Press Release: October 2005: Business Climate Indicator for the euro area continues to improve

Following its constant improvement since June 2005, the Business Climate Indicator (BCI) for the euro area continued to rise in October 2005. After having risen above its long term average of zero in September, the upturn in October further strengthened this position. The positive development of the BCI in October 2005 was reflected in all underlying components. However, the improvement of industry managers’ opinions was more pronounced for the export order books and the production expectations than for the total order books, the production in recent months and the stocks of finished products.