Berlin - European factory orders jumped three times more than forecast in November 2009 as a modest economic recovery took hold in the region, data released Friday showed. The European Union's statistics office Eurostat said its industrial orders index for the 16-member eurozone rose by a month- on-month 1.6 per cent in November.
Eurostat also revised down the October fall to a 1.9-per-cent drop from a preliminary 2.2-per-cent estimate. Analysts had forecast a 0.5-per-cent rise in November order books.
The data also showed the year-on-year fall in orders as slowing dramatically in November.
Compared with November 2008, new industrial orders declined by 1.5 per cent in the eurozone, which emerged from recession during the third quarter. In October order books contracted by 14.4 per cent year on year and by 25.8 per cent.
It was much the same story for the broader 27-member EU where new orders increased by 1.8 per cent in November 2009, after slumping by 1.4 per cent in October, Eurostat said. Year-on-year new industrial new orders fell by 2.0 per cent in the EU.
The biggest monthly increases were reported in Estonia with a 7.4- per-cent gain, Greece (7.3 per cent) and the Czech Republic (7.1 per cent).
The steepest falls were in Hungary which posted a 9.6-per-cent drop, Ireland (minus 4.4 per cent) and Bulgaria (minus 4.1 per cent). Year-on-year orders tumbled by 26.5 per cent in Ireland and by 24.8 per cent in Lithuania.