In July 2014 the Business Climate Indicator (BCI) for the euro area decreased marginally by 0.04 points to +0.17. Managers' more optimistic views on expected production and, to a lesser extent, the current level of overall order books were offset by an important decline in their assessments of past production.Managers' assessment of stocks of finished products andexport order booksremained broadly unchanged.
The BCI is based on a factor analysis of the euro area aggregate balances (seasonally adjusted) of five of the monthly questions in the industry survey (only employment and selling-price expectations are excluded).
The next BCI results are due to be published on 28 August 2014.
Full details of the Business Climate Indicator are available on the Europa website: