Euro zone November orders revised higher on Germany

City A.M. Reporter
GROWTH in euro zone industrial new orders for November was yesterday revised up to 2.7 per cent month-on-month from a previously reported 1.6 percent, following an upwards correction of the data for Germany.

Germany said on Friday that the country’s orders rose 2.8 per cent month-on-month, up from a previously reported gain of 0.2 per cent, the increase chiefly due to a correction in the volume of investment goods ordered from outside the euro zone.

The European Union statistical office yesterday said that November orders in the 16-country currency area fell 0.5 per cent year-on-year, compared with the previously reported 1.5 per cent decline. The upwards revision bodes well for economic growth in the last quarter of 2009 and early this year. Some economists say a nascent expansion may have faltered despite government efforts to overcome the worst financial crisis in decades.

According to the latest figures, new orders for intermediate goods increased by 2.3 per cent on the month, capital goods by 1.1 per cent, durable consumer goods by 0.6 percent and non-durable consumer goods by 0.8 percent.