Industrial new orders increased by 2.1% in Europe
Europe is starting to make some gestures that it will return to normal. Industrial new orders have increased 2.1% in the Eurozone while the EU27 zone increased by 1.4%. The biggest gainers came from Portugal, Hungary and Finland. Hungary and Finland are in bounceback mode as their industrial production has been seriously hurt by the financial crisis and Portugal is also coming off recent lows. Via Eurostat:
In November 2010 compared with October 2010, the euro area (EA16) industrial new orders index rose by 2.1%. In October the index grew by 1.4%. In the EU27, new orders increased by 1.6% in November 2010, after a rise of 0.4% in October3. Excluding ships, railway & aerospace equipment4, for which changes tend to be more volatile, industrial new orders increased by 2.1% in the euro area and by 1.9% in the EU27.
In November 2010 compared with November 2009, industrial new orders grew by 19.9% in the euro area and by 18.9% in the EU27. Total industry excluding ships, railway & aerospace equipment4 rose by 19.6% and 19.4% respectively.