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Brussels, 6 January 2011

December 2010: Business Climate Indicator improves markedly in the euro area

Important notice: since May 2010 business surveys data are classified in accordance with an updated version of the Nomenclature of Economic Activities (NACE rev. 2) causing a potential break in series at this date. The Business Climate Indicator (BCI) for the euro area registered a strong increase in December. The level of the indicator is approaching its historical peak reached in spring 2007, suggesting that the recovery in industry will continue in the coming months. The rise in the BCI is due to a broad-based improvement in sentiment among managers in industry who reported, in particular, significant increases in overall order books and in production trend observed in recent months. Managers' assessment of export order books and production expectations improved strongly as well. Finally, stocks of finished goods continued to decline and now stand at a very low level by historical standards.

Figures and graphics available in PDF and WORD PROCESSED
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).

Figures and graphics available in PDF and WORD PROCESSED

Full details of the Business Climate Indicator are available on the Europa website:

The next BCI Results are due to be published on 27 January 2011.

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