Business Climate Indicator (BCI) in Eurozone

Comision Europea (DG ECFIN) · Monthly · Importance 70

-0.19 (Jul-26) ABS · points · Mensual · CSV

Period	points
Jul 2026	-0.19
Jun 2026	-0.36
May 2026	-0.26
Apr 2026	-0.27
Mar 2026	-0.27
Feb 2026	-0.37
Jan 2026	-0.39
Dec 2025	-0.47
Nov 2025	-0.60
Oct 2025	-0.41
Sep 2025	-0.70
Aug 2025	-0.69
Jul 2025	-0.72
Jun 2025	-0.75
May 2025	-0.56
Apr 2025	-0.70
Mar 2025	-0.72
Feb 2025	-0.72
Jan 2025	-0.84
Dec 2024	-0.82
Nov 2024	-0.63
Oct 2024	-0.89
Sep 2024	-0.75
Aug 2024	-0.65
Jul 2024	-0.67
Jun 2024	-0.46
May 2024	-0.46
Apr 2024	-0.55
Mar 2024	-0.33
Feb 2024	-0.41
Jan 2024	-0.38
Dec 2023	-0.41
Nov 2023	-0.38
Oct 2023	-0.32
Sep 2023	-0.28
Aug 2023	-0.40
Jul 2023	-0.11
Jun 2023	0.04
May 2023	0.11
Apr 2023	0.46
Mar 2023	0.58
Feb 2023	0.64
Jan 2023	0.75
Dec 2022	0.65
Nov 2022	0.63
Oct 2022	0.85
Sep 2022	0.94
Aug 2022	0.96
Jul 2022	1.21
Jun 2022	1.57
May 2022	1.31
Apr 2022	1.67
Mar 2022	1.71
Feb 2022	1.91
Jan 2022	1.91
Dec 2021	1.90
Nov 2021	1.91
Oct 2021	1.80
Sep 2021	1.75
Aug 2021	1.77

Period	points
Jul 2026	0.17
Jun 2026	-0.10
May 2026	0.01
Apr 2026	0.00
Mar 2026	0.10
Feb 2026	0.02
Jan 2026	0.08
Dec 2025	0.13
Nov 2025	-0.19
Oct 2025	0.29
Sep 2025	-0.01
Aug 2025	0.03
Jul 2025	0.03
Jun 2025	-0.19
May 2025	0.14
Apr 2025	0.02
Mar 2025	0.00
Feb 2025	0.12
Jan 2025	-0.02
Dec 2024	-0.19
Nov 2024	0.26
Oct 2024	-0.14
Sep 2024	-0.10
Aug 2024	0.02
Jul 2024	-0.21
Jun 2024	0.00
May 2024	0.09
Apr 2024	-0.22
Mar 2024	0.08
Feb 2024	-0.03
Jan 2024	0.03
Dec 2023	-0.03
Nov 2023	-0.06
Oct 2023	-0.04
Sep 2023	0.12
Aug 2023	-0.29
Jul 2023	-0.15
Jun 2023	-0.07
May 2023	-0.35
Apr 2023	-0.12
Mar 2023	-0.06
Feb 2023	-0.11
Jan 2023	0.10
Dec 2022	0.02
Nov 2022	-0.22
Oct 2022	-0.09
Sep 2022	-0.02
Aug 2022	-0.25
Jul 2022	-0.36
Jun 2022	0.26
May 2022	-0.36
Apr 2022	-0.04
Mar 2022	-0.20
Feb 2022	0.00
Jan 2022	0.01
Dec 2021	-0.01
Nov 2021	0.11
Oct 2021	0.05
Sep 2021	-0.02
Aug 2021	-0.08

Period	points
Jul 2026	0.53
Jun 2026	0.39
May 2026	0.30
Apr 2026	0.43
Mar 2026	0.45
Feb 2026	0.35
Jan 2026	0.45
Dec 2025	0.35
Nov 2025	0.03
Oct 2025	0.48
Sep 2025	0.05
Aug 2025	-0.04
Jul 2025	-0.05
Jun 2025	-0.29
May 2025	-0.10
Apr 2025	-0.15
Mar 2025	-0.39
Feb 2025	-0.31
Jan 2025	-0.46
Dec 2024	-0.41
Nov 2024	-0.25
Oct 2024	-0.57
Sep 2024	-0.47
Aug 2024	-0.25
Jul 2024	-0.56
Jun 2024	-0.50
May 2024	-0.57
Apr 2024	-1.01
Mar 2024	-0.91
Feb 2024	-1.05
Jan 2024	-1.13
Dec 2023	-1.06
Nov 2023	-1.01
Oct 2023	-1.17
Sep 2023	-1.22
Aug 2023	-1.36
Jul 2023	-1.32
Jun 2023	-1.53
May 2023	-1.20
Apr 2023	-1.21
Mar 2023	-1.13
Feb 2023	-1.27
Jan 2023	-1.16
Dec 2022	-1.25
Nov 2022	-1.28
Oct 2022	-0.95
Sep 2022	-0.81
Aug 2022	-0.81
Jul 2022	-0.64
Jun 2022	0.00
May 2022	-0.03
Apr 2022	0.64
Mar 2022	1.16
Feb 2022	1.73
Jan 2022	1.86
Dec 2021	1.94
Nov 2021	2.24
Oct 2021	2.31
Sep 2021	2.78
Aug 2021	3.04

About this indicator

Source	European Commission (DG ECFIN)
Frequency	Monthly
Release	Mismo mes de referencia, ~ultimo dia habil del mes (11:00 CET, junto con ESI/BCS)
What it is	The Business Climate Indicator (BCI) is a composite, standardised indicator that summarises the business climate in euro area manufacturing. It is compiled by the European Commission (DG ECFIN) from the harmonised industrial survey (Business and Consumer Surveys). Unlike the sectoral confidence indicators, expressed as net balances from -100 to +100, the BCI is presented on a standardised scale, typically between -4 and +4, with a historical mean of 0.
How it's calculated	It is built by combining five survey series from the monthly industrial survey: the recent production trend, total order books, export order books, the level of stocks (entered with an inverted sign) and production expectations. Each component is standardised (mean 0, standard deviation 1) before being averaged, which gives the indicator its characteristic scale, distinct from the usual opinion balances.
Market implications	It serves as a leading gauge of euro area industrial activity: positive and rising readings anticipate manufacturing expansion, while negative and falling ones point to weakness in the sector. Markets track it alongside the manufacturing PMI as a cyclical signal ahead of the hard data -industrial production, GDP- confirming the trend.
Limitations	It is a qualitative opinion survey rather than a direct measure of output, so it can reflect respondents' short-term sentiment beyond the fundamentals. It covers only manufacturing, not services or construction, and is revised each month as survey responses are refined.