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Industrial new orders in the 16-nation currency bloc rose unexpectedly in December, but the pace of growth slowed.
Industrial new orders growth eased to 0.8% in December from 2.7% in November, the European Union statistics agency Eurostat said Wednesday. The monthly growth slowed in December, while the consensus forecast was for a fall of 1%. Excluding orders for ships, railway and aerospace equipment, the index slipped 0.4%.
New orders for capital goods rose sharply by 7% month-on-month and increase in non-durable consumer goods was 0.3%. A 1.5% decrease in durable consumer goods and a 4.1% fall in intermediate goods dragged down the growth.
Annually, orders were up 9.5% in December, reversing November's revised 0.6% fall, which was revised from 0.5%. For the whole year, the new orders index plunged 22.6%.
New orders in EU27 grew 0.6% in December from the prior month, pushing the annual growth to 6.3%. Excluding volatile orders, the index dropped 0.8%. The average new orders index plummeted 21.9% in 2009.
The available information revealed that total manufacturing working on orders improved in ten member states and fell in eleven. The largest increases were registered in France, Lithuania and Latvia. On the other hand, Hungary, Ireland and the Netherlands reported steep declines.
Driven by both domestic and external demand, factory orders in the largest Eurozone economy declined in December. According to data issued by the Federal Ministry of Economics and Technology, German factory orders fell 2.3% on a monthly basis in December after an increase of 2.7% in November.
In the fourth quarter of 2009, the EU16 expanded only 0.1% sequentially with the German GDP remaining flat. Italy's economy contracted 0.2%, while the French economy logged 0.6% growth in the final quarter. Over the whole year 2009, Eurozone shrank 4%.
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