Press Release: January 2012: Business climate indicator improves in the euro area

In January 2012, the Business Climate Indicator (BCI) for the euro area rose for the second month in a row. The improvement in the BCI was mainly driven by a more positive assessment of production trends observed in recent months and of export order books. Managers' appraisal of stocks of finished products also improved. By contrast, managers were more pessimistic about their overall order books, while their production expectations remained broadly unchanged.