April 2005: Business Climate Indicator in the euro area continues to worsen

19 octobre 2021 Pierre Perrin-Monlouis

The Business Climate Indicator (BCI) for the euro area fell in April by 0.19 points to a level of -0.28, following the declines in previous months. While the slide of the indicator had already started in summer 2004, it has become more pronounced since the start of the year. The April decline of the BCI was reflected in all underlying components. However, the deterioration in industry managers’ opinions was particularly marked for export order books and total order books while the production trend observed in the recent past, the stocks of finished products and the production expectations decreased more moderately.

[Graphic in PDF & Word format]

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).

[Graphic in PDF & Word format]

Full details of the Business Climate Indicator are available on the Europa website:


The next BCI Results are due to be published on 31 May 2005.

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