The Business Climate Indicator (BCI) for the euro area improved further in December – its ninth consecutive monthly increase. But it remains at a low level, suggesting that year-on-year growth in industrial production was still negative in November. The significant increase in the BCI reflects an across-the-board improvement in managers' assessments: the perception of the production trend observed in recent months and order books went up strongly, while the rise in export order books and production expectations were not as pronounced. The declining level of stocks confirmed further destocking. [more]