Press Release: July 2006: Business Climate Indicator for the euro area declines slightly

After a sharp increase in June 2006, the Business Climate Indicator (BCI) for the euro area declined slightly in July. Regardless of this recent weakening, the BCI remains at a very high level, last achieved in 2000. The high level of the BCI together with the rebound in industrial production registered in May, suggests that industrial production growth has accelerated in the second quarter of 2006 and should remain buoyant in the third quarter.