Euro zone sees rise in industrial orders
There are tentative signs that the manufacturing sector in the euro zone may be emerging from recession after a rise in industrial orders has been reported for the month of June.
According to Eurostat, the European statistics agency, new orders (a key indicator of industry’s future growth) rose by 3.1% during the month when compared with May.
Increases were seen in both France and Germany, which both emerged from recession in the second quarter, after experiencing positive growth.
Meanwhile, the biggest rise was in Ireland with orders surging 14.8%, while the biggest fall was seen in Denmark, where orders plummeted 29.9%.
However, on an annual basis, orders in the 16-nation euro zone were down 25.1% compared with June last year.
Across the wider 27-nation European Union, industrial orders were down 0.4% in June compared with the previous month and down 24% on an annual basis.
Figures earlier this month revealed a fall in industrial output fell for the month of June but today’s data suggests that output could soon see a rise.
Earlier this month, it was reported that Gross Domestic Product (GDP) in the 16-member nation was down by 0.1% in the April to June period, compared with the previous quarter.
When compared with the same quarter in 2008, GDP in the euro zone was down 4.6%.
The area has been suffering from a deep recession but since a series of measures to stimulate the economy have been implemented, the situation has begun to improve, albeit the euro zone still has some way to go until recovery.
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