Press Release: September 2004: The euro area Business Climate Indicator decreased slightly

Following the general improvement since mid-2003, the Business Climate Indicator for the euro area worsened somewhat in the period August-September of 2004. In August, it decreased by 0.05 points and in September by 0.03. With a value of 0.48 in September it remains, however, at a relatively high level. The worsening of the BCI was mainly driven by a decline in the assessment made by managers in the industry sector on questions concerning export order books, stocks of finished products and production trend in the recent past. The decline was smoothed by a clear improvement in production expectations. Opinions about total order books remained steady.

European Commission: DG Economic and Financial Affairs: Indicators: Business climate http://ec.europa.eu/comm/economy_finance/indicators/businessclimate_en.htm

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