Press Release: July 2005: Business Climate Indicator for the euro area improves further.

In July 2005, the Business Climate Indicator (BCI) for the euro area improved by a marked 0.20 points. The BCI rose for the second month in a row, thus supporting the previous month's signal of a turnaround in cyclical perceptions of industry managers. The positive development of the BCI in July was reflected in almost all underlying components. The improvement of industry managers' opinions was particularly marked for the production in recent months. Confidence among managers increased significantly also due to improved total order books and export order books. The assessment of stocks of finished products brightened as well, albeit more moderately so, while production expectation remained unchanged.