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Eurozone hopes

August 24, 2009

New data indicates the 16-nation eurozone may be heading for economic recovery faster than expected. However, in the 27-member EU as a whole, orders remained on a downward track.

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European flag with recession 2008/2009 written on it
Fresh data shows the eurozone moving out of recessionImage: picture-alliance/ dpa

Industrial orders in the 16 nations that use the euro currency saw demand rebound by 3.1 percent in June, according to data released on Monday by the European Union's statistics office, Eurostat. Analysts had expected industrial order books to grow by about 1.6 per cent in June, following two months of losses.

The eurozone had narrowly missed out on emerging from recession during the second-quarter of 2009, posting a slight 0.1 percent contraction, and the new unexpected data on industrial orders is likely to bolster hopes of positive economic growth in the third quarter.

New industrial orders in June grew by 1.9 percent in the eurozone compared to May, but the positive figures were still 25.7 percent down compared to June 2008, illustrating the deep negative impact of the global downturn.

Things were worse when looking at the 27-nation European Union as a whole. Here orders remained on the downward track, yielding by 0.4 percent in June and 24 percent over 12 months, according to Eurostat.

nk/AFP/dpa

Editor: Chuck Penfold

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