' assessment of overall order books 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 27 May 2011.