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

The Business Climate Indicator (BCI) for the euro area fell in March 2011. Still, the current level of the indicator is very close to historical peaks, suggesting that the recovery in industry will continue in the coming months. The indicator's overall decrease was the result of offsetting forces, with improvements in order books and an improvement in managers' appraisal of stocks of finished goods more than offset by a decline in their assessment of production trend observed in recent months, production expectations and export order books.