European Commission - Press release
Brussels, 30 August 2011 - The Business Climate Indicator (BCI) for the euro area fell for the sixth month in a row in August 2011. The current level of the indicator remains positive, but the steady fall observed since March suggests that euro-area industry has entered a phase of growth moderation.
The drop in the BCI reflects managers being more pessimistic about overall order books and export order books. These developments went along with a worsening in both production expectations and in the assessment of production trends observed in recent months. Appraisal of stocks continued to increase from historic lows.
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 September 2011.