Press Release: November 2011: Business Climate Indicator declines further in the euro area

In November 2011, the Business Climate Indicator (BCI) for the euro area declined for the ninth month in a row. The drop in the BCI in November was mainly driven by a gloomier assessment of production trends observed in recent months, as well as by increased pessimism about overall order books and export order books. Managers were also more pessimistic about production expectations. Their assessments of stocks continued to increase.